Updated
Fact Checked
Ashley Maready
Quontic CD rates are among the highest rates available today. If you're comfortable banking online and you want to grow your savings quickly, Quontic CDs are definitely worth considering. Below, we'll take a closer look at how Quontic CD rates stack up to their competition.
Quontic CD rates for 2024
Rates as of May 14, 2024
APY = Annual Percentage Yield
Quontic CD
Bottom Line
Quontic Bank offers CDs with terms ranging from six months to five years. It offers most of the terms one would expect, though it is missing a four-year CD, so it may not be ideal for those hoping to build a CD ladder. Its rates are competitive, especially on its longer term CDs, and its minimum deposit is more affordable than what you see with some other top banks.
MINIMUM DEPOSIT $500
| 6 Mo. APY | 1 Yr. APY | 2 Yr. APY | 3 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|
| 5.05% | 4.50% | 4.50% | 4.40% | 4.30% |
Compare Quontic CD rates
Quontic CD rates are considerably higher than most of its competitors. Here's how they compare to some of our other top CD providers.
Rates as of May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Overview of Quontic CDs
Before we dive in, here's some basic information about Quontic CDs that you should know.
| Minimum Deposit | $500 |
|---|---|
| Range of Term Lengths | 6 months to 5 years |
| Compounding Schedule | Daily (Credited to account monthly) |
| Early Withdrawal Penalty | 1-2 years' worth of interest |
| Grace Period | 10 days |
Data source: Quontic Bank.
Quontic CD pros and cons
Quontic CD rates are some of the best around. Here's what you need to know to decide if they're the right choice for you.
Pros
- Competitive APYs
- Reasonable minimum deposit
- FDIC insured
- No account fees
Cons
- Fewer terms than some of its competitors
- Strict penalties for early withdrawals
How much can you earn with a Quontic CD?
The amount you can earn with a Quontic CD depends on the bank's APYs at the time you open it, as well as your initial deposit and the term you select. With that in mind, here's a table illustrating what potential earnings could look like if you deposited $1,000.00 into a Quontic CD.
The numbers in the table below may not be accurate to current APYs and are for example purposes only.
| Term | APY | Earnings |
|---|---|---|
| 1 Year | 4.50% | $45.00 |
| 2 Years | 4.50% | $92.03 |
| 5 Years | 4.30% | $234.30 |
Data source: Author's calculations.
Is a Quontic CD safe?
Yes, Quontic Bank is an FDIC member bank, and therefore money in its accounts is protected against bank failure. FDIC insurance provides protection for as much as $250,000 in deposits per person, per institution.
How to open a Quontic CD
Quontic makes the application process to open a new CD as easy as possible. The process can be completed in about three minutes, according to the bank, and it can be done entirely online. The general steps are:
1. Fill out Quontic's application
This will require some basic information about you, such as name, address, and Social Security number.
2. Decide how you want to fund the account
You can transfer money from an internal or external bank account, and keep in mind that the minimum to open an account is $500.
3. Fund your account
Transfer your funds into your new Quontic CD, and you're all set. You'll start earning interest right away.
Who is a Quontic CD right for?
A Quontic CD is a good fit for those who have at least $500, are comfortable managing their money entirely online, and want to earn a high APY on their savings. Quontic CDs have relatively strict early withdrawal penalties, so they're best for people who are quite sure they won't need their money for the entire term.
Other Quontic CD accounts
Quontic Bank only offers standard CDs in terms ranging from six months to five years. It doesn't offer additional CD products such as bump-up or step-up CDs.
Bottom line: Quontic CD rates
Quontic CD
- 6 APY: 5.05%
- 12 APY: 4.50%
- 24 APY: 4.50%
- 36 APY: 4.40%
- 60 APY: 4.30%
Rates as of May 14, 2024
APY = Annual Percentage Yield
Term
Quontic CD
6 Mo.
1 Yr.
2 Yr.
3 Yr.
5 Yr.
5.05%
4.50%
4.50%
4.40%
4.30%
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
Quontic CDs require a minimum deposit of $500 to open. This is a per-account requirement, so if you want to open two Quontic CDs of different maturity terms, you'll need $1,000.
-
There are no ongoing fees associated with a Quontic CD, such as a monthly maintenance fee. However, you will likely have to pay an early withdrawal fee if you take your money out of the account before it reaches maturity.
-
You can close a Quontic CD early, but it can be expensive. Quontic's early withdrawal penalties are especially harsh. CDs with terms of 12 months or less forfeit all of the interest for the entire term, even if it results in an overall reduction of your principal balance. For CDs from 12-24 months, the penalty is one year of interest, and for CDs of 24 months or more, the early withdrawal penalty is two years' interest.
Our Banking Experts
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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