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Quontic Cash Rewards Checking Review: Earn Cash Back With Every Debit Card Purchase

Review Updated
David Chang, ChFC®, CLU®
By: David Chang, ChFC®, CLU®
David Chang, ChFC®, CLU®
David Chang, ChFC®, CLU®
Writer, Consultant

David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.

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Nathan Alderman
Check IconFact Checked Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

With the Quontic Cash Rewards Checking account, you can earn 1% cash back on eligible debit card transactions. The account has no monthly fees and, but there is a minimum of $100 to open an account. Your cash back reward will be paid and deposited into your checking account at the beginning of each new statement cycle. Quontic is also the first to offer a pay ring, which you can use to make debit card payments. Read our full Quontic Cash Rewards Checking review to learn if it could be a good fit for you.

Ratings Methodology
Rates as of Jul 03, 2024

Quontic Cash Rewards Checking

Read Review
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
0.00%
Min. To Earn APY
N/A
  • 1% cash back on eligible debit card purchases
  • No monthly fees, overdraft, or NSF fees
  • Large fee-free ATM network
  • Quontic Pay Ring: the nation's first wearable payment ring
  • Must meet monthly transaction requirements to earn higher interest tier 
  • Limited CD terms
  • No physical branches

Quontic is an online bank but has over 90,000 fee-free ATMs. With the Quontic Cash Rewards there are no monthly fees, minimum balance requirements, no overdraft, or NSF fees. There is a $100 minimum deposit required to open an account. Customers get 1.00% cash back on eligible debit card purchases. Quontic is the first bank to offer the Quontic Pay Ring -- the nation's first wearable payment ring.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.

Full Quontic Cash Rewards Checking review

Top perks

1% cash back on eligible debit card purchases: Qualifying debit card transactions earn 1.00% cash back on all eligible purchases every statement cycle.

No monthly fees, overdraft, or NSF fees: Quontic has no hidden fees. There are no monthly maintenance fees, overdraft fees, or non-sufficient funds fee

Large fee-free ATM network: There are no ATM fees for over 90,000 ATMs across the country. These include Allpoint® Network ATMs, MoneyPass® Network ATMs, SUM® program ATMs, or Citibank® ATMs located in Target®, Speedway®, Walgreens℠, CVS®, Kroger®, Safeway®, Winn Dixie®, and Circle K™.

Quontic Pay Ring: the nation's first wearable payment ring: Quontic is the first financial institution where you can pay with a ring. You don't need your debit card or mobile device to make a payment.

What could be improved

Monthly cap on rewards: In addition to no APY, the maximum cash back that you can earn is $50 per statement cycle, or $600 a year.

$100 minimum opening deposit: To open an account, you will need at least $100 to deposit.

No physical branches: Quontic is an online-only national bank with no branches. If you prefer to bank in person, then Quontic may not be right for you.

Fees

Quontic Cash Rewards Checking Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
Fees $0 $0 $0 $20 $0
Data source: Quontic

How to access your money

Even though Quontic is an online-only bank, there are several convenient ways to deposit and withdraw money from your account.

Deposit options

You can easily add money to your account through:

  • Mobile deposit
  • Direct deposit
  • Mailing a check
  • ACH
  • Wire

Withdrawal options

With a Quontic Cash Rewards Checking account, you can spend your money like any other checking account. You can take your money out several ways:

  • ATM
  • ACH
  • Wire transfer
  • Checks
  • Money order
  • Cashier's checks

This checking account is right for you if:

  • You are comfortable with an online-only bank.
  • You want a checking account with no monthly maintenance or overdraft fees.
  • You want to earn debit card rewards and have access to over 90,000 ATMs.
  • You want to make transactions with the Quontic Pay Ring.

Keep reading about Quontic

Our checking account methodology

At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

  • Brand and reputation: 40%
  • APY and rewards: 30%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • All eligible accounts are FDIC insured and include advanced security monitoring.

  • Your cash back rewards will be paid and deposited into your checking account at the beginning of each new statement cycle.

  • Quontic is an online-only bank and has no physical branches.