Connect with us

Hi, what are you looking for?


Quontic Bank: Bitcoin by way of interest payment

US neobank Quontic Bank has some unique features – its interest payments, its mortgage products and its status as a digital CDFI:

Astoria, NYC-headquartered digital bank Quontic Bank offers personal checking, savings and deposits accounts besides a variety of mortgage loan products mostly focused on non-traditional borrowers. In US parlance, it is described as a CDFI, or Community Development Financial Institution, which means its customers can make the dream of homeownership real. And it is the only digital CDFI in that country. Its customer base includes the self-employed, small business owners, immigrants, people of color, and other outside-the-box borrowers.

Quontic Bank was founded by a real estate developer and entrepreneur Steven Schnall in 2009. He bought a small, troubled bank in New York, Golden First Bank with $24 million in assets, infused fresh capital, and renamed it as Quontic Bank. Today, it is branchless but at the same time present in US states of Georgia, New Jersey, and Massachusetts, besides Florida and New York.


The bank claims it is a combination of a fintech and a community bank – helping people grow their money with purpose and purchase their dream homes. It is highly customer-centric with a mission to use the deposits it receives to finance the homeownership dreams of low-income families, immigrants, people of color, small business owners and those who are unable to obtain mortgage loans through traditional lending channels.

While it says it is branchless, Quontic Bank has a combined branch and loan office in Astoria, New York. Besides, there are loan offices in Melville, New York and Miami.

The neobank’s avowed mission is to help its customers find financial empowerment and help creditworthy borrowers get home loans. It has a loan process of inclusive products offered to a diverse range of borrowers. These unique loans are available to those who may require down payment assistance and alternative income documentation to qualify.

The neobank is FDIC-insured and part of a fee-free ATM network of 90,000 ATMs across the US. It offers a number of checking accounts, savings accounts, and mortgage products.


There are 3 checking accounts – Cash Rewards Checking, High Interest Checking and Bitcoin Rewards Checking. The Cash Rewards Checking account offers anything outside of ATM withdrawals and peer-to-peer payments. Any cash back earned is paid and credited to one’s account at the start of each statement cycle.

The High Interest Checking account offers up to 1.10% on all balances, which is a very competitive return for a checking account. In order to meet the requirements to earn interest, customers must make at least 10 qualifying point-of-sale debit transactions of $10 or more each statement cycle.

The Bitcoin Rewards Checking account pays bitcoin rewards at the U.S. dollar value. There is a $500 minimum deposit to open the account. This account is not available in certain states.

In addition to no monthly service fees, the bank also does not charge overdraft or non-sufficient funds fees. It also offers one money market account, which comes with a debit card. Interest is compounded daily and credited monthly.


Some of the notable benefits of being a customer at Quontic Bank is that there is no monthly fees and the interest rates are competitive. There are some distinct disadvantages too. For example, the bank offers no customer support on weekends, there are no physical locations.

The accounts can be funded with an existing Quontic account or using ACH transfer from another bank account or using the bank’s mobile app.

The neobank’s certificates of deposit (CDs) have terms from 6 months to 5 years and requires a minimum deposit of $500. The interest rates range from 4.30% to 5.05% APY.

Quontic Bank has created a highly efficient digital infrastructure that ensures that opening an account, availing of a home loan or starting a deposit are just done in the shortest possible time. Both online and mobile banking options are available 24/7 and customers can transfer funds between banks, receive and check e-statements and send money using Zelle.


What stands out in the case of Quontic Bank is its mortgage products, which accommodate a wide range of borrower’s needs, including those with non-traditional financial backgrounds. There are various mortgage solutions, including traditional loans, as well as unique options that may suit those who might not qualify for conventional financing.

True to its image as a digital bank, Quontic Bank has an outpost in Decentraland, the first banking experience in the Metaverse. Founder and now CEO Steven said banking once required consumers to visit a location and rely on printed documents to manage their money with personal support from a teller. “Today we carry all of that power in our pockets on an app, but the experience is cold. In the not-so-distant future our customers will have the best of both worlds and this outpost is the first step towards that level of service,” he added.

The Metaverse location is expected to allow the neobank to connect with customers, offer education, and eventually – as the virtual world evolves – offer banking services.

[email protected]

This article has been compiled based on publicly available information on the web, particularly the bank’s own website.

Read more:

A beacon for customer engagement





Credit Cards are Flourishing – Which & Where


PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.