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Quontic Bank Bitcoin Rewards Checking review

A checking account that earns Bitcoin rewards, but you can't spend crypto with the debit card.

finder.com’s rating: 5.0 / 5.0

★★★★★

The Quontic Bank Bitcoin Rewards Checking account comes with a debit card that earns 1.5% back in Bitcoin whenever you pay for a purchase in stores or online. There are no monthly fees, but there is a $500 minimum initial deposit, and accounts aren’t available in all states. Also, you can’t transfer your Bitcoin to an external crypto wallet or exchange.

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Details

Rewards1.5%
Supported cryptocurrencies1
ATM transaction fee$0

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Deal

Get a free Quontic Pay Ring

New and existing Quontic Bank customers can get a wearable payment ring. The ring is accepted in any Contactless Symbol terminal.

How Quontic Bank Bitcoin Rewards Checking works

The Quontic Bank Bitcoin Rewards Checking account shares many features with standard checking accounts. You deposit and withdraw funds from an FDIC-insured account, and you get a debit card you can use at ATMs and retailers that accept Mastercard.

But unlike traditional debit cards, the Quontic debit card earns 1.5% back in Bitcoin (BTC) anytime you use your card for in-store or online purchases. Quontic says it can offer rewards on this account because — unlike most banks — Quontic doesn’t collect an interchange fee during point-of-sale transactions. Instead, the bank passes a percentage of each sale onto you in the form of Bitcoin rewards.

However, you can’t use the Quontic debit card to spend your Bitcoin like you can with crypto debit cards such as the Coinbase Card. And Bitcoin rewards you collect through Quontic aren’t transferable, so you can’t move them to a personal crypto wallet or a crypto exchange. You can only convert your Bitcoin to US dollars through Quontic’s crypto partner, NYDIG, and you’ll always pay a 2% conversion fee to do this.

Quontic doesn’t pay Bitcoin rewards into your account at the point of sale. Instead, it pays rewards when your transactions fully settle. This could take several hours or several days.

The reward delay gives you less control over the amount of BTC you earn because you can’t predict how much Bitcoin will be worth when your transactions settle. If the rewards were calculated at the point of sale, you could wait to make large purchases until the price of Bitcoin falls so your 1.5% rewards would be worth more if the price of Bitcoin rises.

How do I open a Quontic Bank Bitcoin Rewards Checking account?

Opening a Quontic Bank Bitcoin Rewards Checking account takes as little as three minutes.

  1. Go to the provider’s site and follow the steps to apply.
  2. From the Provider page, choose Sign up.
  3. Enter your full name, email address and phone number.
  4. Verify the code sent to your mobile device.
  5. Add your funding information, and submit your application.
  6. Create a username and password if your application is approved.

Eligibility

To open a Quontic Bank Bitcoin Rewards Checking account, you must meet specific criteria.

  • US citizen
  • At least 18 years old
  • A resident of any state except Hawaii, Nevada, Louisiana or South Carolina
  • $500 minimum initial deposit

Required information

If you satisfy the eligibility requirements, you’ll also need to provide the following information.

  • Social Security number
  • Details from a government-issued ID

4 benefits of Quontic Bank Bitcoin Rewards Checking account

The Quontic Bank Bitcoin Rewards Checking account offers live chat, a full-featured mobile app and these additional attractive features:

  1. No recurring fees. There are no monthly or annual maintenance fees associated with this account. But you will pay a 2% fee if and when you convert your Bitcoin to cash.
  2. Earns crypto. Earn 1.5% back in Bitcoin anytime you use your debit card for in-store or online purchases.
  3. Enormous ATM network. Withdraw cash from more than 90,000 ATMs without paying fees. Most checking accounts have smaller ATM networks.
  4. Contactless payment options. Connect your debit card to digital wallets like Apple Pay, Google Pay and Samsung Pay. You can also order Quontic Bank’s Pay Ring, a wearable ring that lets you pay for purchases at any payment terminal with the Contactless Symbol. This innovative ring is water- and scratch-resistant and lets you shop without taking out your debit card or smartphone.

What are the drawbacks of Quontic Bank Bitcoin Rewards Checking account?

  1. $500 minimum deposit. You must deposit at least $500 to open this account, but you don’t need to maintain a minimum balance thereafter. Most other checking accounts have lower or no minimum deposit requirements.
  2. Not available nationwide. Quontic accounts are available in most states, but residents of Hawaii, Louisiana, Nevada and South Carolina can’t open accounts.
  3. BTC isn’t transferable. You can’t transfer your Bitcoin rewards to a personal crypto wallet or another crypto account. Redeem your Bitcoin for US dollars only by going through Quontic.
  4. No joint accounts. You can’t share a Quontic Bank Bitcoin Rewards Checking account with another user.
  5. Convoluted process to view rewards. Your Bitcoin balance is visible only via a statement emailed to you once each month. There’s no logging into your Quontic account to see how much BTC you’ve accrued.
  6. No check-writing privileges. Unlike many checking accounts, you can’t write checks from your Quontic Bank Bitcoin Rewards Checking account.
  7. Only one ATM accepts cash deposits. Deposit cash into your account at only one ATM inside Quontic’s New York City branch.

If you prefer earning cash instead of crypto — compare other rewards checking accounts.

Quontic’s ATM network and fees

Your Quontic Bank Bitcoin Rewards Checking account comes with a debit card you can use for free at more than 90,000 ATMs worldwide, including all machines in the Allpoint, MoneyPass, SUM and Citi® networks.

Compare Quontic Bank Bitcoin Rewards Checking with other crypto debit cards

See how Quontic Bitcoin Checking stacks up against other crypto-linked accounts and debit cards.

1 - 4 of 4
Name Product Rewards Staking requirement Supported cryptocurrencies
Juno
Finder Rating: 4.8 / 5: ★★★★★
Bonus
Juno
10%
N/A
3
A free account for crypto and cash that earns a 1.2% bonus rate plus 5% cashback on purchases from participating retailers.
Revolut
Finder Rating: 4.5 / 5: ★★★★★
Bonus
Revolut
N/A
N/A
7
Revolut is a global fintech that offers FDIC-insured deposit accounts, 10 free international transfers a month and, on its Premium plan, commission-free crypto trades up to $200,000 per month. Crypto deposits aren't FDIC insured.
Wirex
Not rated yet
Wirex
Up to 8%
N/A
11
The Wirex debit card lets you spend dollars or crypto in stores and online while earning up to 8% back. It is not available in NY and Hawaii.
Crypto.com Visa Card
Up to 5%
Up to 400,000
250+ cryptocurrencies
Fund your card with fiat currency or crypto, and earn up to 5% back with each purchase. Plus, get rebates on qualifying subscriptions such as Spotify and Netflix. Not available in New York. Only US dollars in your account and on your card are protected by the FDIC.
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How do I deposit or withdraw my money?

There are several ways to deposit and withdraw funds from your Quontic Bank Bitcoin Rewards Checking account.

Deposit

  • ATM. But only one Quontic ATM is available for cash deposit, which is on Broadway in New York City.
  • Branch. Quontic has one branch in Astoria, New York, where you can deposit cash and checks.
  • Postal mail. Send an endorsed check to 3105 Broadway, Astoria, New York, 11106.
  • Mobile deposit. Use the mobile app to deposit checks any time and from anywhere.
  • ACH transfers. Deposit funds from a linked bank directly into your Quontic account.

Withdraw

  • ATM. Withdraw funds for free at more than 90,000 ATMs worldwide.
  • ACH transfers. If your Quontic account is more than 90 days old, you can transfer funds to an external bank.
  • Cash withdrawals at retailers. Withdraw cash from your Quontic account at many grocery stores, gas stations and other retailers that allow you to withdraw cash with purchases.

What other checking options does Quontic Bank offer?

In addition to the Quontic Bank Bitcoin Rewards Checking account, Quontic also offers two other types of checking accounts.

  • Cash Rewards Checking. Earn 1.5% cash back with no monthly fee and a $100 minimum deposit.
  • High Interest Checking. Earn 1.01% APY on balances less than $1 million, but you must make 15 qualifying purchases with your debit card each billing cycle.

How safe is Quontic Bank?

Quontic has your account’s safety in mind. When you earn BTC rewards, the BTC stays in your Quontic account until you convert it to USD. US dollars in your Quontic Bank Bitcoin Rewards Checking account are FDIC insured for up to $250,000.

But any Bitcoin rewards in your account are not insured for any amount by any entity. This is common to all accounts that hold crypto.

Quontic reviews and complaints

Quontic Bank is accredited by the Better Business Bureau (BBB), which awards the bank an A+ rating for how it handled seven complaints over the past three years.

However, according to 17 customer reviews on the BBB’s website, Quontic earns an average rating of 1.12 out of 5 stars. The bank has two 2-star reviews and 15 1-star reviews. Several of the complaints report Quontic’s CDs and mortgages, but none specifically mention the Bitcoin Rewards checking account.

On TrustPilot, Quontic has 301 customer reviews and earns an average rating of 3.9 out of 5. Very few of the reviews mention the Quontic Bank Bitcoin Rewards Checking account, but the reviews that do are positive.

How to contact Quontic

Quontic’s primary support phone number is 800-908-6600. But if you want help with your Quontic Bank Bitcoin Rewards Checking account, call 888-622-5208. Quontic also has one banking branch in Astoria, New York, and it has three loan offices in Flushing, New York; Melville, New York and Miami, Florida.

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

Disclosure: The writer owns a range of cryptocurrency that includes BTC and XLM.

Review by


Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

Expert review

The Quontic Bank Bitcoin Rewards Checking account lets you earn Bitcoin rewards whenever you use the debit card to pay for a purchase in store or online. But the card only earns Bitcoin — it doesn’t give you a way to spend it like several other crypto-linked debit cards.

You won’t have to worry about a monthly maintenance fee with this account, and you’ll have free access to a massive ATM network.

But residents of a Hawaii, Louisiana, Nevada and South Carolina can’t open accounts. And you can’t transfer your Bitcoin to a personal crypto wallet or a crypto exchange.

You can only cash out your BTC through Quontic’s crypto partner, NYDIG, which collects a 2% conversion fee. Coinbase, by comparison, has a flat 0.5% fee for any conversion.

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