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Quontic Bank CD review

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Get up to 0.75% APY with a $500 minimum deposit.

Quontic Bank CDs offer some of the highest rates in the industry, with APYs ranging from 0.6% to 0.75%. It also has a lower-than-average minimum deposit of only $500. But you’ll pay a hefty penalty if you access your money before your CD matures.


1-year APY


3-year APY


Minimum deposit to open$500
Interest compoundingDaily
6-month APY0.6%
1-year APY0.65%
2-year APY0.7%
3-year APY0.75%
Early withdrawal penalty365 days interest for terms of 12 to 24 months
730 days interest for terms of 24 + months

Review by

Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.

Expert review

Quontic Bank CDs are best for anyone who wants to lock in a competitive interest rate on a six-month or long-term CD. You’ll earn up to 0.75% APY depending on which term you choose. Interest compounds daily and the low $500 minimum deposit makes it easy to spread smaller investments over multiple term CDs.

But early withdrawal fees can be steep — and if you’re not careful you could lose some of your principal balance.

How do I open a Quontic Bank CD account?

To open a CD account, use the email form at the bottom of the Certificate of Deposit page on their website. One of Quontic’s account representatives will contact you with instructions.


To apply for an account, you must meet the following requirements:

  • At least 18 years old
  • US citizen or resident
  • Social Security or tax ID number
  • $500 deposit

Required information

Have the following information ready before you apply:

  • Phone number
  • Home address
  • Social Security number
  • Date of birth

Funding options

Use one of the following methods to fund your account:

  • Mail in a check
  • Transfer from your Quontic account
  • EFT bank transfer
  • ACH transfer

Benefits of a Quontic Bank CD

Opening a CD with Quontic comes with the standard benefits like no monthly fees and a locked-in interest rate. It also comes with the following perks:

  • Competitive interest rate. You’ll earn 0.6% on six-month CDs, 0.65% on one-year CDs, 0.7% on two-year CDs and 0.75% on three-year CDs.
  • Low minimum deposit. Open a CD account with as little as $500. Most CDs have deposit requirements of $1,000 or more.
  • Interest compounds daily. Quontic compounds the interest on your CD daily and pays the interest into your account monthly to help you meet your savings goals.

What to watch out for

Make sure you understand the drawbacks before applying for a Quontic CD:

  • Few term options. Quontic doesn’t offer three-month and five-year CD terms like most banks do — just six-month, one-year, two-year and three-year terms.
  • Heavy penalties. You’ll pay a penalty equal to six months interest on six-month terms, one years interest on one-year terms and two years interest on two and three-year terms. You could lose principal if the penalty is higher than your earned interest.

If these CD terms don’t suit your financial goals, you’ll want to keep looking. As always, compare your options when considering a CD.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Radius Bank CDs
Enjoy a low minimum deposit of $500 and earn 0.5% APY on your balance. Apply online for 1 year, 18 month and 3 year terms.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.

Compare up to 4 providers

How do I cash in my Quontic CD?

When your CD matures, you have a 10-day grace period to decide what you want to do with the funds without penalty. You have the following options:

  • Do nothing. If you ignore the maturity date and grace period, your funds are rolled over into a new CD with the same term as your previous CD, but with an updated interest rate.
  • Make a partial withdrawal. During the grace period, you can withdraw some of the money from your account without penalty. As long as you leave at least $500 in the account, the remaining balance rollovers into a new CD with the same term and updated interest rate.
  • Close your account. To close your account, transfer the funds to your Quontic or external account, or request a check for the account balance.

What other savings products does Quontic Bank offer?

Quontic offers the following personal savings accounts:

  • Drawbridge savings. Earn 0.50% APY while helping small business owners who are struggling due to the Covid-19 pandemic. Quontic matches your earned monthly interest and offers grants to small business owners.
  • High yield savings. With a $100 deposit, you can earn 0.55% APY with no monthly service fees.
  • Money Market account. Open this account with as little as $100, but the higher your account balance, the higher your interest rate. Earn 0.3% APY on balances under $5,000, 0.35% on balances from $5,000 to under $150,000 and 0.4% APY on balances of $150,000 or more.

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