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Quontic Bank CD review

Get up to 2.86% APY with a $500 minimum deposit.’s rating: 5.0 / 5.0


Quontic Bank CDs offer some of the highest rates in the industry, with APYs ranging from 1.26% to 2.86%. 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.

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1-year APY


3-year APY


5-year APY


Star rate5
6-month APY1.26%
1-year APY2.01%
2-year APY2.51%
3-year APY2.81%
5-year APY2.86%
Early withdrawal penalty365 days interest for terms of 12 to 24 months
730 days interest for terms of 24 + months
Minimum deposit to open$500
Interest compoundingDaily

Review by

Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, and, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

Quontic Bank CDs are best for anyone who wants to lock in a high interest rate on a six-month or long-term CD. You’ll earn up to 2.86% 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?

Follow these steps to open a Quontic Bank CD account.

  1. Select Apply now.
  2. Select Banking, then select Certificates of deposit.
  3. Choose your desired term length, and click or tap Get started.
  4. Enter your first name, last name, email address and phone number, then select Continue.
  5. Check your email for a verification code from Quontic, and enter that code in the application field.
  6. Enter your additional details and fund the account.


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:

  • High interest rate. You’ll earn 1.26% on six-month CDs, 2.01% on one-year CDs, 2.51% on two-year CDs, 2.81% on three-year CDs, and 2.86% on the five-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 or four-year terms like many other banks do — just six-month, one-year, two-year, three-year and five-year terms.
  • Heavy penalties. You’ll pay a penalty equal to six months of interest on six-month terms, one year of interest on one-year terms and two years of interest on two-, three-year, and five-year terms. You could lose some of your 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 4-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
Bread Savings CDs
With a $1,500 minimum deposit, you'll receive competitive interest rates and no hidden fees with this CD. FDIC insured.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
Ponce Bank CD
Open a 5-month, 13-month or 48-month CD with some of the highest interest rates available today

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 0.5% 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.
  • Quontic Bank High Yield Savings. With a $100 deposit, you can earn 1.58% APY with no monthly service fees.
  • Quontic Bank Money Market account. Open this account with as little as $100. It comes with a debit card and earns 1.5% APY

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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