Tool Review:

Quontic Bank


Quontic is a cross between a brick and mortar bank and a 100% online bank. Many of its services are gearing toward a more technological and adaptive approach. They are FDIC insured and offer standard banking services such as a full suite of mortgage products, savings accounts, and interest yielding checking accounts. 

Where they stray from standard banking accounts is their Bitcoin Rewards debit card. They are the first in the US banking industry to take this step into the realm of digital assets on a customer level (many have offered institutional exposure in some way to Bitcoin, but not on the consumer level).

As the first US bank to do this, Quontic crosses the bridge into crypto markets, albeit with limited offerings when compared with exchanges and DeFi banking platforms such as Gemini and Nexo.

However, their “swipe to earn Bitcoin” offering allows bank customers a more familiar way to get exposure to digital assets. Unfortunately, the Bitcoin earned can never be transferred out; it can only be cashed in at the bank. So yes you are earning Bitcoin, but you do not truly own it nor can you use it peer to peer as it was intended.

Branding themselves as adaptive, they also have modified their mortgage offerings, understanding that today’s convoluted mortgage process is out of reach for low income families and neighborhoods in the US. They offer a flexible approach in this area, working with individuals to create a mortgage product that is accessible.

  • Available to: 12+ US states (including Alabama, Arizona, Arkansas, California, Iowa, Kansas, Maryland, Massachusetts, Michigan, Missouri, Montana, New Mexico, New York, North Dakota, Pennsylvania, Utah, Wisconsin, and Wyoming)
  • Suitable for: Beginners and up, and those OK with giving up control of their Bitcoin
  • Cryptocurrencies offered: Bitcoin Rewards debit card
  • Fiat currencies available: USD only
  • Fees: 2% fee to redeem your Bitcoin into cash.
  • Main features: Bitcoin Rewards card, high yield savings, online/mobile banking, checking & savings, mortgages, business banking, non-profit fund
Bitcoin Rewards Card

The latest product offered by Quontic is the BItcoin Rewards debit card. Checking account holders who have at least $100 in their account will earn 1.5% “cash” back in Bitcoin. So each time the bank customer uses their debit card, they can earn some BTC. 

  • The earned Bitcoin can never be traded or transferred to another Bitcoin wallet, as Quontic maintains ownership of the private keys. Account holders may only cash out their Bitcoin, so in essence never really experience full ownership of their digital assets. 
  • Most cryptocurrency exchanges offer options to send Bitcoin to an external wallet, which can be a hardware or paper wallet which stores your private seed phrase. 
  • Still, this is a huge leap when you consider the banking industry. Additionally, most of Quontic’s checking accounts offer slightly higher APYs than the norm, making their debit card and checking account that much more appealing. 
  • Quontic custodies the Bitcoin through NYDIG (discussed in Security section), who also handles the tax reporting on Bitcoin capital gains/losses.
Checkings and Savings
  • Drawbridge Savings is a “social good” account product that actually gives a higher APY for the lower tier of balance. So for balances up to $250,000 the APY is .50% and above that, the APY is .01%. A maximum of 6 transactions in or out of the account is allowed per month. All interest earnings are matched by Quontic and are donated to the #BeTheDrawbridge relief fund.
  • High Yield Savings Account yields .55% APY for up to $1 million with $100 minimum balance. A maximum of 6 transactions in or out of the account is allowed per month. 
  • High Interest Checking receives .01% APY for up to $1 million and 1.01% APY for anything over that. To earn, account holders must make 15 qualifying point-of-sale debit card transactions each month.
  • Money Market – Rates vary from .30% to .40% APY for minimum balances of $100 to over $150,000.
  • Certificates of Deposit – rates from .60% (6 month term) to .75% (3 year term) with $500 minimum balance. 

Quontic customers have access to 90,000 free ATMs in the US. Additional deposit services include:

  • Remote check depositing
  • Online banking
  • Bill pay
  • Business banking services
  • Receipt tracking
  • Apps available on Android and iOS
  • Compatible with Apple Pay, Samsung Pay and Zelle payment apps

Quontic’s mortgage program puts a strong focus on serving low income households and they brand themselves as a bank that works with each customer to find something that works. They offer FHA/VA loans, standard mortgages, and commercial, foreign and wholesale mortgages. 

  • Over $2 billion in mortgages
  • 70% of their loans go to low income homes and neighborhoods
  • Flexible mortgage requirements 
  • 20% required as down payment
  • 2% redemption fee when cashing out your Bitcoin
  • Checking and Savings accounts – no monthly service fees
Funding Options
  • Transfer from another bank
  • Direct deposit
  • Mail a check
  • Transfer from an internal account

Quontic is a bank so will require standard identification verification procedures when new accounts are opened. As with all banks, they are fully compliant with AML and KYC regulations.

What are AML and KYC?

As part of a range of Anti Money Laundering regulations mandated nationally and internationally, KYC involves the requirement of companies to verify each customer’s identity during the onboarding process. Verification is achieved by submitted identification, proof of ownership, and personal information such as name, address, email address, phone number and tax I.D. number.

User Experience
Customer Support

Setting up an account with Quontic only takes a few minutes and the website is intuitive and easy to use and understand.

Quontic offers live chat, phone service (during business hours), and email support.



Quontic provides ample resources for understanding their products, except there is no information about Bitcoin or crypto markets. Their Help Center is well developed otherwise and simple to navigate. Additionally, they provide a nice blog that offers helpful information and resources to help with the mortgage process.


Quontic has several key partners for Bitcoin security concerns:

  • NYDIG, a Bitcoin-based fintech company, provides custody for its customers’ Bitcoin rewards as well as transaction execution and tax reporting. NYDIG provides banks with custodial services for crypto assets.
  • FIS® (NYSE: FIS) is a builder of enhanced fintech mobile applications, providing tracking and reporting services to Quontic.

There are a few, highly-detailed negative reviews on the Better Business Bureau site, regarding deficits in product or customer service, which makes one pause when you think about someone searching out a business bureau to lodge a complaint. While there are only 8 of these reviews, it bears notice. 

Otherwise, as a bank they are beholden to all US fiduciary laws and regulations, however it’s important to note that FDIC does not cover Bitcoin assets.


Quontic has good transparency about its product and fees. There should be more information provided to consumers about Bitcoin.


No hacks have been reported.


Quontic is mostly a bank with a little crypto. But the Bitcoin Rewards debit card is a first in the banking industry in the US so it will be very interesting to see how this “adaptive” bank evolves to meet the needs of consumers who are increasingly interested in crypto assets. It will no doubt need to catch up a little to the likes of CashApp and PayPal Crypto.

As with most banks, Quontic is heavily invested in the community it serves and goes the extra mile to reach underserved households and distressed communities to generate economic growth. They are affiliated with the Community Development Financial Institutions Fund (CDFI Fund), which provides banks with resources to programs to reach those in need and make an economic impact. 

What Quontic Doesn't Offer
    • Buying Bitcoin
    • Dollar cost averaging 
    • Self custody
    • Withdrawals to external wallets (no transfers allowed, must be redeemed for cash)
    • Institutional custody
    • Exposure to altcoins and stablecoins