How is my interest calculated?
Interest is compounded daily and credited to your account monthly. Interest is calculated using the daily balance method. This method applies a daily periodic rate to the principal and interest that has accrued in the account each day.
What if the Annual Percentage Yield changes before my CD matures?
Your CD rate will be unaffected and remain the same. When you open a CD with Quontic, you are locked into that rate at the time of the application for the CD’s entire term length.
What rate will be applied to my CD?
Your CD account will be opened at the Annual Percentage Yield (APY) that was effective on the day you submitted your application for approval.
How often can the Annual Percentage rate change?
We may change the advertised Annual Percentage Yield rate any time without notice.
What is a Certificate of Deposit (CD) account?
A CD is a savings account with a fixed interest rate and a set term. You agree to leave your money in the account for that period—typically a few months to several years—in exchange for a higher return than a regular savings account. CDs offer a secure, predictable way to grow your savings.
How can I add additional funds to a Certificate of Deposit (CD)?
Once your CD is opened, additional deposits cannot be made during the term. However, when your CD reaches maturity, you’ll have a 10-day grace period beginning on the maturity date to add funds. During this grace period, you can: This grace period gives you the opportunity to add funds to your CD before it renews […]