Whether you’re getting ready to reorganize your finances or you’re opening a checking account for the first time, the process of opening a bank account with a new financial institution takes a few important steps. Fortunately, it’s pretty quick and painless! Here’s what you need to know.
What do you need to open a bank account?
When you decide to open a new account with Quontic, we’ll need some basic financial and demographic information to get started. You’ll apply for the bank account online, and you’ll first be asked to provide your name and contact information. You’ll also need to have a Social Security number and a valid U.S. ID such as a driver’s license.
Next, you’ll fund your account with an initial deposit. The minimum opening deposit amount will depend on which kind of account you’re opening; some of our accounts only require you to fund them with $100 at the start. Once you submit your information and your account is verified and finalized, you’ll receive any materials that may come with the account — such as your Debit Card — in the mail several days later. Quontic does not, at the time of this writing, offer credit cards.
Keep in mind that account requirements and offerings will vary depending on which financial institution, bank, or credit union you’re applying to. You may be asked to upload photos of your photo ID, social security card, or even a birth certificate, and you’ll be asked to confirm your date of birth. You may also need to provide proof of address with a document like a utility bill.
Which is best: a checking account or a savings account?
Quontic offers several different kinds of accounts, including both checking and savings accounts. Most customers find it’s helpful to have at least one of each type; that way, you can focus on savings goals while still having an active checking account to make everyday purchases and pay bills out of.
Quontic’s checking accounts are as follows:
- Bitcoin Rewards Checking1 account, which allows you to earn 1.5% back in Bitcoin on all eligible debit card purchases and requires $500 to open.
- Cash Rewards Checking2 account, which allows you to earn 1.5% cash back on all eligible debit card purchases and requires a $100 deposit to open
- High Interest Checking3 account, is a tiered account which allows you to earn 1.01% APY based on your daily balance portion of up to $150,000, so long as you meet certain minimum eligibility requirements, such as making 10 debit card point-of-sale transactions of at least $10 each every statement cycle. APY earned is based on the portion of the daily balance whint the specified tiers3. For the record, the average national rate for interest checking accounts is 0.03% per the FDIC4, so we’re extremely proud to offer this level of earning potential to our customers!
Some notes to keep in mind about Quontic’s checking accounts: although we’re a digital first bank, we make it easy for our customers to withdraw and deposit money with our network of thousands of fee-free ATMs nationwide. While we do charge an Non-Sufficient Funds (NSF)5 fee, there’s no monthly maintenance charge, simple to transfer money to an external account and set up direct deposit to ensure funds keep hitting your account timely, and you can easily add a co-owner to create a joint account to share with your spouse or significant other. We’re also a Member FDIC6, so qualified deposits are insured up to $250,000.
Quontic’s savings accounts are as follows:
- High Yield Savings7 account, which offers 0.55% APY with no monthly maintenance fees and and requires a $100 opening deposit
- Money Market8 account, is a tiered variable account which allows you to earn up to 0.40% APY depending on your daily account balance,
- Certificates of Deposit9, offers an earning potential of up to 1.11% APY when you choose and allow the account to reach maturity for a five-year term. Requires a $500 opening deposit.
Each type of savings account has its own perks and uses; a Quontic representative would be happy to talk through the options and help match you with the best financial products for your needs!
Disclaimer:
1Bitcoin Reward Checking account is a non-interest bearing personal checking account, requires a minimum of $500.00 to open the account, and does not require a minimum daily balance to earn Bitcoin rewards. Qualifying Point of Sale (POS) Debit Card Transactions (“Eligible Debit Card Transactions”) shall receive Bitcoin Rewards at the U.S. dollar value of 1.50% on all Qualifying POS Debit Card Transactions that post and settle to the Bitcoin Rewards Checking Account. Fees and terms are subject to change. Additional terms and conditions may apply. No Bitcoin Rewards will be paid if the Qualifying POS Debit Card Transaction requirements are not met or if the requirements for establishing an account with NYDIG Execution LLC (“NYDIG Account”). The following are not Qualifying POS Debit Card Transactions and do not count toward earning Bitcoin Rewards: ATM-processed transactions; transfers between accounts; purchases made with debit cards not issued by the Bank; cash over portions of POS transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash); loan payments or account funding made with your debit card and purchases made using third-party payment accounts (services such as Venmo® and PayPal™ , who also provide P2P payments). Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Bitcoin Rewards Checking has geographic, regulatory, and other restrictions that may apply. Bitcoin Reward Checking is currently available in the states of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
Bitcoin execution and custody services are provided by NYDIG Execution LLC (“NYDIG”). NYDIG is authorized by the New York State Department of Financial Services to engage in virtual currency business activity. To receive bitcoin services an account will be opened with NYDIG in which your bitcoin will be held (the “NYDIG Account”). Please refer to NYDIG’s User Agreement for more information, including applicable eligibility criteria. Bitcoin balances in your NYDIG Account are not insured by the Federal Deposit Insurance Corporation (FDIC), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer. NYDIG does not make any recommendations regarding buying or selling bitcoin. There are risks associated with bitcoin trading, including possible loss of value. See NYDIG’s User Agreement.
Information is published as of October 1, 2021.
2Cash Rewards Checking is a personal non-interest bearing account. You must deposit $100.00 to open this account. No minimum daily balance required to receive the cash back reward and no monthly maintenance fee. Fees reduce earnings. Qualifying point of sale (POS) Debit Card Transactions (“Eligible Debit Card Transactions”) shall receive 1.50% cash back that post and settle to the account each statement cycle. The following activities are not considered POS debit card transactions and do not count toward earning rewards: ATM- processed transactions; transfers between accounts; purchases made with debit cards not issued by our bank; cash over portions of point-of-sale transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash*); loan payments or account funding made with your debit card and purchases made using third-party payment accounts. Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Ask for details. Additional terms, conditions, fees & exclusions may apply. Information is published as of October 1, 2021.
3High Interest Checking Account is a conditional tiered variable rate account. You must deposit $100.00 to open this account. The conditional interest rate and annual percentage yield is based on (A) fulfilling the minimum qualifying activity requirements per statement cycle, which are (1) a daily balance less than or equal to $1,000,000.00 and (2) 10 qualifying Point of Sale debit card transactions equal to or over $10.00 per transaction, and (B) the portion of the balance within the following specified tiers: (a) If the minimum qualifying activity requirement is fulfilled and your daily balance is $150,000 or less, the interest rate paid on the entire balance will be 1.00% with an annual percentage yield of 1.01%; (b) If the minimum qualifying activity requirement is fulfilled, an interest rate of 0.35% will be paid only for that portion of your daily balance that is greater than $150,000 but not exceeding the amount of $1,000,000.00. The annual percentage yield for this tier will range from 1.01% to 0.45%, depending on the balance in the account; and (c) If the minimum qualifying activity requirement is fulfilled, an interest rate of 0.00% will be paid only for that portion of your daily balance that is greater than $1,000,000.00 The annual percentage yield for this tier will range from 0.45% to 0.00%, depending on the balance in the account. If the qualifying activity requirement is NOT fulfilled, the interest rate paid on the entire balance will be 0.01% with an annual percentage yield of 0.01%. Ask for details. Additional terms, conditions, fees & exclusions may apply. Rates may change without notice. If the account is closed before interest and/or bonus is credited, accrued interest and/or bonus may be forfeited for that statement cycle. Fees could reduce earnings. The following activities are not considered qualifying POS debit card transactions and do not count toward earning rewards: ATM- processed transactions; transfers between accounts; purchases made with debit cards not issued by our bank; cash over portions of point-of-sale transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash*); loan payments or account funding made with your debit card and purchases made using third-party payment accounts. Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Online Account Opening is only available to consumers. Data connection required to open an account online. Carrier fees may apply. Application is subject to approval. Information is accurate as of October 1, 2021 and may change without notice.
4Per “National Rates and Rate Caps” on FDIC.gov, August 16, 2021.
5View the full list of fees that could occur on your account here.
https://www.quontic.com/schedule-of-fees/
6FDIC insurance is applicable to eligible deposit accounts and up to the maximum allowed by law . Learn more at https://www.fdic.gov/resources/deposit-insurance/financial-products-insured/index.html
7High Yield Savings Account is a personal interest bearing account. You must deposit $100 to open this account. This is a variable account wherein 0.55% annual percentage yield applies to balances of $0.01–$999,999.99. No minimum daily balances. Ask for details. Additional terms, conditions, fees & exclusions may apply. Rates may change without notice. There is a $10.00 excess transaction fee for every transaction over six for preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or similar transactions from your account per account statement cycle. If the account is closed before interest and/or bonus is credited, accrued interest and/or bonus may be forfeited for that statement cycle. Fees could reduce earnings. APY means Annual Percentage Yield. Information is as of October 1, 2021.
8Money Market Account is a personal interest bearing account. You must deposit $100 to open this account. This is a tiered variable account wherein 0.30% annual percentage yield applies to balances of $0.01–$4.999.99, 0.35% APY applies to balances of $5,000.00–$149,999.99, and 0.40% APY applies to balances over $149,999.99. No minimum daily balances. Ask for details. Additional terms, conditions, fees & exclusions may apply. Rates may change without notice. There is a $10.00 excess transaction fee for every transaction over six for preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or similar transactions from your account per account statement cycle. If the account is closed before interest and/or bonus is credited, accrued interest and/or bonus may be forfeited for that statement cycle. Fees could reduce earnings. APY means Annual Percentage Yield. Information is as of October 1, 2021.
9Certificate of Deposit is an interest bearing account. Minimum $500 to open account. Withdrawals before the maturity date are subject to penalties. Fees could reduce earnings. Offer is subject to change at any time. Ask for details. Additional terms, conditions, fees & exclusions may apply. APY means Annual Percentage Yield. Information is as of October 1, 2021.