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:
- Cash Rewards Checking1 account allows you to earn cash back on eligible debit card purchases and requires a $100 deposit to open.
- High Interest Checking2 is a tiered account that offers competitive interest based on your daily balance, up to a specified amount, as long as you meet certain eligibility requirements—such as making a minimum number of debit card purchases each statement cycle. Interest is earned based on the portion of your daily balance that falls within each tier. For context, national averages for interest checking accounts remain quite low3, so we’re proud to provide our customers with strong earning potential.
Some notes to keep in mind about Quontic’s checking accounts: although we’re a digital-first bank, we make it easy to access your money with a nationwide network of thousands of fee-free ATMs. While we do charge a Non-Sufficient Funds (NSF)4 fee, there’s no monthly maintenance charge. It’s simple to transfer money to external accounts, set up direct deposit to keep your account funded, and even add a co-owner to create a joint account with your spouse or significant other. We’re also a Member FDIC, so qualified deposits are insured up to $250,000.
Quontic’s savings accounts include:
- High Yield Savings6 account, which offers a competitive interest rate, no monthly maintenance fees, and requires a $100 opening deposit.
- Money Market7 account, a tiered variable account where the interest you earn depends on your daily balance.
- Certificates of Deposit8, which offer increased earning potential when you choose a longer term and allow the account to reach maturity. A $500 opening deposit is required.
Each type of savings account has its own benefits and ideal use case. A Quontic representative would be happy to talk through the options and help you find the best fit for your financial goals.
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