Quontic Bank has several CD options. But its deal now is a CD with an excellent option as it requires a minimum deposit of $500 and a deposit term of 1 year. The interest rate is high at 0.40% APY. Interest is compounded daily and paid monthly.

They also have CDs for 1-year to 5-year terms. All of these have a minimum balance of $1,000. The 5-year interest rate is 1.28% APY.

You are notified 10 days before the renewal of your CD and have a 10-day grace period to remove the principal and interest before the CD renews or rolls over. If you attempt to remove the balance after the grace period is over, it is considered an early withdrawal.

Early withdrawal is highly penalized. CDs for a term 1 year suffer a penalty equal to the interest earned for the whole term. CDs between 12 and 24 months are penalized an amount equaling one year of interest. If the term is greater than 24 months, the penalty is a stiff 2 years of interest. If your penalty amount is greater than the interest earned, you may lose some of your principal.

You can’t add money to the CD, but you may open another CD at the current interest rate. There is no maximum deposit.

Online Account Opening is only available to consumers. Ask for details. Data connection required to open an account online. Wireless carrier fees may apply. Application is subject to approval & further review. Information is accurate as of the date listed below and may change without notice.
October 21, 2020
1 APY means Annual Percentage Yield.
Withdrawals before the maturity date are subject to penalties.


Quontic Bank doesn’t require you to be a member. Quontic Bank does have several locations in two states but most of its customers use mobile or online banking.

Branches of Quontic Bank

There are branches of Quontic Bank in several cities in New York State. These cities are:

  • Astoria
  • Melville
  • Flushing

Quontic Bank also has offices in Georgia, New Jersey, and Massachusetts but the only other branch is in Miami, Florida.

There is also a home mortgage office in Coral Gables, Florida which is south of Miami.

Quontic Bank’s Overview

Quontic Bank was founded in 2009 in Great Neck, New York. It was called Golden First Bank and had $24 million in assets. It is now Quontic Bank and is headquartered in Manhattan, New York but has moved multiple times. It originally moved to Astoria and the Great Neck location was closed. 

Quontic Bank prides itself on diversity. Greater than 60% of the employees identify as something other than Caucasian. And 55% of employees are female.

As of 2011, Quontic Bank moved its headquarters to the Rockefeller Plaza. It specializes in Adaptive Digital Banking and was named the “Top Online Bank in 2020”.

The US Department of Treasury has identified Quontic Bank as a CDFI or Community Development Financial Institution. This includes a fund which, “works to offer resources and other programs to generate economic growth and opportunities for distressed communities around the nation”.

Quontic Bank offers over 70% of home mortgages to low-income families.” Serving the financially underserved businesses and customers is a core to their mission and business philosophy.”