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Updated: Aug 29, 2023

Quontic Bitcoin Rewards Checking 2024 Review

We review the Quontic Bitcoin Rewards Checking Account based on its fees, features, and the notable Bitcoin debit card rewards program.
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Cryptocurrency is a hot investing trend. So what if you could open a checking account that rewarded you with Bitcoin?

Now you can with Bitcoin Rewards Checking from Quontic Bank. 

This online checking account option pays you 1.5% in Bitcoin Rewards for debit card purchases. You can then redeem those rewards for U.S. dollars. 

If you're curious about cryptocurrency, this could be a good way to get started. 

This Quontic Bank review takes a closer look at how Bitcoin Rewards Checking works.

Quontic Bitcoin Rewards Checking Account Pros & Cons

  • Earn 1.5% back in Bitcoin rewards on eligible debit card purchases
  • Store Bitcoin rewards in your account or redeem them for U.S. dollars
  • Bitcoin rewards don't expire as long as your account remains open
  • Currently only available in selected states
  • Bitcoin valuations can fluctuate widely
  • Bitcoin is not FDIC-insured

Get Rewarded With Bitcoin When You Spend

The Bitcoin Rewards Checking Account is the first debit card in the U.S. that rewards you with Bitcoin for purchases. 

When you use your debit card for eligible transactions, you earn 1.5% back in Bitcoin rewards. 

The types of transactions that earn Bitcoin rewards include:

  • In-store purchases
  • Online purchases

You won't earn rewards for ATM withdrawals, transfers, bill payments, checks, ACH payments or wire transfers. 

But if you use your debit card regularly to buy things, you could easily rack up a decent amount of Bitcoin rewards.

Storing and selling your Bitcoin rewards

The Bitcoin you earn is stored in a separate NYDIG account. NYDIG is a financial services firm that's Bitcoin-focused. 

You can let your rewards balance continue to grow. Or you can redeem it for U.S. dollars. Bitcoin is redeemable once a month. NYDIG charges a 2% fee to redeem your Bitcoin for cash. Quontic doesn't charge any redemption fees. 

The upside of earning Bitcoin from a checking account is that it has the potential to grow in value. That's because the value of Bitcoin can and does change over time. So if the price of Bitcoin goes up, your rewards are worth more when you redeem them for cash. However, that also means that if Bitcoin goes down, your rewards could be worth less. 

Is Quontic Bank FDIC-Insured?

The FDIC insurance program protects depositors against financial losses if a bank fails. The standard FDIC insurance limit is $250,000 per depositor, per account ownership type, per financial institution. 

Quontic Bank is FDIC-insured. That means you're protected up to the FDIC limits if something were to happen to the bank. 

But that protection covers your deposits only. 

Any Bitcoin earned with a Bitcoin Rewards Checking Account is not covered by the FDIC. What that means is your Bitcoin rewards are not protected against losses if Quontic were to go out of business. 

Fee-Free ATM Access at 90,000+ Locations

Quontic has two branch locations only. But it does have an extensive ATM network. 

If you need to withdraw cash or make a deposit, you can do that at more than 90,000 ATM locations, including:

  • Participating AllPoint Network ATMs
  • Participating MoneyPass Network ATMs
  • SUM program ATMs
  • Citibank ATMs located in Target, Speedway, Walgreens, CVS, Kroger, Safeway, Winn Dixie and Circle K

There is a limit on how much cash you can withdraw from checking each day. 

The current daily withdrawal limit is $500. 

Can You Earn Interest With a Quontic Bitcoin Rewards Checking Account?

The Quontic Bitcoin Rewards Checking Account pays you back with Bitcoin. For that reason, it doesn't offer interest on deposits. 

But Quontic does have an interest checking account. 

The Quontic Bank High Interest Checking Account offers a highly competitive APY on deposits. 

The APY you earn is based on your account balance and making at least 10 qualifying debit card point-of-sale transactions of $10 or more per statement cycle. 

You can open this account with $100. That's less than the $500 you need to open a Bitcoin Rewards Checking Account. 

Earn Bitcoin and Grow Savings With No Monthly Fee

Online banks tend to be more fee-friendly compared to brick-and-mortar banks. 

That's because they typically have lower overhead costs. This allows them to cut customers a break when it comes to fees.

The Quontic Bitcoin Rewards Checking Account has no monthly fee. 

What Other Fees Will You Pay?

Quontic is designed to be fee-friendly. 

While there's no monthly maintenance fee, there are some other fees to know. 

Here's what you can expect to pay when banking with Quontic.

Other Service Fees - Quontic Bitcoin Rewards Checking

Type Fee
Monthly fee $0
Overdraft $0
Cashier's checks $0
Money Order $0
Dormant account $5
Stop payment $20
Incoming wire transfer $0
Outgoing wire transfer (domestic) $25
Outgoing wire transfer (international) $35
Return deposit item $10
Account research $20/hour
Legal levies or garnishments $100

How Convenient Is the Quontic Account?

Quontic makes it easy and convenient to manage your money. 

Remember, there are are only two branches but you can access your funds:

  • Online
  • Through the Quontic mobile banking app
  • At participating ATMs

The Quontic mobile app is easy to navigate. You can use the app to:

  • Pay bills
  • Deposit checks with remote deposit capture
  • Transfer funds between Quontic accounts
  • Send or receive money via Zelle

Quontic is also compatible with Google Pay, Apple Pay and Samsung Pay. 

There's no fee to use the app to pay bills or send and receive money through Zelle. 

Opening a Quontic Bitcoin Rewards Checking Account

Quontic makes it easy to open a Bitcoin Rewards Checking Account online. 

You just need to share some basic information, including:

  • Your name
  • Email address
  • Home address
  • Date of birth
  • Social Security number
  • Mother's maiden name
  • Occupation

You'll also need to link an external account. This is how you'll make your initial deposit. 

Quontic will make two test deposits. Once you verify them, your account is fully open and ready to use. You'll get your debit card in the mail within 7 to 10 business days. 

One thing to know is that Bitcoin accounts are only available in certain states. You can open a Bitcoin Rewards Checking Account if you live in:

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delware
  • District of Columbia
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Iowa
  • Kansas

  • Kentucky
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • New Mexico
  • New Jersey
  • New York
  • North Dakota
  • Ohio
  • Oklahoma

  • Oregon
  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Utah
  • Vermont
  • Virginia
  • West Virginia
  • Wisconsin
  • Wyoming

Quontic does expect to add more states in the future.   

Other Checking Account Options

Quontic isn't the only online bank to offer checking accounts. But it is the only one (for now) to offer Bitcoin rewards for debit card purchases. 

That could give it an edge over other checking options if you're interested in Bitcoin investing. 

The beauty of the Bitcoin Rewards Checking Account is that you don't have to invest any of your own money. Quontic rewards you with Bitcoin for making purchases. 

And unlike travel miles or points, your Bitcoin rewards could go up in value over time. 

On the other hand, you might be looking for something different in a checking account. 

So as you shop around for a checking account, here are a few things to keep in mind:

  • Monthly maintenance fees, if any
  • Minimum balance requirements, if any
  • How much you need to open an account
  • Any restrictions on who can open an account
  • Debit and ATM card availability
  • ATM locations and fees
  • Mobile and online banking access
  • Other fees, such as overdraft or returned item fees
  • How much you'll pay for standard checks or if checks are even available
  • Monthly limits on check-writing
  • Daily or monthly limits on deposits
  • Daily or monthly spending limits
  • Overdraft protection
  • Whether the account earns interest
  • Customer service
  • Extra perks, like ATM fee rebates, debit card rewards or relationship discounts

Also, consider the rates you could earn on savings or money market accounts if you want to open those alongside a checking account. 

Should You Open a Quontic Bitcoin Rewards Checking Account? 

The Bitcoin Rewards Checking Account offers a unique and fresh take on traditional checking. 

This account could be a good fit for you if:

  • You'd like to earn Bitcoin rewards on debit card purchases
  • You don't want to pay a monthly fee for checking
  • You're comfortable with online banking and want access to one of the broadest ATM networks

The main thing to keep in mind about this checking account is how Bitcoin valuations can change.

If Bitcoin's value drops, you won't lose any money from your checking account. But any rewards you earned could be worth less when you're ready to redeem them. 

If you're comfortable with the risk, however, this is an online checking option that's worth considering.