It’s not every day that you run across a bank that just offers something cool. Especially if you’re a techie and love gadgets. A debit card that you can wear…
You know I love researching and telling you about my favorite bank accounts and I have one for you that is truly unique.
Quontic reached out to me and told me all about the Quontic Pay Ring. It is a ring that you wear to make contactless payments. Yes! Instead of pulling out your debit card and tapping it you can simply make a fist and tap your ring.
I am a gadget lover so you know I was all for giving the Quontic Pay Ring a try. My very first time using it was a Starbucks and it was awesome. It did take me a few tries because of course I didn’t read the directions. But it was pretty simple to figure out and the young ladies that worked at Starbucks loved the ring too. They immediately asked me where I got mine.
So let me back up….
I’ll tell you a little about Quontic, their banking services, and how the Pay Ring works.
Note: This page contains affiliate links, which means that if you buy something using one of the links below, I may earn a commission.
Quontic Overview
Quontic Bank is a digital bank that was established in 2009 and serves customers all over the US through its online and mobile banking platform. Quontic is continuing to push forward by developing and launching innovative accounts, mortgage products, and banking features.
They offer three different types of checking accounts:
- High-Interest Checking
- Cash Rewards Checking
- Bitcoin Rewards Checking
They also offer 3 types of savings accounts:
- High Yield Savings
- Money Market
- CDs
They also offer mortgages.
For the purposes of this post, I’m going to focus on their High-Interest Checking Account.
Quontic High-Interest Checking
The Quontic high-interest checking account has no monthly or overdraft fees. They do have a $100 minimum opening deposit.
They are an online bank so their online platform and mobile app allow you complete management of your account. You can deposit checks remotely, pay bills, and transfer money.
At the time of writing this post, the Quontic High-Interest Checking account offers an APY of up to 1.10% which applies to all balance tiers. In order to earn the 1.10% APY, you have to make at least 10 qualified debit card point of sale transactions of $10 or more per transaction and statement cycle. If you don’t make the 10 qualifying transactions then you will earn an APY of 0.01%.
If you are using Quontic as your primary checking account then you can easily meet the requirements to earn the 1.10% APY. Especially if you have the Pay Ring.
Let’s talk pros and cons…
Pros
- High Interest Checking Account
- No monthly fees or Overdraft fees
- Takes on average less than 3 minutes to open an account
- Surcharge free access to over 90,000+ ATMs (AllPoint and Money Pass Networks and others)
- FDIC Insured for eligible accounts
- Zelle, Apple Pay, & Samsung pay supported
- And they have a super cool Pay Ring
Cons
- $5 monthly inactivity fee (after 1 year)
- No cash deposits if you don’t live in New York
Quontic Pay Ring
Once you get your Quontic checking account you can get your Pay Ring.
The Pay Ring connects to your checking account just like your debit card. It facilitates MasterCard transactions. And using your pay ring to make qualified point-of-sale purchases counts towards the transactions that you need to make to earn your 1.10% APY interest or rewards.
The ring is easy to use and is accepted anywhere you see the Contactless symbol.
To make a purchase, all you have to do is make a fist like you are about to knock on the payment terminal. On most machines, you need to hold until you hear a little beep, and then you’re good to go.
The pay ring does not need to be charged. It works using the same technology that is in your contactless debit card. This means that your pay ring will always work.
The pay ring is super sturdy and durable. It is water and scratch-resistant.
I have been wearing mine every day since I got it and I hardly can tell it’s there. It’s also minimalistic and stylish so I enjoy wearing
it.
Now if you are not already used to using contactless payment options you might be wondering when you might ever want to make a payment with a ring?
And I’m going to answer with…. When would you not!
Even before I got my pay ring I used contactless payment options whenever it was an option. I love not having to go into my purse and pull out my debit card. And now more than ever, most places accept contactless payments.
Contactless payment is great in your day-to-day life but it is really awesome when you attend sporting events, amusement parks, or even when you travel. You’ll be amazed at how simple and easy it is to just tap your ring and go.
So what do you think? I know a ring that you can use to make purchases is pretty unique. I would love to hear what you think about it in the comments.
Click here if you want to know more and get your own Pay Ring which is currently free for a limited time.
