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Compare Quorum FCU Accounts
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Quorum Federal Credit Union Overall Rating
Quorum Federal Credit Union Pros and Cons
Quorum Federal Credit Union HighQ Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.25%
Minimum Deposit Amount
$0
- High interest rate
- No minimum opening deposit
- No monthly service fees when you set up eStatements
- Interest compounds monthly, not daily
- $10 monthly fee if you receive paper statements
Product Details
- Online credit union
- To become a member, you or a family must work at a Select Employee Group OR you must join the American Consumer Council or Select Savers Club
- Interest compounded and deposited monthly
- Federally insured by the NCUA
Quorum FCU has several savings accounts to choose from, but the Quorum Federal Credit Union HighQ Savings Account is the high-yield savings option. (The others offer very low rates.) It offers 4.25% APY — significantly higher than the national average, but lower than what the best high-yield savings accounts offer right now.
Interest compounds monthly, which is standard for credit unions. If you’d like your interest compounded daily, a bank may be a better option.
Quorum’s HighQ account has a $0 minimum deposit. As long as you maintain eStatements, there’s no monthly service fee, either — if you want paper statements, it’s $10 per month. To open this account, you’ll first need to become a member of Quorum FCU, which requires opening its basic savings account with $5, too.
Compare Today’s Savings Rates
Quorum Federal Credit Union QClassic Checking Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
- No minimum opening deposit
- No monthly service fees
- Overdraft protection options
- Does not charge a fee for your first 10 out-of-network ATM withdrawals each month (though the ATM provider might)
- $2 per out-of-network ATM withdrawal once you surpass the monthly limit of 10
- Does not reimburse any fees charged by out-of-network ATM providers
- $37 overdraft fee
- Overdraft protection isn’t free; you’ll pay $20 for automatic transfers for savings and interest on overdraft lines of credit
Product Details
- Online credit union
- 90,000 free ATMs
- To become a member, you or a family must work at a Select Employee Group OR you must join the American Consumer Council or Select Savers Club
- Federally insured by the NCUA
The Quorum Federal Credit Union QClassic Checking Account is a free online account. It has no monthly service fee or minimum balance requirements. Account holders get access to more than 90,000 free ATMs, as well as free bill pay services.
The account also comes with overdraft protection, though this does come with fees. You can opt to set up auomatic account transfers when your account is overdrawn, but you’ll pay $20 each time you use this service. Another option is to apply for a $500 reserve line of credit, which charges interest if used. Finally, Quorum offers “courtesy pay,” which covers your overdrafted transaction for a $37 fee.
Quorum also has the QChoice Checking Account, which comes with early direct deposit, ATM fee reimbursements, and a low interest rate. But there’s a monthly fee unless you meet certain requirements.
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Quorum Federal Credit Union Term Savings
Annual Percentage Yield (APY)
2.20% to 5.35%
Minimum Deposit Amount
$1,000
- Competitive interest rate on select CD terms
- Standard-to-low early withdrawal penalties
- Standard CD terms
- $1,000 minimum opening deposit
- Interest compounded monthly, not daily
Product Details
- Online credit union with 1 location in NY
- Terms range from 3 months to 5 years
- To become a member, you or a family must work at a Select Employee Group OR you must join the American Consumer Council or Select Savers Club
- Earn an additional 0.10% APY on account balances over $100,000
- Early withdrawal penalties: 1% of the amount withdrawn for terms between 2 months and 11 months; 2% of the amount withdrawn for terms between 1 year and 2 years; 3% of the amount withdrawn for terms over 25 months
- Interest compounded and deposited monthly
- NCUA insured
The Quorum Federal Credit Union Term Savings account is essentially a CD. Terms vary from three months to 60 months in length and require a minimum balance of $1,000. Rates vary from 2.20% to 5.35% APY, with the highest APY available on its 11-month term.
The big benefit of these accounts is that they have fixed interest rates, which means a guaranteed return upon maturity. Interest is compounded monthly.
Quorum’s term accounts do come with early withdrawal penalties, which is standard for many term accounts and CDs. If you need to access your money before the accounts maturity date, be prepared to pay between 1% to 3% of the amount withdrawn.
Quorum Federal Credit Union Money Management Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.35% to 1.60%
Minimum Deposit Amount
$0
- No minimum opening deposit
- No monthly service fees
- Higher-than-average interest rates
- Access to Zelle
- Lower interest rates on lower balances
- Compounds interest monthly, not daily
- Does not reimburse any fees charged by out-of-network ATM providers
Product Details
- Online credit union
- To become a member, you or a family must work at a Select Employee Group OR you must join the American Consumer Council or Select Savers Club
- Tiered rate system; your rate increases when your balance reaches $10k, $25k, $100k, and $250k
- Interest compounded and paid monthly
- Federally insured by the NCUA
The Quorum Federal Credit Union Money Management Account offers tiered interest rates based on your balance. Account holders can earn 0.35% to 1.60% APY, with the highest rate going to balances of $250,000 or higher. There is a $0 minimum deposit.
The account can be a good option if term accounts feel too limiting and you want to access your funds without penalty. However, the Quorum Federal Credit Union HighQ Savings Account may still be the best option if you’re looking for an interest-earning account that allows you to maintain liquidity, because it pays a higher rate.
About Quorum Federal Credit Union
Quorum Federal Credit Union is an online credit union. It’s member-owned and insured by the National Credit Union Association for up to $250,000 per account ($500,000 for joint accounts). Quorum has no physical branches, but it does offer members access to a network of over 90,000 free ATMs nationwide, including MoneyPass ATMs, Allpoint ATMs, and ones at many CVS and Walgreens locations. Quorum made our list of best credit unions.
To contact Quorum FCU, members can send a secure online message or call a phone representative between 8:30 a.m. to 7 p.m. ET Monday through Friday. The Quorum mobile banking app is available on both Google Play, where it has 4.6 stars, and the Apple Store, where it has 4.8 stars.
How to Join Quorum Federal Credit Union
Like all credit unions, you must become a member of Quorum FCU before you can open an account with the institution.
To do this, you’ll need to be an employee at a Select Employee Group-affiliated company (or the family member of someone who is) or a member of the American Consumer Council or Select Savers Clubs. You can apply for membership for either (or both) when you fill out the Quorum application. It’s free to join the ACC; the SCC requires $5 for a lifetime membership, but Quorum will cover the cost.
You will also need to fill out an online application, open a Basic Savings Account with Quorum, and deposit a $5 “share pledge” into your account.
Is Quorum Federal Credit Union Trustworthy?
Quorum Federal Credit Union has an A+ rating from the Better Business Bureau, indicating the company responds to customer complaints effectively and is transparent about its business practices. In the last three years, Quorum has closed over 23 complaints filed with the BBB.
Quorum FCU doesn’t have any recent public controversies.
Keep in mind: A strong BBB score and lack of controversy don’t necessarily guarantee you’ll have a good relationship with a company. They are generally good signs of trustworthy business practices, though.
Quorum Federal Credit Union FAQs
Quorum Federal Credit Union is a legitimate credit union headquartered in Purchase, New York. The company was started in 1934.
Quorum Federal Credit Union is an online-only credit union and has no physical branch locations. It does offer members access to 90,000-plus free ATMs nationwide.
Quorum Federal Credit Union is one of the many financial institutions that works with Zelle. Members can use the tool to directly transfer money to outside individuals.
Members can send a secure, online message or call a representative at 800-874-5544 from 8:30 a.m. to 7 p.m. ET Monday through Friday.
To become a member of Quorum Federal Credit Union, you’ll need to be an employee at a Select Employee Group-affiliated company (or a family member of one). Members of the American Consumer Council or Select Savers Clubs are also eligible, and it’s easy to join those organzations.
Methodology: How We Reviewed Quorum Federal Credit Union
To review Quorum Federal Credit Union, we rated its checking, savings, and money management accounts using Personal Finance Insider’s bank account methodology and its term accounts using Personal Finance Insider’s CD methodology.
In general, we look at ethics, customer support, and mobile apps when rating an institution. Other factors we consider depend on which type of account we’re reviewing. For example, we look at overdraft protection for checking accounts and early withdrawal penalties for CDs.
How Quorum Federal Credit Union Compares
Quorum Federal Credit Union vs. BrioDirect
Quorum Federal Credit Union offers term savings accounts, which work similarly to CDs, delivering a guaranteed rate of return upon maturity.
The best fit might depend on what term you want. BrioDirect High-Yield CD pays a higher rate on a 1-year term, while Quorum’s rates are better on 2-year and 3-year terms. It’s also worth noting that BrioDirect compounds interest daily, while Quorum compounds monthly.
Quorum Federal Credit Union vs. Bask Bank
Bask Bank CD offers a variety of CD terms, all for higher rates than the national average. Its 6-month and 1-year rates beat Quorum’s rates, but Quorum’s 2-year rates are slightly higher.
If you want more term options, you might prefer Quorum. Bask’s are limited to just 6-, 12-, 18-, and 24-month terms. Both institutions require at least a $1,000 balance to open an account.
SoFi Checking and Savings
Earn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. Earn up to 4.50% APY on savings balances (including Vaults) with direct deposit
