Skip to Main Content

Quorum Federal Credit Union Review 2022

Updated November 17, 2022
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.7 stars out of 5

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 4.4 stars out of 5

About Bankrate Score

Hover for more

Overview

The credit union is a great option for consumers who want free access to thousands of ATMs, in-person banking and modern bank technologies.

Highlights

  • Digital Leader
  • Free Checking
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.75
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Quorum Federal Credit Union is based in Purchase, New York, and serves members nationwide.

Pros

  • Checkmark

    The credit union offers plenty of ATM access for free.

  • Checkmark

    It’s easy to become a member.

  • Checkmark

    Accounts work with Apple Pay, Samsung Pay and Android Pay.

Cons

  • There’s no P2P money transfer offering such as Zelle.

  • Customer service representatives aren’t available by phone on the weekends.

Quorum Federal Credit Union bank products

4.4
Rating: 4.4 stars out of 5
Bankrate Score

Quorum Federal Credit Union savings overview

Quorum offers its HighQ Savings account. The account pays a competitive yield and doesn’t charge a monthly service fee as long as you sign up for e-statements, according to the credit union’s website. There is a $10 monthly fee if you choose to receive paper statements.

Pros

  • Checkmark

    There’s no minimum balance requirement to earn the top APY.

  • Checkmark

    The account doesn’t charge a fee for customers enrolled in e-statements.

Cons

  • The APY is very competitive; those looking for the absolute best rate, however, will still want to shop around.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.6 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

Quorum Federal Credit Union shines in a number of ways, including with its ATM access.

With the QClassic checking account, you will have access to more than 90,000 ATMs for free across the country.

If you want to do in-person banking, you can. Checking account holders have more than 5,000 shared service centers where they can withdraw cash, make transfers and more.

There is a more limited window to reach a credit union representative on the phone. They aren’t available on weekends, for instance.

On the other hand, you will have access to modern technologies, like Apple Pay, Samsung Pay and Android Pay.

About Quorum Federal Credit Union

Quorum Federal Credit Union was founded in 1934 as the credit union for employees of Kraft Foods. Now, Quorum serves more than 50 companies nationwide. It offers a variety of products, including savings accounts, checking accounts, certificates of deposit and money market accounts.

At Quorum, you can do your banking online as well as in person through one of the credit union's shared service centers. You will also have access to Apple Pay, Samsung Pay and Android Pay.

Anybody can join the credit union by becoming a member of the American Consumer Council or the Select Savers Club.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.