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Quorum Federal Credit Union Review 2021
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
CD
Member FDIC
CD
Member FDIC
Checking account
Overall
4.4
Bankrate Score
Quorum Federal Credit Union is based in Purchase, New York, and serves members nationwide. Members of the credit union will have access to a variety of products, as well as digital and in-person banking.
What we like
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The credit union offers plenty of ATM access for free.
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It’s easy to become a member.
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Accounts work with Apple Pay, Samsung Pay and Android Pay.
What we don't
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The credit union doesn’t offer any specialty term savings accounts.
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There’s no P2P money transfer offering such as Zelle.
Savings accounts
4.4
Bankrate Score
Member FDIC
Savings account
Quorum offers its HighQ Savings account, which doesn’t have a minimum balance requirement to earn the top APY.
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.
What we like
-
There’s no minimum balance requirement to earn the top APY.
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The account doesn’t charge a fee for customers enrolled in e-statements.
What we don't
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The APY is very competitive; those looking for the absolute best rate, however, will still want to shop around.
CD rates
4.0
Bankrate Score
Member FDIC
CD
Members have access to term savings accounts (another name for certificates of deposit). The bank offers a wide range of term lengths, from three months to five years, giving customers the flexibility to build a CD ladder. However, the bank doesn’t offer any specialty term savings accounts, such as a no-penalty account.
Most of the CD terms pay a top-tier APY as well. And big savers are rewarded for making bigger deposits: Term savings accounts with deposits of $100,000 or more earn an additional 0.1 percent APY, according to the bank’s website.
Quorum’s CDs all require a manageable $1,000 minimum deposit to open. The accounts are insured by the National Credit Union Association.
What we like
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The accounts require a manageable minimum deposit to open.
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Customers have access to a range of terms and competitive APYs.
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Big savers are rewarded for deposits above $100,000.
What we don't
-
The credit union doesn’t offer any specialty term savings accounts.
Checking accounts
4.6
Bankrate Score
Member FDIC
Checking account
Quorum offers two checking accounts: QClassic and QChoice.
The credit union’s QClassic checking account doesn’t charge a monthly service fee. Account holders get access to online bill pay, a Mastercard debit card and free access to more than 90,000 ATMs when using AllPoint, MoneyPass or Co-Op ATMs.
The QChoice account is an interest-bearing account that doesn’t require a minimum amount to open. The $10 monthly fee can be waived for those who make direct deposits totaling $1,000 or maintain a $5,000 minimum daily balance and enroll in e-statements. This account also offers up to $15 per month in ATM fee reimbursements.
While the credit union does offer online bill pay and digital wallets like Apple Pay, Samsung Pay and Android Pay, it doesn’t have offer peer-to-peer money transfer such as Zelle of Popmoney.
What we like
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Quorum offers two checking account options.
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The QClassic account offers free access to more than 90,000 ATMs.
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The QChoice account pays interest.
What we don't
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There’s no P2P money transfer option such as Zelle.
Bank experience
Quorum Federal Credit Union shines in a number of ways, including with its ATM access.
With the QClassic 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 representatives on the phone. They aren’t available on weekends, for instance.
On the other hand, you will also 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.
Mary Wisniewski @MARYMWISNIEWSKI
Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.
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