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Quorum Federal Credit Union Review 2022

Published January 2022 by Libby Wells

AT A GLANCE
4.6

Bankrate Score

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Digital Leader

Free Checking

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

  • Savings
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    4.4
  • CDs
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    4.7
  • Checking
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    4.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Overall

    4.6

    Bankrate Score

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

    What we like

    • The credit union offers plenty of ATM access for free.

    • It’s easy to become a member.

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

    What we don't

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

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

    Savings accounts

    4.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

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

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

    What we don't

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

    CD rates

    4.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    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's Share Insurance Fund.

    What we like

    • The accounts require a manageable minimum deposit to open.

    • Customers have access to a range of terms and competitive APYs.

    • 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

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    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.

    While the credit union offers online bill pay and digital wallets like Apple Pay, Samsung Pay and Android Pay, it doesn’t yet offer peer-to-peer money transfer applications such as Zelle or Popmoney.

    What we like

    • Quorum offers two checking account options.

    • The QClassic account offers free access to more than 90,000 ATMs.

    • The QClassic account doesn’t charge a monthly fee.

    What we don't

    • It doesn’t yet offer Zelle or Popmoney to pay back your friends and family members.

    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.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.