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Quorum Federal Credit Union Review 2023

Updated January 9, 2023
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At a glance

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

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4.3 stars out of 5

Savings

Rating: 5 stars out of 5

About Bankrate Score

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
Info
Bank logo
Member FDIC
Savings Account
4.15
%
APY
APY
Info
As of 5/30/2023
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Earn up to 5.15% APY with Marcus Referred. Terms Apply
Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/30/2023
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 5/30/2023
Rating: 4.7 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer: No fee online savings account with a great rate.

Overall

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

Pros

  • Checkmark

    It offers above-average yields on its savings accounts and CDs.

  • Checkmark

    Checking account holders have access to more than 90,000 free ATMs.

  • Checkmark

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

Cons

  • Overdraft fees are higher than average.

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

Quorum Federal Credit Union banking products

5.0
Rating: 5 stars out of 5
Bankrate Score

Quorum Federal Credit Union savings overview

Quorum’s HighQ Savings account pays a yield that’s well above the national average, and there is no minimum deposit requirement. The $10 monthly service fee is waived for those who sign up for e-statements.

Quorum also offers a Basic Savings account that pays a small amount of interest and requires a $5 minimum deposit. A Holiday Club savings account and a custodial savings account are also offered.

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 well above the national average, yet those looking for more competitive rates will want to shop around.

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.15
%
APY
APY
Info
As of 5/30/2023
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: Earn up to 5.15% APY with Marcus Referred. Terms Apply

Customer experience

Quorum Federal Credit Union shines in a number of ways, including with its ATM access, as it offers members more than 90,000 fee-free ATMs across the country.

While Quorum doesn’t maintain branches of its own, members who prefer in-person banking can make transactions at more than 5,000 branches of partnering credit unions.

Quorum customer service over the phone is available during the day and early evening on weekdays, and no phone support is offered on weekends.

Members have access to modern technologies, like Apple Pay, Samsung Pay, Google Pay and Zelle. The credit union’s banking app is highly rated on Google Play and Apple’s App Store.

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 affiliate companies nationwide. What’s more, anyone can join the credit union by becoming a member of the American Consumer Council or the Select Savers Club.

Quorum offers a variety of products, including savings accounts, checking accounts and certificates of deposit (CDs).

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 Google Pay.

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.