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Quorum Federal Credit Union Review 2024

Updated January 2, 2024
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At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 4.5 stars out of 5

About Bankrate Score

Overview

Quorum Federal Credit Union is a great option for consumers who want fee-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
4.35
%
APY
APY
Info
As of 2/22/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 2/22/2024
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/22/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

Overall

Quorum Federal Credit Union is based in Purchase, New York, and serves members nationwide. The credit union offers a wide range of CDs, checking and savings accounts with solid yields.

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, Google Pay and Samsung Pay.

Cons

  • Overdraft fees are higher than average.

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

  • Higher yields for some deposit accounts can be found elsewhere.

Quorum Federal Credit Union banking products

4.5
/5
Rating: 4.5 stars out of 5
See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:
4.25%
Rating: 4 stars out of 5
4/5
Info
Minimum balance to earn interest:
$1.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$1.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Great
Rating: 5 stars out of 5
5/5
Info

FEATURES

Invest Rate
4.25% APY
Info
Loan
$1 minimum deposit to open

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.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Quorum Federal Credit Union
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/22/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $37
Non-sufficient funds fee $37
Monthly maintenance fee $0 – $10
Out-of-network ATM fee $0 – $2
Excessive transaction fee $2

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.

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 Monday through Friday from 8:30 a.m. to 7 p.m. Eastern time. 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.

How does Quorum Federal compare to other banks?

Quorum Federal Credit Union vs. Pentagon Federal Credit Union

In general, Pentagon Federal Credit Union offers a wider variety of financial products, including credit cards and money market accounts. And unlike Quorum, Pentagon Federal Credit Union maintains its own branches across the country. 

And while Pentagon generally offers a wider range of terms and higher yields on its CDs, Quorum’s top CD yield is the highest between the two, and its savings account yield is also higher than what’s offered at Pentagon. Lastly, Pentagon’s interest-bearing checking account offers a higher yield than Quorum’s QChoice checking account.

Quorum Federal Credit Union FAQs

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.