Quorum FCU Review: High APYs on Checking and Savings
Written by
Karen Doyle
Edited by
Kristen Mae
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GOBankingRates Score
Quorum Federal Credit Union
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APYs
5.0
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Benefits
4.8
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Products
5.0
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Customer Service
4.6
Pros
- High APY on checking
- Comprehensive financial education resources
- Member-owned
Cons
- Online only – no physical branches
- You have to qualify to be a member
Quorum Federal Credit Union Overview
Quorum FCU offers a full range of deposit and lending products, along with financial education and resources. Checking and savings accounts offer high interest rates with no or low fees. Quorum FCU’s website offers a wealth of personal finance information for people at every stage of life, and there are many special offers and discounts for members. Membership is limited to those who work for or have retired from select companies, as well as the families of current members.
Key Features
APYs
Earning interest on a checking account is rare but earning APY on a checking account is almost unheard of–unless you’re a Quorum FCU member. QBoost Checking comes with conditions that must be met to earn this industry-leading rate, but they’re reasonable. You have to use your debit Mastercard at least 10 times per statement period and have a direct deposit of at least $500 per month. Balances over $5,000 earn APY as of Sept. 30, 2024.
Quorum HighQ Savings accounts earn APY on any balance. With a HighMarq Savings account, you can earn APY with a minimum balance of $10,000. There are no fees for savings accounts as long as you receive electronic statements. Quorum FCU also offers term accounts (similar to a bank CD) with interest rates as high as APY with a minimum $1,000 opening deposit, or APY with a $100,000 deposit, for an 11-month term.
Benefits
Quorum FCU offers numerous benefits to members, including BALANCE Financial Fitness money management counseling, insurance, estate planning, and discounts on travel, wellness and gifts.
Like all credit unions, you must qualify for membership to open an account and enjoy these benefits. Quorum FCU offers membership to all current and retired employees, as well as their families, of specific companies. This is known as a Select Employee Group affiliation. The current group includes large corporations like The Kraft Heinz Company and Mastercard, educational institutions like Mercy College, associations like the National Business Aviation Association and more.
Thanks!
Products
Quorum Federal Credit Union offers a wide range of banking products. These include deposit accounts, such as three different kinds of checking accounts, savings accounts and term accounts. It also provides loans, including home mortgages, equity loans, student loans and credit cards.
Quorum checking accounts come with a free debit Mastercard, access to Zelle, and the option to receive your direct deposit two to five days early, depending on the type of account you have.
Customer Service
Quorum is an online-only credit union, so there are no branches that you can walk into to get customer service. However, you can contact Quorum by online chat, email, phone or snail mail.
How Quorum Federal Credit Union Stands Out
While the high interest rates–especially on a checking account–are the most obvious advantage of banking with Quorum FCU, there are other features that make it stand out. The personal finance education resources are extensive, covering a wide variety of topics. Another advantage is the discounts members receive on everyday items like food delivery services, apparel, travel and more.
Comparable Quorum Federal Credit Union Options
When deciding where to bank, it’s essential to research your options. Those who are looking at Quorum Federal Credit Union might also look at these alternatives:
Navy Federal Credit Union
Navy Federal Credit Union offers a full menu of banking services, including checking and savings accounts, loans, credit cards and investments. The basic checking account at Navy Federal Credit Union pays interest, but it’s just APY.
To become a member of Navy Federal Credit Union, you or a family or household member must have ties to the U.S. military, Department of Defense or National Guard.
PenFed Credit Union
PenFed Credit Union also has an interest-bearing checking account, but it pays just APY on balances up to $19,999, and APY on balances of $20,000 to $50,000. PenFed also offers savings, share accounts (similar to bank CDs), loans and credit cards.
How To Apply
Before you can open an account at Quorum FCU, you must become a member. Check the Quorum FCU website to see if you’re a member of one of the select employee groups that are eligible. If you are, you’ll need to provide your name, address, email address and social security number. You’ll also need to provide a valid ID and bank information for the account from which you’ll fund your Quorum FCU account.
Who Quorum Federal Credit Union Is Best For
Quorum FCU is a good choice for those eligible to become a member and seeking the highest interest rate on their checking account balances. You’ll also need to be willing to do all your banking online, as Quorum FCU has no physical branches.
Final Take
Earning interest on a checking account is a rare thing, but earning is rarer still. With interest rates falling, it’s possible the rate may not always stay this high, but those who qualify for membership would be smart to sign up now.
FAQ
- Is Quorum a real bank?
- Quorum is a credit union, so it is owned by its members, not stockholders. It offers deposit accounts, like savings and checking accounts, as well as loans.
- How big is Quorum Federal Credit Union?
- Quorum FCU has over 65,000 members.
- Who is eligible for Quorum Federal Credit Union?
- To be eligible to join Quorum FCU, you must be affiliated with a Select Employee Group. This means you must work for or have retired from one of the many companies or be a member of one of the associations with which Quorum is affiliated. Check the Quorum website to see if you qualify.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 30, 2024.
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