At a glance

4.1

Bankrate Score

CDs

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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

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

It offers above-average yields on its savings accounts and CDs.
Checking account holders have access to more than 90,000 free ATMs.
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.

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Quorum Federal Credit Union banking products

3.7

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

4.00%

4/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$1.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$10.00

1/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Great

5/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

4.00% APY

APY last updated between 12/14 and 12/20.

$1 minimum balance for APY

$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

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

Rate history for Quorum Federal Credit Union's Savings account

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 last updated between 12/14 and 12/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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 last updated between 12/14 and 12/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

3.5

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

2.60%

3/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.

Minimum deposit:

$1,000.00

4/5

The minimum deposit amount a financial institution requires in order to open a CD.

Range of term lengths:

3 mos – 5 yrs

4/5

A designated amount of time that funds must be held within a CD.

Early withdrawal penalty:

Subpar

2/5

A penalty incurred when funds have been withdrawn from a CD before its maturity date.

Offer no-penalty or bump-up CDs:

No

0/5

A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.

Offer IRA CDs:

Yes

5/5

An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.

FEATURES

2.20% – 4.25% APY

APY last updated between 12/14 and 12/20.

$1,000 minimum balance for APY

$1,000 minimum deposit to open

3 months – 5 years

Quorum Federal Credit Union CD overview

Members have access to term savings accounts (another name for certificates of deposit). The bank offers term lengths ranging from three months to five years. No specialty term savings accounts are offered, such as a no-penalty account.All of the CD terms pay annual percentage yields (APYs) that are above the national average, and a handful of the terms offer some of the highest APYs on the market today. Larger deposits are rewarded with a higher yield, as 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.

Quorum also offers IRA CDs with terms ranging from three months to five years.

Pros

The accounts require a manageable minimum deposit to open.
Big savers are rewarded for deposits above $100,000.
A handful of terms offer highly competitive yields.

Cons

The credit union doesn’t offer any specialty term savings accounts.
Early withdrawal penalties are on the steep side.

Rate history for Quorum Federal Credit Union's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Quorum Federal Credit Union

APY

APY last updated between 12/14 and 12/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Quorum Federal Credit Union

APY

APY last updated between 12/14 and 12/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Compare Offer

Quorum Federal Credit Union checking overview

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 checking account pays a nominal amount of interest, with those in a higher balance tier earning a little more.

The credit union offers online bill pay and digital wallets like Apple Pay, Samsung Pay and Google Pay. Members can also send money using the peer-to-peer application Zelle.

Both of the bank’s checking accounts offer early direct deposit, which may allow customers to receive a direct deposit up to two days earlier than usual.

Pros

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.
The bank offers early direct deposit.

Cons

The overdraft and insufficient funds fees are higher than what some other banks charge.

Compare more: Bankrate's best high-yield savings account offers

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

Find out: Tips to avoid common bank fees

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.

Bankrate staff insight

"Quorum is great for my purposes, which is having an easy-to-use high-yield savings account that offers a relatively high APY. The online portal is simple and straightforward. I especially like the budgeting feature, but it is more bare-bones than what my main bank, Chase, offers," a Bankrate staff member shared on their experience with Quorum. "This account would be most useful for people who want the customer service of a credit union, but don’t need all the bells and whistles that larger financial institutions might offer."

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.

How Quorum Federal compares to other banks

Compare different account types offered by Quorum Federal Credit Union. Annual percentage yields (APYs) shown were updated between Dec. 14, 2024 and Dec. 20, 2024.

Selected bank Quorum Federal Credit Union savings account NCUA Insured Bankrate score Rating: 3.7 stars out of 5 3.7 Bankrate Savings rating = 3.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Alliant Credit Union savings account NCUA Insured Bankrate score Rating: 4.4 stars out of 5 4.4 Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 14, 2024 and Dec. 20, 2024.
4.00%	3.10%
Minimum balance for APY
$1.00	$100.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$2,000	$1,550

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.	Alliant Credit Union has three savings accounts: a High-Rate Savings account, a Supplemental Savings account and a Kids Savings account.

There’s no minimum balance requirement to earn the top APY The account doesn’t charge a fee for customers enrolled in e-statements	You can earn a competitive APY with the High-Rate Savings account. You can set as many as 19 different savings goals through additional savings accounts.	N/A
The APY is well above the national average, yet those looking for more competitive rates will want to shop around	You need to keep at least a daily average of $100 in the High-Rate Savings account to earn interest. There’s a $1 charge for paper statements. You need to keep at least $5 in the High-Rate Savings account to keep the account open.	N/A

APY offering: 4.00% 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $1.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $10.00 1/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 3.10% 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $100.00 4/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank Quorum Federal Credit Union CD NCUA Insured Bankrate score Rating: 3.5 stars out of 5 3.5 Bankrate CD rating = 3.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Alliant Credit Union CD NCUA Insured Bankrate score Rating: 4.2 stars out of 5 4.2 Bankrate CD rating = 4.2/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 14, 2024 and Dec. 20, 2024.
2.60%	4.10%
Minimum deposit
$1,000.00	$1,000.00
Term
1 yr	1 yr

Members have access to term savings accounts (another name for certificates of deposit). The bank offers term lengths ranging from three months to five years. No specialty term savings accounts are offered, such as a no-penalty account. All of the CD terms pay annual percentage yields (APYs) that are above the national average, and a handful of the terms offer some of the highest APYs on the market today. Larger deposits are rewarded with a higher yield, as 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. Quorum also offers IRA CDs with terms ranging from three months to five years.	Alliant Credit Union is an online credit union offering a wide array of CD terms. It also offers jumbo CDs, which generally earn a little more interest than regular CDs. The regular CDs require a $1,000 minimum deposit, and you’ll need at least $75,000 for a jumbo CD.

The accounts require a manageable minimum deposit to open Big savers are rewarded for deposits above $100,000 A handful of terms offer highly competitive yields	Many terms of CDs are available. Jumbo CDs earn a little more interest. Alliant offers IRA CDs.	N/A
The credit union doesn’t offer any specialty term savings accounts Early withdrawal penalties are on the steep side	You’ll need at least $1,000 to open a CD at Alliant Credit Union. Alliant doesn’t offer CDs with a term longer than five years.	N/A

APY offering: 2.60% - 1 yr 3/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $1,000.00 4/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 3 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Subpar 2/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: Yes 5/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 4.10% - 1 yr 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $1,000.00 4/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 3 mos - 5 yrs 5/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Good 4/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: Yes 5/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

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.

Learn more: The best credit unions of 2024

Quorum Federal Credit Union FAQs

Quorum is best for customers looking for solid yields on certificates of deposit and savings accounts. Moreover, Quorum customers must be comfortable banking at shared branch locations, since Quorum doesn’t have its own branches.
Yes, deposits at Quorum are insured by the National Credit Union Share Insurance Fund. Deposits are insured up to $250,000 per depositor, per insured credit union for each account ownership category.
Yes. Quorum Federal Credit Union, founded in 1934, is a federally chartered credit union. Its charter year is 1977, according to the National Credit Union Administration (NCUA).

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.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Quorum Federal Credit Union APY APY last updated between 12/14 and 12/20. APY last updated between 12/14 and 12/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
10/01/2024	4.00%	0.57%
09/03/2024	4.25%	0.61%
05/07/2024	4.25%	0.59%
04/02/2024	4.25%	0.58%
03/05/2024	4.25%	0.57%
01/02/2024	4.25%	0.58%
12/26/2023	4.25%	0.56%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Quorum Federal Credit Union APY APY last updated between 12/14 and 12/20. APY last updated between 12/14 and 12/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
12/03/2024	3.50%	1.41%
10/01/2024	3.50%	1.42%
09/03/2024	3.50%	1.43%
08/06/2024	3.50%	1.44%
07/02/2024	3.50%	1.42%
06/04/2024	3.50%	1.43%
04/02/2024	3.50%	1.42%
03/12/2024	3.50%	1.43%
02/06/2024	3.50%	1.42%
01/02/2024	3.50%	1.43%
12/26/2023	4.50%	1.41%

Quorum Federal Credit Union Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Quorum Federal Credit Union

Quorum Federal Credit Union banking products

Quorum Federal Credit Union savings overview

Pros

Cons

Rate history for Quorum Federal Credit Union's Savings account

Quorum Federal Credit Union CD overview

Pros

Cons

Rate history for Quorum Federal Credit Union's CD accounts

Quorum Federal Credit Union checking overview

Pros

Cons

Bank fees

Customer experience

Bankrate staff insight

About Quorum Federal Credit Union

How Quorum Federal compares to other banks

Quorum Federal Credit Union vs. Pentagon Federal Credit Union

Quorum Federal Credit Union FAQs

Who is Quorum Federal Credit Union best for?

Is Quorum Federal Credit Union safe?

Is Quorum Federal Credit Union legitimate?

Review methodology

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