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Quorum Federal Credit Union Review

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by Lauren Perez Updated
Quorum Federal Credit Union

If your employment qualifies you for Quorum Federal Credit Union, you’re in luck. Quorum has some of the best interest rates in the industry, with high-earning savings, term and checking accounts available.

Higher balances can earn at higher rates. Customers with lower balances won’t be left out, though, with other accounts, like the HighQ Savings account, still offering great rates on all balances. 

Keep an eye on your account’s monthly fee, if there is one. Not all Quorum accounts charge a maintenance fee, but even those that do offer easy ways to waive it. Either way, you'll be able to find an account that works best for you and your finances. 

 

Products Offered

Product Key Features
Savings Accounts
  • Four account options
  • Waivable monthly fees
Term Savings (Certificates of Deposit)
  • 11 term options available 
  • $1,000 minimum deposit to open 
Checking Accounts
  • Two account options, with one interest-earning account

Quorum Federal Credit Union Interest Rate Comparison

Quorum Overview

You can trace Quorum’s beginnings all the way back to 1934 when Kraft employees in Chicago decided to form a credit union. Its purpose was to help employees bank with and for each other to gain a bit more financial power than previously allowed.  In 1936, General Foods Federal Credit Union was formed among General Foods employees in NYC. 

In 1981, the credit union adopted the motto, "Once a member, always a member," which allowed members to keep their relationship with the credit union even with career changes and retirement. 

In 2005, the Credit Union expanded its membership to addition Select Employee Groups. Today, under the name Quorum, the credit union still serves Kraft Heinz Company as well as Avon, Ogilvy and Mondelez.

Quorum Account Features

Quorum accounts come with a number of perks like great online and mobile banking that includes online bill payment and mobile deposits. Each of its two checking accounts come with a Debit Mastercard® that in turn offers even more benefits like price protection and extended warranties. 

Quorum doesn’t require a minimum deposit on many of its accounts, which allows a wider customer base to more easily open its accounts. Its monthly fees are also just as easily waivable. 

Quorum HighMarq by Quorum Savings Account

Key Features Details
Minimum Deposit $0
Access to Your Savings Account Online, mobile and over the phone.
Security NCUA insurance up to the maximum amount allowed by law.
Fees $10 monthly fee, waivable with eStatement enrollment.
Current Terms and Rates
  • Account balances below $10,000: 0.05% APY
  • Account balances of $10,000 and over: 2.00% APY

Billed as one of the best high-yield savings accounts, the HighMarq by Quorum certainly delivers. Its top tier interest rate is one of the best savings rates out there, comparable to the high savings rates at online banks

The HighMarq by Quorum savings account works best for those with higher balances. To earn the advertised high-yield rate, you’ll need to have a balance of at least $10,000. Otherwise, you’ll earn a much lower, much more basic interest rate.

There is also a $10 monthly fee, which isn’t terribly high. You can easily waive this fee, too, by simply enrolling in eStatements. 

Quorum HighQ Savings Account

Key Features Details
Minimum Deposit $0
Access to Your Savings Account Online, mobile and over the phone.
Security NCUA insurance up to the maximum amount allowed by law.
Fees $10 monthly fee, waivable with eStatement enrollment.
Current Terms and Rates 1.75% APY

If you don’t have the high balances required to earn the better HighMarq by Quorum rate, the HighQ Savings is your next best option. It earns at a great rate, not much lower than the HighMarq by Quorum account. Plus, this high rate applies to all balances. That way, you won’t have to work to keep a high balance just for the savings. 

Again, be mindful of the $10 monthly fee, although you can waive this easily by staying enrolled in eStatements. 

Quorum Basic Savings Account

Key Features Details
Minimum Deposit $5, funded by Quorum
Access to Your Savings Account Online, mobile and over the phone.
Security NCUA insurance up to the maximum amount allowed by law.
Fees No monthly fee
Current Terms and Rates 0.05% APY

This account is the pillar of a Quorum Federal Credit Union membership as you’ll need to open one to become a member. Once you agree to become a member, the account will open automatically. You’ll need at least $5 to open this account, but Quorum can fund this deposit for you when your application is approved. 

Luckily, as its name indicates, the Basic Savings account offers the simplest approach to saving with Quorum. There is no monthly fee to worry about and the account earns at a steady, but low, interest rate. 

Quorum Money Management Account

Key Features Details
Minimum Deposit $0
Access to Your Savings Account Online, mobile and over the phone.
Security NCUA insurance up to the maximum amount allowed by law.
Fees No monthly fee
Current Terms and Rates
  • Account balances below $2,500: 0.05% APY
  • Account balances of $2,500 - $9,999: 0.10% APY
  • Account balances of $10,000 - $24,999: 0.20% APY
  • Account balances of $25,000 - $99,999: 0.30% APY
  • Account balances of $100,000 and over: 0.40% APY

The Quorum Money Management account is one of the credit union’s fee-free savings options. Plus, all balances earn interest, although larger balances can earn at higher rates. 

Quorum Term Savings

Key Features Details
Minimum Deposit $1,000
Access to Your Savings Account Online, mobile and over the phone.
Security NCUA insurance up to the maximum amount allowed by law.
Fees No monthly fee, but early withdrawal penalties may apply.
Current Terms and Rates
  • 3 Month: 0.25% APY
  • 6 Month: 0.50% APY
  • 11 Month: 2.25% APY
  • 12 Month: 1.00% APY
  • 18 Month: 1.10% APY
  • 24 Month: 1.25% APY
  • 25 Month: 2.35% APY
  • 30 Month: 3.00% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.40% APY
  • 60 Month: 3.00% APY

Quorum Term Savings accounts work just like certificates of deposit, or CDs. These kinds of accounts offer a more strict approach to saving, without the opportunity to withdraw money whenever you feel like it. Once you make your initial deposit of $1,000 or more, you’ll have to wait until the end of the account’s term to withdraw any part of that amount. This means you’ll want to make sure that you can afford to set aside that initial deposit for the entire length of the term. 

Quorum offers 11 different terms from three to 60 months long. This allows you to choose the account, or accounts, that work best with your savings goals. For example, you can open a six-month term to save toward a vacation and a 60-month term to help you save for retirement. You could also choose to open multiple accounts at the same time, each with a different maturity date. That way, you can benefit from a payout at the end of each account’s term. 

At the end of your account’s term, you’ll have a week grace period to withdraw money, re-invest it or roll it over. 

QClassic Checking Account

Key Features Details
Minimum Deposit $0
Access to Your Savings Account Online, mobile and over the phone.
Security NCUA insurance up to the maximum amount allowed by law.
Fees No monthly fee

The simpler and more popular Quorum checking account is the QClassic account. There is no fee to maintain this account and it comes with a free Debit Mastercard®.

QChoice Checking Account

Key Features Details
Minimum Deposit $0
Access to Your Savings Account Online, mobile and over the phone.
Security NCUA insurance up to the maximum amount allowed by law.
Fees $10 monthly fee, waivable with one of the following
  • Monthly direct deposit totaling at least $1,000
  • Average daily balance of at least $5,000 and eStatements
Current Terms and Rates
  • Account balances below $20,000: 0.10% APY
  • Account balances of $20,000 and over: 0.25% APY

For more checking account perks, you’ll want to turn to the the QChoice account. For starters, the account earns interests on all balances, although balances of $20,000 and over earn at a higher rate. You’ll also be able to receive up to $15 in ATM fee reimbursements, should you ever need to use an out-of-network ATM. 

There is a $10 monthly fee you can waive in a couple different ways. Either you set up monthly direct deposits of at least $1,000 total or you can maintain an average minimum daily balance of $5,000 while enrolled in eStatements. 

Where Can I Find Quorum?

Quorum doesn’t have any of its own branches. Rather it maintains shared service centers that you can find through its website or mobile app. You can can also find over 90,000 available ATMs for free.

What Can You Do Online With Quorum?

You can do a ton online with Quorum. On your browser, you can pay your bills, transfer money, check statements and notices, set savings goals and budgets, open accounts and more. You can also download the credit union’s mobile app. 

How Do I Access My Money?

You can access your money 24/7 online, on mobile or at an ATM. If you need to speak with a representative, you can give them a call Monday through Friday, 8:30 a.m. to 7 p.m. EST. You can also email a representative, although you should never send sensitive personal or account information over email. 

How Can I Save More Money With a Quorum Account?

Quorum makes it easy to save more money with its accounts. Its HighQ Savings account offers a high interest rate for all balances. If you’re looking for high guaranteed returns, each Term Savings account earns at a great rate, no matter the term length. For higher balances, you can turn to the Money Management or HighMarq by Quorum accounts to earn at even better rates. 

You’ll also be able to save more money if you waive the monthly fees that some accounts charge. This can be as simple as going paperless and staying enrolled in eStatements. 

What’s the Process for Opening an Account With Quorum?

Your eligibility for Quorum membership depends on your employer. You must also be at least 18 years old. If you qualify, you can easily start your application on the Quorum website. Once your application is approved, a Basic Savings account will automatically be opened and funded for you. This account is required for opening. 

To open an additional account after you become a member, you just need to click the “Apply Now” button for the corresponding account online. You can also download a paper application for the account to mail or fax to Quorum. 

The application process should take about 10-15 minutes. You’ll need to provide your name, address, email address, Social Security number, valid ID and employment information. Quorum will also ask questions about your finances that only you should know so as to prevent fraud. 

What’s the Catch?

For starters, don’t forget that Quorum is a credit union. This means that you will need to become a member to open its accounts. Not just anyone can become a member, however. Your eligibility for membership is determined by your place of employment, so you’ll need to call Quorum or check with your employer to see whether you qualify. 

A definite catch to banking with Quorum is the lack of its own physical branches. You will still be able to access your accounts through other banks and credit unions, which Quorum calls Shared Service Centers. 

You may also want to be careful of the occasional monthly fee with Quorum bank accounts. Whenever there is a monthly fee, you will be able to easily waive it, however. 

Bottom Line

Quorum is a great banking option for those who want a credit union. It offers a great variety of accounts from a high-yield savings account like the HighMarq by Quorum savings account to an interest-earning checking account. Not only that, but it offers some of the best interest rates in the industry, meaning you can quickly grow your savings. 

Just be mindful of some accounts’ monthly fees and the lack of Quorum branded branches. 

Tips for Saving Money

  • One easy way to grow your savings is to open one of the best savings accounts out there, not unlike the HighMarq by Quorum account. Placing your money in a high-earning account allows it to grow without any work from you, especially when that account is free. 
  • While it does pose another cost, getting a financial advisor to help you with your finances could be the best move in long run. A financial advisor can help you cut costs elsewhere and ramp up your investing to really boost your passive income. Our financial advisor matching tool makes it easy to find the right advisor near you. We’ll connect you with qualified advisors who can help you optimize your specific financial situation in no time. 
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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study