Quorum Federal Credit Union Review 2024
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At a glance
CDs
Checking
Savings
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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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It offers above-average yields on its savings accounts and CDs.
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Checking account holders have access to more than 90,000 free ATMs.
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Accounts work with Apple Pay, Google Pay and Samsung Pay.
Cons
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Overdraft fees are higher than average.
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Customer service representatives aren’t available by phone on the weekends.
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Higher yields for some deposit accounts can be found elsewhere.
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Quorum Federal Credit Union banking products
APY last updated between 5/7 and 5/13.
Quorum Federal Credit Union savings overview
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
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There’s no minimum balance requirement to earn the top APY.
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The account doesn’t charge a fee for customers enrolled in e-statements.
Cons
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The APY is well above the national average, yet those looking for more competitive rates will want to shop around.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Quorum Federal Credit UnionAPYAPY last updated between 5/7 and 5/13.APYAPY last updated between 5/7 and 5/13.National average APYHow 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.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 Quorum Federal compares to other banks
Compare different account types offered by Quorum Federal Credit Union. Annual percentage yields (APYs) shown were updated between May 7, 2024 and May 13, 2024.
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Selected bank
Quorum Federal Credit Union savings account
Bankrate score
4.5
Bankrate Savings rating = 4.5/5 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
Pentagon Federal Credit Union savings account
Bankrate score
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. |
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. |
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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 May 7, 2024 and May 13, 2024.
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| 4.25% | 2.70% | |
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Minimum balance for APY
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| $1.00 | $5.00 | |
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Estimated earnings
Interest earned calculation based on a $25,000 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.
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| $1,063 | $675 | |
| 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. | The Premium Online Savings account earns a dividend rate that’s above the national average APY, and it requires only a $5 minimum deposit with no monthly fee. PenFed’s Regular Savings account offers a very low APY, but it can be opened at a branch and provides easy ATM access. | |
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N/A
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N/A
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APY offering:
4.25%
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 to earn interest:
$1.00
5/5
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.
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APY offering:
2.70%
3/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance to earn interest:
$0.00
5/5
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:
N/A
0/5
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.
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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
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.
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