Quorum Federal Credit Union is dedicated to helping their customers finding the best interest rates along with high yield savings as well. To find out if you qualify for Quorum Federal Credit Union, continue reading this review below.
Credit unions are generally designed to earn higher interest with their savings accounts, but you will need to apply for membership. For Quorum, their savings accounts earn competitive interest rates close to a big bank’s.
Quorum Federal Credit Union is an online financial institution only so consider all the accounts they have to offer before applying for membership.
Checking Account Options
Quorum Federal Credit Union has several checking accounts that are easy to maintain. Each checking account comes with a Quorum Federal Debit Card.
You can open this classic checking account for free.
There are also no monthly fees to worry about, and you will receive a complimentary debit card as well.
This checking account requires no minimum deposit to open and as soon as you open it, you can start earning interest.
There’s a $10 monthly fee, but you can waive by taking one of these two measures:
- Have an overall monthly direct deposit of at least $1,000, or
- Have an average daily balance of at least $5,000 and eStatements
The interest earned on this checking account is relatively low however.
Compare Checking Accounts
Savings Account Options
Quorum Federal Credit Union has a variety of savings accounts that earn tiered interest rates.
This is a basic savings account that earns low interest at first, but you can build it over time. You will receive this checking account upon membership approval.
You only need $5 to open the account, but Quorum Federal Credit Union can provide it for you once your application has been approved.
There are no monthly fees to keep up with however.
Like the name implies, this is a high savings account. You do not need a minimum opening deposit either and as soon as the account opens, you can start earning interest.
Once your account is approved, you can start earning a fixed rate of 1.95% APY.
There is a monthly fee of $10, but you can waive it by enrolling in eStatements online.
You can also find additional information about this savings account here.
This is a savings account that actually functions as a certificate of deposit (CD), earning much higher interest rates than a normal savings account. The interest rates are tiered.
Since it’s designed to be a CD, there is a minimum opening deposit of $1,000 required but afterwards there are no monthly fees to worry about.
The CD terms range from 3 months to 60 months, with 60 months earning you a whole 3.00% APY.
Keep in mind the penalties if you decide to withdraw money early. This is a savings account that limits your spending and encourages you to save daily.
This savings account doesn’t require a minimum opening deposit and there are no monthly fees as well.
Once you open the account, you can start earning tiered interest rates, and the interest is earned throughout all accounts regardless of what your balance is.
Compare Savings Accounts
With the American Express® High Yield Savings Account:
• Earn 3.75% APY as of 3/16/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB223 by 06/15/2023
• Earn high interest rate of 3.60% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
• Earn up to 0.61% APY with interest compounded daily and no monthly fees with the Axos Bank High Yield Savings account
• No minimum balance requirements
• Free ATM card upon request
• $250 minimum opening deposit
• Free Incoming Wires
Reasons to Bank with Quorum Federal
- All their checking accounts require no minimum opening deposits upon membership approval.
- Both checking accounts come with a Quorum Federal Credit Union Debit Card.
- A lot of their savings accounts require no minimum opening deposit and can earn a pretty decent APY.
- For their basic checking account, Quorum Federal Credit Union can cover the $5 minimum deposit for you upon membership approval.
- The monthly fees aren’t too hard to waive either.
- The HighQ savings account earns a pretty decent interest rate of 1.95% for having very low minimum requirements.
- All their saving accounts earn interest rates regardless of balance amount.
- You can conduct all your banking online with Quorum’s mobile app or online site.
- You can access your money 24/7 on mobile or at an ATM.
- Quorum has over 90,000 ATMs available for free.
Reasons Not to Bank with Quorum Federal
- Quorum Federal doesn’t have any of its own branches. You will have to find their locations on their website or mobile app.
- Their term savings/CD is still a bit costly, you can find a CD account that requires less of an opening deposit elsewhere.
Quorum Federal Routing Number
The routing number for Quorum Federal Credit Union is 221981335.
Contact Customer Service
Quorum Federal Credit Union operates both in states and overseas so they have two phone numbers.
U.S.: (800) 874-5544, Monday – Friday, 8:30 a.m. – 7:00 p.m. ET
How Quorum Federal Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options. Chase offers more than 5,100 branches and 16,000 ATMs nationwide.
- CIT Bank: CIT Bank offers very similar account options as Quorum Federal Credit Union, but they have a wider range of CD options to choose from. They are also offering significantly higher APY for their savings, money market and CD accounts.
- Discover Bank: Discover Bank is an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
If you prefer federal credit unions over banks because of the competitive interest rates with low requirements, then consider Quorum Federal Credit Union.
They offer pretty decent interest rates throughout all accounts and are a simplistic credit union. If you prefer simplicity over having all these costly options to consider, then it would be better to invest in a credit union.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If Quorum Federal Credit Union has the variety and options you’re looking for, apply today! For more options from a variety of banks, see our list of the best bank promotions!
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