Quorum Federal Credit Union Certificates
APY Range
Minimum Deposit
Our Rating
Terms
Quorum Certificates (CDs) Rates
Quorum Federal Credit Union certificate rates are high, but only for specific terms, such as 24-month or 36-month CD. The rest of the terms are not so attractive, but you can still get a higher rate compared to most banks. The minimum deposit is $1,000, which is reasonable.
When withdrawing from an account with a maturity of two to 11 months, the penalty for early withdrawal is 1% of amount withdrawn, but cannot exceed the dividends earned . For accounts with a maturity of 12 to 24 months/+24 months,the penalty for early withdrawal is 2%/3% of amount withdrawn, but cannot exceed the dividends earned
Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.18% – 2.20% | 1% of the amount withdrawn
|
6 Months | 4.20%
| 1% of the amount withdrawn
|
11 Months | 4.65% – 4.75% | 1% of the amount withdrawn
|
18 Months | 3.00%
| 2% of the amount withdrawn
|
24 Months | 3.93% – 4.00% | 2% of the amount withdrawn
|
36 Months | 2.96% – 3.00% | 3% of the amount withdrawn
|
48 Months | 4.00%
| 3% of the amount withdrawn
|
60 Months | 3.45% – 3.50% | 3% of the amount withdrawn
|
How Are The Certificate Rates Compared To Other Credit Unions?
Compared to other credit unions, Quorum offers average rates. When it comes to specific terms such as 24 months or 36 months CD, the rate is higher compared to others.
However, for short terms such as 3 or 6 months or very long terms of 4 years and 5 years, you can get lower rates compared to other credit unions such as Lafayette Federal Credit Union or Air Force Federal Credit Union.
Credit Union | CD Range | Minimum Deposit |
|---|---|---|
2.00% – 4.35% | $1,000 | |
3.1% – 4.1%
| $1,000 | |
3.51% – 4.85% | $5,000 | |
0.50% – 4.10%
| $250 | |
3.40% – 4.35%
| $1,000 | |
1.00% – 3.50%
| $50 | |
3.70% – 3.95%
| $10,000 | |
3.00% – 4.00%
| $500 | |
3.26% – 4.00%
| $1,000 | |
1.50% – 4.15%
| $1,000 |
Is It Competitive Rates Compared to Banks?
Compared to traditional banks such as Wells Fargo, TD Bank, or Chase, you can expect to get higher rates with Quorum Federal Credit Union on most CD terms.
However, when comparing CD rates to online banks such as Discover, Capital One or Synchrony Bank, the rates are lower with Quorum Federal Credit Union on most CD terms.
CD APY Range | Minimum Deposit | |
|---|---|---|
Marcus | 3.85% – 4.25%
| $500 |
PNC Bank | 0.01% – 3.90%
| $1 |
Sallie Mae | 3.70% – 4.10%
| $2,500 |
Capital One | 3.50% – 4.00%
| $0 |
Chase Bank | 0.02% – 3.80%
| $1,000 |
Discover Bank | 2.00% – 4.00%
| $0 |
CIT Bank | 0.30% – 3.35%
| $1,000 |
Ally Bank | 2.90% – 3.90% | $0 |
Citi Bank | 0.05% – 4.00%
| $500 |
BMO Harris | 0.05% – 4.50% | $1,000 |
Wells Fargo | 1.50% – 3.65%
| $2,500 |
Synchrony Bank | Up to 4.15% | $0 |
Citizen Bank | 3.50% – 4.15%
| $1,000 |
TD Bank | 1.00% – 4.00% | $250 |
LendingClub | 3.40% – 4.45%
| $2,500 |
If you compare the rates with other credit unions , the rest are better than most but less attractive than the top credit unions CD rates.
Can You Join Quorum Federal Credit Union?
Quorum Federal Credit Union is a financial institution that primarily serves employees and members of certain organizations, as well as their families. To become a member, you must meet one of the following eligibility requirements:
You are an employee of one of Quorum's Select Employee Groups (SEGs), which includes a variety of organizations in industries such as healthcare, education, and technology.
You are a member of one of Quorum's associations, such as the American Consumer Council, the Financial Fitness Association, or the National Black MBA Association.
You are an immediate family member of a current Quorum member, including spouse, children, parents, siblings, grandparents, grandchildren, and household members.
Once you have met the membership requirements, you can apply for membership online or at any Quorum Federal Credit Union branch. You will need to provide some basic information, such as your name, address, and Social Security number. You will also need to provide proof of your residency, employment, or membership in a participating organization.
Once your application is approved, you will be able to open a savings account, checking account, or loan with Quorum Federal Credit Union. You will also be able to take advantage of all of the other benefits that Quorum Federal Credit Union offers to its members, such as free ATM use, online banking, and mobile banking.
About Quorum Federal Credit Union
Quorum Federal Credit Union is a full-service financial institution that primarily serves employees and members of select organizations, as well as their families. The credit union was founded in 1934 and is headquartered in Purchase, New York, with additional branches located in several states across the U.S.
Quorum Federal Credit Union provides its members with access to a nationwide network of over 90,000+ free ATMs and 5,000 Shared Service Centers. Shared Service Centers are credit unions that partner with Quorum to allow members to conduct transactions on their Quorum accounts with the assistance of a teller at no additional cost.
Quorum Federal Credit Union's mobile app provides several convenient services to its users, including the ability to deposit checks, send and receive money using Zelle®, transfer money between accounts, pay bills, and find the nearest ATMs.
Mobile deposits and the Bill Pay service are free, and Quorum does not charge a fee for incoming and outgoing external transfers done online. The app is available for iOS and Android devices.
FAQs
How does a CD work?
When you open a CD, you agree to deposit a specific amount of money for a fixed period of time, which can range from a few months to several years. During this time, the bank or credit union pays you a guaranteed interest rate, which is usually higher than the interest rate for a regular savings account.
How is the interest rate on a CD determined?
The interest rate on a CD is determined based on factors such as the current market interest rates, the length of the CD term, and the amount of the deposit.
What is a step-up CD?
A step-up CD is a type of CD that offers a higher interest rate after a certain period of time, typically every year.
Are there any fees associated with opening a CD?
No, Quorum doesn't charge a fee when opening a CD, like most banks and credit unions.
How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
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CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
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Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
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Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
