Quorum Federal Credit Union Review 2023

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Quorum Federal Credit Union Overall Rating

Quorum Federal Credit Union Pros and Cons

Quorum FCU has several savings accounts to choose from, but the Quorum Federal Credit Union HighQ Savings Account is the high-yield savings option. (The others offer very low rates.) It offers 4.00% APY — significantly higher than the national average, but lower than what the best high-yield savings accounts offer right now.

Interest compounds monthly, which is standard for credit unions. If you’d like your interest compounded daily, a bank may be a better option.

Quorum’s HighQ account has a $0 minimum deposit. As long as you maintain eStatements, there’s no monthly service fee, either — if you want paper statements, it’s $10 per month. To open this account, you’ll first need to become a member of Quorum FCU, which requires opening its basic savings account with $5, too. 

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The Quorum Federal Credit Union QClassic Checking Account is a free online account. It has no monthly service fee or minimum balance requirements. Account holders get access to more than 90,000 free ATMs, as well as free bill pay services. 

The account also comes with overdraft protection, though this does come with fees. You can opt to set up auomatic account transfers when your account is overdrawn, but you’ll pay $20 each time you use this service. Another option is to apply for a $500 reserve line of credit, which charges interest if used. Finally, Quorum offers “courtesy pay,” which covers your overdrafted transaction for a $37 fee.

Quorum also has the QChoice Checking Account, which comes with early direct deposit, ATM fee reimbursements, and a low interest rate. But there’s a monthly fee unless you meet certain requirements.

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The Quorum Federal Credit Union Term Savings account is essentially a CD. Terms vary from three months to 60 months in length and require a minimum balance of $1,000. Rates vary from 2.10% to 5.10% APY, with the highest APY available on its 11-month term.

The big benefit of these accounts is that they have fixed interest rates, which means a guaranteed return upon maturity. Interest is compounded monthly. 

Quorum’s term accounts do come with early withdrawal penalties, which is standard for many term accounts and CDs. If you need to access your money before the accounts maturity date, be prepared to pay between 1% to 3% of the amount withdrawn.

The Quorum Federal Credit Union Money Management Account offers tiered interest rates based on your balance. Account holders can earn 0.35% to 1.60% APY, with the highest rate going to balances of $250,000 or higher. There is a $0 minimum deposit. 

The account can be a good option if term accounts feel too limiting and you want to access your funds without penalty. However, the Quorum Federal Credit Union HighQ Savings Account may still be the best option if you’re looking for an interest-earning account that allows you to maintain liquidity, because it pays a higher rate.

About Quorum Federal Credit Union

Quorum Federal Credit Union is an online credit union. It’s member-owned and insured by the National Credit Union Association for up to $250,000 per account ($500,000 for joint accounts). Quorum has no physical branches, but it does offer members access to a network of over 90,000 free ATMs nationwide, including MoneyPass ATMs, Allpoint ATMs, and ones at many CVS and Walgreens locations. Quorum made our list of best credit unions.

To contact Quorum FCU, members can send a secure online message or call a phone representative between 8:30 a.m. to 7 p.m. ET Monday through Friday. The Quorum mobile banking app is available on both Google Play, where it has 4.6 stars, and the Apple Store, where it has 4.8 stars. 

How to Join Quorum Federal Credit Union

Like all credit unions, you must become a member of Quorum FCU before you can open an account with the institution.

To do this, you’ll need to be an employee at a Select Employee Group-affiliated company (or the family member of someone who is) or a member of the American Consumer Council or Select Savers Clubs. You can apply for membership for either (or both) when you fill out the Quorum application. It’s free to join the ACC; the SCC requires $5 for a lifetime membership, but Quorum will cover the cost.

You will also need to fill out an online application, open a Basic Savings Account with Quorum, and deposit a $5 “share pledge” into your account.

Is Quorum Federal Credit Union Trustworthy?

Quorum Federal Credit Union has an A+ rating from the Better Business Bureau, indicating the company responds to customer complaints effectively and is transparent about its business practices. In the last three years, Quorum has closed over 23 complaints filed with the BBB. 

Quorum FCU doesn’t have any recent public controversies.

Keep in mind: A strong BBB score and lack of controversy don’t necessarily guarantee you’ll have a good relationship with a company. They are generally good signs of trustworthy business practices, though. 

Quorum Federal Credit Union FAQs

Methodology: How We Reviewed Quorum Federal Credit Union

To review Quorum Federal Credit Union, we rated its checking, savings, and money management accounts using Personal Finance Insider’s bank account methodology and its term accounts using Personal Finance Insider’s CD methodology.

In general, we look at ethics, customer support, and mobile apps when rating an institution. Other factors we consider depend on which type of account we’re reviewing. For example, we look at overdraft protection for checking accounts and early withdrawal penalties for CDs.

How Quorum Federal Credit Union Compares

Quorum Federal Credit Union vs. BrioDirect

Quorum Federal Credit Union offers term savings accounts, which work similarly to CDs, delivering a guaranteed rate of return upon maturity. 

The best fit might depend on what term you want. BrioDirect pays a higher rate on a 1-year term, while Quorum’s rates are better on 2-year and 3-year terms. It’s also worth noting that BrioDirect compounds interest daily, while Quorum compounds monthly.

Quorum Federal Credit Union vs. Bask Bank

Bask Bank offers a variety of CD terms, all for higher rates than the national average. Its 6-month and 1-year rates beat Quorum’s rates, but Quorum’s 2-year rates are slightly higher.

If you want more term options, you might prefer Quorum. Bask’s are limited to just 6-, 12-, 18-, and 24-month terms. Both institutions require at least a $1,000 balance to open an account.