Update 6/4/2014: This 13-month CD special has ended.
Quorum Federal Credit Union is offering a special 1.25% APY 13-month CD (They call it a Term Savings account). Minimum deposit is $1,000. It’s also available as an IRA CD.This is a limited time offer that is listed on the credit union's rates page as of 4/2/2014.
Membership is open to those associated with a long list of companies and groups at the credit union's eligibility page. One group listed is the Select Savers Club. In the eligibility section of the online application, one of the options is "to join through the following association", and the only association you can select is the Select Savers Club. When you click "next", it requires that you select one of the two options: either "I would like to join the Select Savers Club and become a member of Quorum" or "I am already a member of the Select Savers Club and would like to become a member of Quorum."
Membership requires a $5 minimum balance in the credit union’s basic savings account. According to the Quorum’s Everyday Savings page, they’ll fund the account with the required $5 deposit.
Credit Union Overview
Quorum used to be Kraft Foods Federal Credit Union. The name changed in 2005. The credit union is headquartered in Purchase, New York. Branches are located in New York, New Jersey, Illinois, Wisconsin and South Carolina. Quorum is part of a cooperative "shared branching network" with over 5,000 locations throughout the country.
The credit union has an overall health grade at DepositAccounts.com of a B with a Texas ratio of 12.19% (above average) based on December 2013 data. Please refer to our financial overview of Quorum Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 22769).
How This CD Compares
If you compare this to other nationally available CDs with terms close to 13 months, the next best deal is a 1.15% APY 1-year CD at Melrose Credit Union. GE Capital Retail Bank is offering a special 13-month CD with a 1.10% APY. These rates are accurate as of 4/2/2014.
Another option to consider is a long-term CD with a mild early withdrawal penalty (see post).