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13-Month CD Special with a Top Rate at Quorum FCU - Easy Membership

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Quorum Federal Credit Union

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).

To search for the best nationwide rates and the best rates in your state, please refer to our CD rates tables and our IRA CD rates tables.


  Tags: Quorum Federal Credit Union, CD rates, New York

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Comments
5 Comments.


Comment #2 by Anonymous posted on
Anonymous
Though the main page shows it still has the 1.25% 13 month term savings, it is not listed in one of the term saving accounts you can choose (all the other terms are listed). Do you have to join 1st before the 13 month term savings shows up? 

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Comment #3 by Anonymous posted on
Anonymous
You cannot purchase the 13 month CD on line. Call customer service and let them know you are joining online and want to purchase the 13 month CD. They will note this in their records and establish the CD once you send in the necessary funds.

In the online process, you have to join first and at the same time establish a checking account along with the required savings account. You identify the checking account as the account to receive the funds you will use to purchase the CD. Once the funds are used to purchase the CD, the credit union will close the checking account.

Please note that for fund transfers over $2500, Qorum will do a test deposit/withdrawal from your account. You will then have to go online or call customer service to tell Qorum the amount of the test withdrawal/deposit. This is their way of verifying that it is actually your account. 

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Comment #4 by Sylvia posted on
Sylvia
As a new member, I got my CD opened and funded within a day by depositing check in savings through a CO-OP shared branch, after establishing that account online.
According to fee schedule, the EWP for CDs between 12-60 months is "dividends earned, not to exceed 180 days."  All are subject to a $20 minimum.

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Comment #5 by Anonymous posted on
Anonymous
If I fund it with credit card, what is the maximum amount allowed?

2
Comment #6 by Anonymous posted on
Anonymous
The special promotion rate ended on June 2, 2014.

3