Quorum Federal Credit Union has replaced its 13-month CD special with a 25-month CD special. Like the last special, this new one is very competitive. The new 25-month CD has a 1.50% A PY. Quorum calls its CDs Term Savings accounts. 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 6/4/2014. Thanks to DA member Sylvia for posting on this new special in the forum.
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.
In my last Quorum post, readers commented on their experiences opening accounts at Quorum. One reader left the following comment:
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.
Another reader, DA member Sylvia, had this to say:
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
Thanks to these readers for their comments. If you have opened accounts at Quorum, please share your experiences in the comments. They are very much appreciated!
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 Rate Compares
If you compare this to other nationally available CDs with terms close to 25 months, Melrose Credit Union has a 24-month CD with a 1.41% APY. Two institutions are offering a 1.50% APY but the terms are not as close to a 25-month term. Xceed Financial Credit Union has a special 17-month CD with a 1.50% APY. Third Federal Savings and Loan has a special 29-month CD with a 1.50% APY. These rates are accurate as of 6/4/2014.