Quorum FCU (Easy Membership) 60-Month CD Joins "3 for 5 Club"

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UPDATE 3/23/2018: The APY for all deposits is 3.00% APY.

Deal Summary: 60-month Term Savings Account, 3.00% APY ($1k min), 3.10% APY ($100k min).

Availability: Easy membership requirement

Quorum Federal Credit Union (Quorum) became the newest member of the “3 for 5 Club” this week, when it raised the rate on its 60-month Term Savings Account (TSA) to 3.00% APY. The 60-month TSA (Quorum’s version of a CD) can be opened with a $1k minimum deposit. While deposits made in conjunction with a new Quorum membership cannot exceed $250k, additional TSAs with a larger deposit can be opened once your membership is established.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$1k-Quorum Federal Credit Union60 Month Term Savings CD
3.00%$1k-Quorum Federal Credit Union60 Month IRA Term Savings (Traditional, Roth)
Rates as of September 19, 2018.

UPDATE: According to the fine print on the Rates page, the 60-month TSA with a large deposit is not eligible for an extra 10 bps. Thanks to DA reader, Sylvia, for bringing this to my attention. Quorum updated their website to exclude the 60-month TSA after I published this blog post.

Term Account deposits of $100,000 or more earn an additional
0.10% APY, excluding the 7, 11, 25, and 60 month Term/IRA Accounts.

The TSA is also available as an IRA (Traditional and Roth) earning the same APYs, with the same funding requirements.

About a month ago, I wrote about Quorum’s 11-month TSA (2.00% APY) and 25-month TSA (2.25% APY). Those TSAs are still available, with the stated rates still in effect.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.35%$1k-Quorum Federal Credit Union25 Month Term Savings CD
2.35%$1k-Quorum Federal Credit Union25 Month IRA Term Savings (Traditional, Roth)
2.25%$1k-Quorum Federal Credit Union11 Month Term Savings CD
2.25%$1k-Quorum Federal Credit Union11 Month Term Savings IRA (Traditional, Roth)
Rates as of September 19, 2018.

As stated on Quorum FCU’s Fees page, the Early Withdrawal Penalty reads as follows:

Terms of 2-11 months - Dividends earned, not to exceed 90 days.
Terms of 12-60 months - Dividends earned, not to exceed 180 days.

Quorum offers a seven-day grace period, starting on the day of maturity, and will send a notification at least 30 days before the maturity date.

Availability

Membership in Quorum Federal Credit Union is open to employees, retirees, and associates of more than 80 select companies and affiliates (SEGs). A complete listing of these SEGs is available on Quorum’s online application. Previously, these were listed on the Eligibility page, but the link to the Eligibility page results in a “404 error.”

Easy Membership - If you are not associated with any of the 80+ groups, you can qualify by joining the Select Savers Club or the American Consumer Council. The "I would like to join through the following association" option (located in the Eligibility section of Quorum’s online application) allows the applicant to join either association and Quorum simultaneously.

Joining Quorum and/or opening a 60-month TSA can be done online. If you prefer a brick-and-mortar experience, Quorum has four branches located in Deerfield, Illinois; East Hanover, New Jersey; and Purchase and New York City, New York.

Quorum belongs to a cooperative shared branch network, with more than 5,000 locations throughout the country.

Credit Union Overview

Quorum Federal Credit Union has an overall health grade of "C" at DepositAccounts.com, with a Texas Ratio of 56.38% (below average) based on December 31, 2017 data. In the past year, Quorum’s total non-brokered deposits fell by $97.48 million, a below average annual growth rate of -9.71%. Please refer to our financial overview of Quorum Federal Credit Union (NCUA Charter # 22769) for more details.

Chartered in 1977, Quorum Federal Credit Union has grown to be New York State’s 23rd largest credit union, with more than 85,700 members and assets in excess of $860 million. Let’s talk about the health grade. In the past 2+ years, Quorum’s health grade had dropped from “B” to “C-,“ but in the last quarter of 2017 saw an improvement in Quorum’s position, resulting in a “C” health grade. Even though Quorum’s deposits have decreased in the past year, the membership increased by more than 1,500 members in the last quarter.

A Financial Times article explains one issue Quorum is dealing with.

Other lenders which are dealing with rising taxi losses include Quorum Federal Credit Union, whose delinquent loans have risen from $14m to $54m in the past two years, and Van Cortlandt Cooperative Federal Credit Union, where they have jumped from $1m to $8m.

Bruno Sementilli, Quorum’s chief executive, said its taxi medallion portfolio accounted for about 8 per cent of its total assets. “We are prepared and have adequately reserved for potential losses,” he said. “We are proud to have weathered this disruption to the financial sector.”

In addition to losses from the New York City taxi medallion crisis, Quorum has been lending to Diamond Resorts International, a company that owns a network of 379 vacation destinations in 35 countries around the world. An April 2016 article from the Southern Investigative Reporting Foundation sheds some light on the relationship.

… Quorum has become a major lender to the vacation ownership interest business, i.e., the new iteration of timeshare sales, the controversial - if long-standing - vacation concept. Loans made to customers of Diamond Resorts International (NYSE:DRII) are the biggest part of this portfolio …

Access to the Quorum lending facility is a key component of Diamond's business model - the credit union funds loans that are eventually securitized, providing the cash it needs to keep its operations going and to maintain its investment-grade credit rating. To that end, Diamond's annual report disclosed it extended the lending agreement into 2017 and the loan facility raised to $100 million.

How the Term Savings Account Compares

When compared to the 192 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Quorum Federal Credit Union’s 60-month Term Savings Account APY currently shares the top ranking with 5-year CDs from Mountain America Credit Union, Service Credit Union, and Utah First Federal Credit Union.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a large minimum deposit and are available nationally, Quorum Federal Credit Union’s 60-month Term Savings Account APY currently ranks first.

The above rates are accurate as of 3/23/2018.

To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

Related Pages: New York CD rates, Chicago CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
Ned B
Ned B   |     |   Comment #1
Just opened the 5 year for 3.00%! Thanks for the heads up. - Ned
gregk
gregk   |     |   Comment #3
A year from now you'll regret it.
ddbrege
ddbrege   |     |   Comment #2
It now appears that the eligibility page is once again functional. Thanks for all your hard work Ken.
Fred Whitfield
Fred Whitfield   |     |   Comment #4
What is the ewp for the ira ? I saw where a DA member posted it as $25 . Is that plus the 6 mo interest ?
Sylvia
Sylvia   |     |   Comment #5
Ken, there's no bonus rate for $100K+. The small print now excludes 60 month term, in addition to 7, 11 and 25. ("Term Account deposits of $100,000 or more earn an additional 0.10% APY, excluding the 7, 11, 25, and 60 month Term/IRA Accounts.")
Robb
Robb   |     |   Comment #6
Anyone concerned about the health rating here? Seems like the Sharonview 4% deal was much better overall other than the EWP.
Ned B
Ned B   |     |   Comment #7
I'm not too concerned... insured up to $250k anyway.
Robb
Robb   |     |   Comment #8
After the Sharonview CD it would take a 3.5% rate for me to bite. I have one 2.3% CD that I would be willing to break if we get a 3.5% rate with a 6 month EWP.
Dee
Dee   |     |   Comment #9
I got the sharonview cd 4% 64mo.,now hoping and praying for a 5% 10yr!! Lol Come on Ken you can do it!!
Robb
Robb   |     |   Comment #12
The Dow down better than 1,000 points the past 24 hours. Some of our CD rates not looking so bad of late :) 5% sure would be nice but doubt we see that for a year or perhaps longer.depending on the overall economy.
gregk
gregk   |     |   Comment #14
If you would break your 2.3% CD for a 3.5% one, why didn't you break it for the higher Sharonview rate? Had you already placed the maximum 250K with them using other investable funds? This confuses me.
mark1010
mark1010   |     |   Comment #15
If you opened a joint account with Sharonview they allowed 2 CD's with 250K in each.
Robb
Robb   |     |   Comment #17
@gregk I had a hang up with my original application which delayed things for me. After speaking with a loan officer finally got things ironed out and was able to get my first wire transfer through the day before they closed out the special. Was thinking about breaking a CD over the weekend to open up a 2nd CD but did not want to risk taking the EWP only to find out that they might not accept funding the following week given the special had ended. Turns out they likely would have early the following week but just glad to have gotten in with the last leg of my ladder there in time.

I typically look for 6 month EWPs barring a special well above current market rates as the Sharonview deal was. If the numbers are right I have no issue breaking a CD if the cost/benefit is there.
lou
lou   |     |   Comment #18
Hey Robb, I closed a number of 2.75% CDs (6 month EWPs) to buy the Sharonview CDs. Had to think about it for awhile, but the math was too compelling.

Could have done more, but thought I would hedge my position in case rates go above 4% in the next year or two. Wish I had a crystal ball but since I don't, I thought this made the most sense considering all the variables.
Robb
Robb   |     |   Comment #20
Hi Lou I think that makes good sense. My spreadsheet analysis tends to align well with your moves.
Shelby
Shelby   |     |   Comment #10
Health record of "c"? No way am I forming a banking relationship with this credit union. Better deals will come along this year if the economy keeps staying strong as the forecasts predict it will.
mark1010
mark1010   |     |   Comment #16
I agree. Also their Texas Ratio Trend is rated "F" & their Deposit Growth is rated "D". In addition many of the comments about this CU raises concerns about their customer service.
joe
joe   |     |   Comment #11
I still see Freedom CU has a 3% 3 year cd. Anyone have that one? Any advantages of this one over that? Is Freedom a hassle to open?
alan1
alan1   |     |   Comment #13
Where do you see that Freedom Credit Union still has a 3-year 3% CD? Thanks.
Att
Att   |     |   Comment #19
Connexus no longer has a 5 year 3%.
Anon Y. Mousse
Anon Y. Mousse   |     |   Comment #21
Am not jumping on board with these "three for five" deals.
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Many thanks to DA member, me1004, for his Forum posting about these deals.

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