Quorum FCU Continues To Offer Competitive CDs

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UPDATE 7/7/2016: Although the 10-month Term Savings Account does not appear on Quorum's website, it is still available.

Availability: Easy membership requirement

Quorum Federal Credit Union (Quorum) has been busy in the past few weeks, raising the rate on its 13-month Term Savings Account (1.25% APY); adding a new 17-month Term Savings Account (1.35% APY); and raising the rate on its HighQ (1.00% APY) savings account. (A Term Savings Account - TSA, a somewhat unfortunate acronym - is Quorum’s version of a CD.)

And it seems Quorum isn’t finished with new products and rate hikes just yet, having added a limited-time 10-month TSA (1.40% APY) and raised the rate on its 24-month TSA (1.50% APY) by 85 basis points.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.75%$1k-Quorum Federal Credit Union24 Month Term Savings CD
0.75%$1k-Quorum Federal Credit Union24 Month IRA Term Savings (Traditional, Roth)
Accounts mentioned in this post. Rates as of December 9, 2016.

The minimum opening deposit for either TSA is $1k, but the 10-month TSA requires new money, which is defined as "on deposit with Quorum for two weeks or less." While there is no stated balance cap for the 24-month TSA, the fine print on the 10-month TSA promotion page reads,

The maximum amount any one member may have in this promotional account is $2,000,000. Deposit amount for term accounts opened in conjunction with a new Quorum membership cannot exceed $250,000.

The additional 0.10% APY available for deposits of $100k+ does not apply to either the 10- or 24-month TSA.

Both TSAs are also available as IRAs (Traditional and Roth) earning the same APYs, with the same funding requirements.

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.

Availability

Membership in Quorum Federal Credit Union is open to employees, retirees, and associates of over 80 select companies and affiliates. A complete listing of these SEGs is available on Quorum FCU’s Eligibility page.

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 either the 10-month or 24-month Term Savings Account can be done online. If you prefer a brick-and-mortar experience, Quorum has 12 branches located in Illinois (5), New Jersey (1), New York (4), South Carolina (1), and Wisconsin (1).

Credit Union Overview

Quorum Federal Credit Union (NCUA Certificate # 22769) has an overall health grade of "C+" at DepositAccounts.com, with a Texas Ratio of 32.01% (average) based on March 31, 2016 data. In the past year, Quorum has increased its total deposits by $61.53 million, an excellent annual growth rate of 7.37%. Please refer to our financial overview of Quorum Federal Credit Union for more details.

Like so many other credit unions, Quorum Federal Credit Union was established to fill a void:

In the midst of the Great Depression, when banks were failing and personal savings were
being lost as a result, a group of Kraft employees in Chicago, IL decided they could do better.
Kraft Employees Credit Union was formed "of, by, and for the employees." The concept was that saving together under one roof would provide more financial clout for all members, big or small.

More than 80 years later, Quorum Federal Credit Union has grown to be New York State’s 21st largest credit union, with over 73,800 members and assets in excess of $971 million.

How the CDs Compare

When compared to the 138 1-Year CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Quorum Federal Credit Union’s Limited-Time 10-month Term Savings Account currently tops the list.

When compared to the 133 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Quorum Federal Credit Union’s 24-month Term Savings Account currently ranks third.

The above rates are accurate as of 6/15/2016.

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

Comments
Anonymous
Anonymous   |     |   Comment #1
It apears Quorum's Term Savings Account (TSA) differs from the typical CD in that the account owner can withdraw funds from the TSA, before the end of the account's term, however, such withdrawal results in a loss of interest (not such a strong price to pay given that there aren't high rates anywhere for terms that aren't many years long). My big disappointment is that Quorum told me an account application must be done online with the applicant's social security number and there is no way to fax or mail the account application, an alternative that's commonly available with many credit unions and banks (with some even taking account over the phone). 
Sylvia
Sylvia   |     |   Comment #2
#1, I imagine those willing to accept applications by paper or over the phone would in turn enter that info, including your SSN, into that same online system used for identity verification.  It's increasingly par for the course of banking online.
Anonymous
Anonymous   |     |   Comment #3
What a bank or credit union does with my social security number internally after they have received a faxed or mailed application for an account is up to the bank or credit union. I simply don't like the insecurity of being restricted by a bank or credit union to having to do an online application in order to open an account. More and more banks and credit unions seem to be taking steps to minimize exposure to identity theft by providing options such as faxed, mailed or telephone applications.
Anonymous
Anonymous   |     |   Comment #4
does anyone know how easy or difficult it is to close a cd at maturity at quorum if that's what the customer decides to do? i notice they only allow 7 days from maturity to close a cd, which is a little shorter than usual.
Sylvia
Sylvia   |     |   Comment #5
Very easy.  Well before maturity, I sent secured message through online banking application asking that CD be closed at maturity, and funds be transferred to savings.  They confirmed receipt of my message, then performed as requested.  No problems.  You can also communicate same through phone.
cumulus
cumulus   |     |   Comment #6
Quorum's 3-month 1.06% APY CD is also a group-leader.
Quorum FCU Has Competitive 13- And 17-Month CDs
Availability: Easy Membership Requirements (EMR)

Last week, New York-based Quorum Federal Credit Union (Quorum FCU) raised the rate on its 13-month Term Savings Account (1.25% APY) and added a new 17-month Term Savings Account (1.35% APY). The minimum opening deposit for either Term Savings Accounts (Quorum’s version of a CD) is $1k, with no balance cap.

Both Term Savings Accounts are also available as IRAs (Traditional and Roth) earning the same APYs, with the same funding requirements.

As stated on Quorum FCU’s Fees page, the Early Withdrawal...

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Quorum Federal Credit Union’s (Quorum FCU) featured products this month are an 11-month Term Savings Account (1.10% APY) and a 16-month Term Savings Account (1.25% APY).

Both of the featured Term Savings Accounts (CDs) are limited-time offers and require a minimum opening deposit of $1K, with no balance cap.

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

Many thanks to DA member, me1004, for his Forum posting about these deals.

HighQ Savings Account

As I have mentioned in earlier posts, another account of note at Quorum...

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The 11-month Term Savings (CD) is also available as an IRA (Traditional and Roth ) earning the same APY, with the same funding requirements.

In addition, Quorum FCU has a 25-month CD (1.50% APY) that was added to the product line in June...

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As stated on Quorum FCU’s Fees page, the Early Withdrawal Penalty for...

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13-month CD (1.25% APY)

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Both CDs require a $1K minimum opening deposit and have no maximum balance cap. The CDs are also offered as IRAs (Traditional and Roth) at the same rates, with the same funding requirements.

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