In August, Quorum Federal Credit Union (Quorum) added a 30-month Term Savings Account (TSA) earning a competitive 1.00% APY, a rate that lasted until it was increased this week by 10 bps. Quorum also introduced a 13-month TSA this week, which earns 0.90% APY. Both TSAs (Quorum’s version of a CD) can be opened with a minimum $1k deposit of new money, which is defined as “funds from an external source or funds that have been on deposit with Quorum for two weeks or less.” 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.
The 13-month and 30-month TSAs are also available as IRA TSAs (Traditional and Roth), earning the same APYs with the same deposit requirements.
According to the fine print on the Rates page, both the 13-month and 30-month TSAs are eligible for an extra 10 bps with a large opening deposit.
Term Account deposits of $100,000 or more earn an additional 0.10% APY.
As stated on Quorum's Fees Schedule page, the Early Withdrawal Penalty (EWP) reads as follows:
12-24 month Term Accounts - 2% of amount withdrawn
never to exceed original principal balance.
25 month+ Term Accounts - 3% of amount withdrawn
never to exceed original principal balance.
These are harsh EWPs: a 2% EWP would result in a loss of all interest earned for the 13-month TSA.
Funding any Quorum account can be done by ACH, through an external transfer, or through a Shared Branch transaction, all of which are described in detail in Quorum’s FAQs.
Maturing funds can be distributed by check to the address on file or transferred to a Quorum savings account. There is a seven-day grace period (beginning on the maturity date) before a TSA automatically renews. (The 13-month TSA renews as a 12-month TSA and a 30-month TSA renews as a 36-month TSA.) Quorum will send a notification at least 30 days before the maturity date.
Headquartered in Purchase (Westchester County), New York, Quorum Federal Credit Union’s field of membership (FOM) is open to employees, retirees, and associates of more than 65 select companies and affiliates (SEGs), including Kraft Heinz Company, Mastercard, and Avon. A complete list of these SEGs can be found on the Membership Eligibility page.
Family members of an employee/retiree of any of the SEGs are also eligible to join Quorum. “Family members” are defined as parent/stepparent, child/stepchild, sibling/stepsibling, grandparent/grandchild, spouse/domestic partner, and housemate.
Easy Membership - If you are not associated with any of the 65+ groups, you can qualify by joining the Select Savers Club ($5 lifetime fee paid by Quorum) or the American Consumer Council. According to CSR, 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.
While previously having branch locations in Illinois, New Jersey, and New York, Quorum now describes itself as “an online credit union.” Joining Quorum and/or opening a 13-month or 30-month TSA must be done online.
You’ll be directed to our online application, which will allow you to open the Term Account of your choice. Be sure to click on “Add new product”, then choose “Term Savings” under the Product Selection page to make your choice.
Establishing a Quorum membership requires a $5 minimum deposit in a Basic Savings account, which is opened automatically and funded by Quorum when your application is approved.
Quorum participates in both the CO-OP Shared Branch network and the ATM network.
You can make transactions in person at over 5,000 Shared Service Centers nationwide. These are branch offices that Quorum shares with other credit unions. Plus, Quorum offers access to over 100,000 FREE ATMs, one of the largest networks in the country.
Credit Union Overview
Quorum Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 16.07% (above average) based on September 30, 2021 data. In the past year, Quorum increased its total non-brokered deposits by $66.48 million, an excellent annual growth rate of 8.03%. Please refer to our financial overview of Quorum Federal Credit Union (NCUA Charter # 22769) for more details.
Founded in 1934 as the Kraft Foods Federal Credit Union, Quorum Federal Credit Union has grown to be New York State’s 22nd largest credit union, with more than 66,000 members and assets in excess of $955 million. Last summer, Quorum President and CEO, Bruno Sementilli (who oversaw the Quorum rebrand) announced his retirement after 38 years at Quorum. According to a June 2021 press release,
Quorum Federal Credit Union’s Board of Directors has appointed Jeffrey Pachter, currently President, as the Credit Union’s next President and CEO, effective February 1, 2022. Pachter succeeds Bruno Sementilli who announced his retirement after 38 years with the Credit Union. Mr. Sementilli will assist with the transition until his retirement in 2022.
“Leading Quorum into the financial services company we are today has been one of the greatest honors of my life, and I know the company is in great hands,” Sementilli said. “After nearly 39 years, I’m proud of the company we’ve built, humbled by the amazing people I’ve had the pleasure of working with, and pleased that the accomplishments we’ve achieved have helped to improve the lives of our members.
How the Term Savings Accounts Compare
When compared to the nationally available similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $5k or less, Quorum Federal Credit Union’s 30-month Term Savings Account APY currently ranks second.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a large deposits and are available nationwide, Quorum Federal Credit Union’s 30-month Term Savings Account APY currently ranks second.
When compared to the nationally available similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $5k or less, Quorum Federal Credit Union’s 13-month Term Savings Account APY currently ranks second.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a large deposits and are available nationwide, Quorum Federal Credit Union’s 13-month Term Savings Account APY currently ranks first, along with Poppy Bank.
The above information and rates are accurate as of 1/7/2022.
To look for the best CD rates, either nationwide or in your state, please refer to our CD Rates Table page.