Quorum Federal Credit Union Adds Nationally Available 30-Month CD

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Deal Summary: 30-month Term Savings Account, 1.00% APY ($1k minimum), 1.10% APY ($100k minimum), new money.

Availability: Easy membership requirement

Quorum Federal Credit Union (Quorum) has just debuted a 30-month Term Savings Account (TSA), which earns a competitive 1.00% APY. The 30-month TSA (Quorum’s version of a CD) can be opened with a minimum $1k deposit of new money, which is defined as “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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00%$1k-Quorum Federal Credit Union30 Month Term Savings CD - New Money
1.00%$1k-Quorum Federal Credit Union30 Month IRA Term Savings - New Money (Traditional, Roth)
Rates as of September 23, 2021.

The 30-month TSA is also available as an IRA TSA (Traditional and Roth), earning the same APYs with the same deposit requirements.

According to the fine print on the Rates page, a 30-month TSA with a large deposit is eligible for an extra 10 bps.

Term Account deposits of $100,000 or more earn an additional 0.10% APY.

Note: My March 2018 blog post about Quorum’s competitive 60-month TSA had to be updated after the website was edited to exclude specific TSAs from the 10 bps bonus. Here’s hoping history does not repeat itself.

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

25 month+ Term Accounts - 3% of amount withdrawn never to exceed original principal balance.

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 30-month TSA automatically renews as a 36-month TSA. Quorum will send a notification at least 30 days before the maturity date.

Availability

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 80 select companies and affiliates (SEGs), including Kraft Heinz Company, Mastercard, and Avon. While a complete listing of these SEGs is available on Quorum’s online application, you have to enter all of your personal information before the list becomes available.

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. 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 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 23.09% (average) based on March 31, 2021 data. In the past year, Quorum increased its total non-brokered deposits by $81.93 million, an excellent annual growth rate of 10.34%. 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 66,000 members and assets in excess of $957 million. Earlier this summer, Quorum President and CEO, Bruno Sementilli. announced his retirement after 38 years at Quorum. According to a June 2021 press release,

Sementilli joined Quorum as a loan officer in November of 1983. He later became a branch manager with responsibilities that included almost every department in the company. He held positions as Vice President of Lending, other executive positions in Operations and Marketing, as well as serving in the capacity of Senior Vice President for many years before being named Quorum’s CEO in December 2004. During his tenure at Quorum, he held Board and Officer positions at a number of non-profits, like New York Credit Union Association, CUC Mortgage Corporation, and Junior Achievement of Westchester. He is an ardent supporter of U.S. veterans and led charitable drives for both James J. Peters VA Medical Center, and the Disabled American Veterans Charity.

“On behalf of Quorum and the Board, I would like to thank Bruno for his outstanding leadership and deep commitment to the company. During his tenure, Quorum has transformed from a small credit union with less than 30 employees and less than 1,000 members to an almost $1B financial institution serving over 75,000 members and employing almost 150 employees nationwide,” concluded Mark Werner, Quorum’s Chairman of the Board.

How the Term Savings Account Compares

When compared to 201 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, 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 for large deposits and are available nationwide, Quorum Federal Credit Union’s 30-month Term Savings Account APY currently ranks first.

The above information and rates are accurate as of 8/18/2021.

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

Related Pages: New York CD rates, 5-year CD rates, nationwide deals, Internet banks

Comments


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