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Quorum Federal Credit Union Review 2023: Competitive APYs, various account offerings, but limited customer service hours

Updated January 31, 2023, 2:50 PM UTC
Photo illustration of the Quorum credit union logo surrounded by a blue and green frame.
Quorum offers fixed-rate term/IRA term accounts (similar to CDs) that range from 3 months to 60 months.
Photo illustration by Fortune; Original logo by Quorum Federal Credit Union

Quorum Federal Credit union is headquartered in Purchase, N.Y., but serves members across the U.S. with a nationwide network of over 90,000 ATMs and 5,000 shared service centers. Consumers who are interested in joining this credit union can do so by applying online and joining one of the two associations that Quorum has partnered with: the American Consumer Council (ACC) or the Select Savers Club (SCC). 

Both organizations charge a fee for lifetime membership between $5 and $15. Quorum offers a number of banking, credit card, and lending products, as well as a learning hub to help members manage their accounts more efficiently and protect their financial health. This credit union’s deposits are also insured up to $250,000 by the National Credit Union Administration. 

All rates and fees are current as of January 4, 2023 and are subject to change. 

Quorum Federal Credit Union’s offerings 

Quorum offers a number of checking and savings account options that come with little to no fee, competitive APYs, and even ATM reimbursement. Account fees vary by account type, but Quorum does charge a $5 monthly fee for all members. 

Checking and savings accounts 

Quorum offers two different fee-free checking accounts; both include overdraft protection, free bill payment, and other online and mobile banking services. In addition to their checking accounts, Quorum customers can choose from a number of deposit accounts to grow their savings and hit their goals. 

QClassic: This is Quorum’s basic checking account. Users aren’t required to pay a fee, and get a free debit card when they open an account. 

  • APY: 0%
  • Minimum deposit: $0
  • Fees: $0

QChoice: This account is a step up from Quorum’s standard checking account. Customers will earn interest on all account balances, although higher balances are rewarded a bit more. The account also offers up to $15 in ATM reimbursements for out-of-network ATM usage. 

  • APY: The APY on this account ranges according to your balance.
    • Balances between $0–$19,999: 0.01%
    • Balances $20,000 and over: 0.05%
  • Minimum deposit: $0
  • Fees: $10 monthly fee (waivable if account holder’s monthly direct deposit totals at least $1,000, or if they have an account balance of at least $5,000 and sign up for e-statements)

Basic savings account: Quorum’s most basic savings account only requires an opening deposit of $5, which Quorum will fund once your application is approved. The APY is on the lower end, but customers will earn interest on their savings, no matter how low. 

  • APY: 0.01%
  • Minimum deposit: $5
  • Fees: $0

Custodial savings account: Members can open an account on behalf of a minor (age 15 and under), and monitor all of their transactions.

  • APY: 0.01%
  • Minimum deposit: $0
  • Fees: $0

Money management account: Quorum’s money management account offers a tiered savings model. As your balance grows, so will your dividend rate. But if your balance takes a hit, you won’t be hit with any penalties.

  • APY: The APY on this account is tiered according to your account balance.
    • $0–$2,499: 0.25%
    • $2,500–$9,999: 0.25%
    • $10,000–$24,999: 0.50%
    • $25,000–$99,999: 1.00%
    • $100,000–$249,999: 1.25%
    • $250,000 and over: 1.50% 
  • Minimum deposit: $0
  • Fees: $0

IRA savings account: For customers with retirement on the brain, Quorum offers a tiered savings account to help you earn interest now that you can benefit from in the future. 

  • APY: The APY on this account is tiered according to your account balance.
    • $0–$2,499: 0.25%
    • $2,500–$9,999: 0.25% 
    • $10,000–$24,999: 0.50%
    • $25,000–$99,999: 1.00% 
    • $100,000 and over: 1.50% 
  • Minimum deposit: $1
  • Fee: $25 monthly fee (under age 59½, an IRS penalty will also apply)

High-yield savings account 

HighQ Savings: Quorum’s high-yield savings account lets customers grow their savings without being tied to a minimum opening deposit or account balance. Plus, they can access their savings any time with debit card and ATM privileges. 

  • APY: 3.00% 
  • Minimum deposit: $0
  • Fees: $10 unless you opt for e-statements

Term Accounts 

Quorum offers fixed-rate term/IRA term accounts (similar to CDs) that range from three months to 60 months. The minimum deposit for all of these accounts is $1,000 and dividends are compounded monthly. These accounts are subject to an early withdrawal fee which can vary depending on the term length of your account. 

  • APY: APY ranges depending on the length of your term.
    • 3-month term/IRA term: 1.70%
    • 6-month term/IRA term: 1.95%
    • 12-month term/IRA term: 2.10%
    • 13-month term/IRA term: 4.50%
    • 18-month term/IRA term: 2.10%
    • 24-month term/IRA term: 4.60%
    • 36-month term/IRA term: 2.20%
    • 48-month term/IRA term: 2.25%
    • 60-month term/IRA term: 2.35%
  • Fees: Each account is subject to an early withdrawal penalty.
    • 2-to-11-month-term accounts: 1% of amount withdrawn never to exceed original principal balance
    • 12-to-24-month-term accounts: 2% of amount withdrawn never to exceed original principal balance
    • 25-month-plus-term accounts: 3% of amount withdrawn never to exceed original principal balance

Other services Quorum offers 

  • Credit cards: Quorum offers three different Mastercard credit cards that range from 11.65% APR to 18.00%. None of these cards have annual fees or balance transfer fees. 
  • Lending products: Quorum customers have access to a number of lending products including student loans, mortgages, and home equity loans. 
  • Low insurance rates: Thanks to Quorum’s partnerships with a number of providers, Quorum offers low rates on home, auto, life, renters’ insurance policies, and more. 
  • Financial counseling services: As a Quorum member, you’ll have access to free money management counseling and education. 

The Quorum platform and customer support 

Quorum customers can use the credit union’s online or mobile banking platform to transfer funds between accounts, send money abroad, and deposit checks into their Quorum account. For any questions related to their account, customers can reach out to a Quorum representative at (800) 874-5544, Monday through Friday, 8:30 a.m. to 7:00 p.m. ET. Representatives are also available 24/7 via chat and secure messaging. 

Pros and cons of Quorum 

A few of the major pros and cons potential customers should be aware of when considering Quorum Federal Credit Union for their banking needs: 


  • Account fees are waivable. Most Quorum accounts allow you to waive the monthly service fee if you sign up for e-statements, keep your balance above a certain threshold, or both. 
  • Debit card and ATM privileges. Many of Quorum’s accounts offer a free debit card to make accessing your funds way easier. Plus, if you find yourself needing to use an out-of-network ATM, you can do so without worrying about excessive fees thanks to Quorum’s ATM reimbursement. 


  • Spotty customer service. Quorum representatives are only available to answer the phone on weekdays. While their business hours do extend into the evening, past 5 p.m., they are not available on weekends. 
  • Membership requirements. While Quorum’s membership requirements are more lax compared to other credit unions, it is an extra hurdle and fee and that could be a turnoff for some consumers.  

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