UPDATE 7/7/2016: Although the 10-month Term Savings Account does not appear on Quorum's website, it is still available.
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.
|0.75%||$1k||-||Quorum Federal Credit Union||24 Month Term Savings CD|
|0.75%||$1k||-||Quorum Federal Credit Union||24 Month IRA Term Savings (Traditional, Roth)|
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.
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 EpBooks.us, 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 EpBooks.us 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 EpBooks.us 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.