Sunday, 20 October 2019

Quorum Federal Credit Union Review

Quorum Federal Credit Union Review
03 Oct
10:49

Quorum Federal Credit Union’s checking accounts

magnifying glass

How Quorum Federal Credit Union’s checking accounts compare

For customers who can maintain a minimum average balance of at least $5,000 per month or have a direct deposit of $1,000 hit their account on a monthly basis, the QChoice checking account is a superior option to the QClassic account. Overdraft fees are nonexistent with QChoice, as long as you link a savings account, avoiding the $20 or greater fee attached to the QClassic account. You can also entirely avoid ATM fees and get a monthly $15 fee rebate. Unlike the QClassic account, the QChoice account also pays interest. Rates in the $20,000-plus tier are above the national average, but smaller deposits earn a below-average rate. Rates earned are far below the best available checking account rates.

Quorum Federal Credit Union’s savings accounts

magnifying glass

How Quorum Federal Credit Union’s savings accounts compare

Quorum Federal Credit Union’s Basic Savings account is mandatory for membership in the credit union. Beyond that, customers are better served in the credit union’s HighQ Savings account, which has no minimum balance, no monthly fee with the simple enrollment in eStatements, and a very high interest rate. The rate is among the highest available savings account rates you can get across the country, and dwarfs the national average for similar accounts.

magnifying glass

How Quorum Federal Credit Union’s CD rates compare

Quorum Federal Credit Union’s standard CD rates are fairly pedestrian, with many falling below the national average. The credit union does offer attractive rates on its promotional maturities, which come in at 11, 25, 30 and 60 months. These rates put the credit union on par with some of the best CD rates available in the country.

Quorum Federal Credit Union’s money market account

magnifying glass

How Quorum Federal Credit Union’s money market account compares

The tiered structure helps, but Quorum Federal Credit Union’s money market rates are not competitive when compared with the best available money market rates. However, Quorum’s rates for $25,000 to $100,000 deposits are more than double the national average, and its best rates are more than triple the national average rate. However, the overdraft fee is significant, and it cannot be avoided through any type of overdraft protection program.

Quorum Federal Credit Union’s IRA options

magnifying glass

How Quorum Federal Credit Union’s IRA accounts compare

Most investors will only keep money in the IRA savings account if they do not have enough to invest in the higher-paying IRA term deposits. However, the IRA savings account does provide immediate liquidity, if that is a concern. At the highest tier level, for deposits of $100,000 or more, the IRA savings account actually pays a higher rate than the 3 month CD, so investors should always cross-reference current rates.

Compared with national rates, many of Quorum Federal Credit Union’s standard CD rates are below average. The comparison dims further when the standard IRA CD rates are compared with the best available IRA CD rates nationwide. However, rates for the promotional CD terms are well above average and become competitive on a national basis. If possible, customers are better served focusing on the promotional maturities and avoiding the standard rates.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Credit Cards Charging 0% Interest until 2021

Credit Cards Charging 0% Interest until 2021

Source: https://www.magnifymoney.com/blog/reviews/quorum-federal-credit-union/

« »

Szemere

Related Articles