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 Unionâ€™s Basic Savings account is mandatory for membership in the credit union. Beyond that, customers are better served in the credit unionâ€™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.
Quorum Federal Credit Unionâ€™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.
The tiered structure helps, but Quorum Federal Credit Unionâ€™s money market rates are not competitive when compared with the best available money market rates. However, Quorumâ€™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.
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 Unionâ€™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.
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