bank rates

Credit Union Savings Pays 1.05% To All

A savings account that pays more than 1% APY is rare. Finding one with no strings attached is nearly impossible.

But Quorum Federal Credit Union offers the HighQ savings account, which pays 1.05% APY.

The best news? Anyone can join this Purchase, N.Y.-based credit union.

Quorum pays this top rate on your entire balance, and there is no minimum deposit requirement or monthly fees if you sign up for eStatements.

By comparison, the best nationally available bank savings account comes from SFGI Direct (www.sfgidirect.com), which pays 1.01% APY.

SFGI Direct requires a $500 minimum deposit, but there is no minimum balance required to earn interest and there are no monthly fees. SFGI Direct is the online division of Summit Community Bank in Moorefield, W.Va.

Quorum allows anyone to join who becomes a member of the Select Savers Club. The club is a nonprofit group that provides information on money and debt in order to help members meet their financial goals. Membership to the club typically costs $5, but Quorum will cover the fee if you join the club and the credit union online at the same time.

Membership also is available if you work for one of the credit union’s many member companies. You can find a list of the companies on the credit union’s website.

Quorum doesn’t have any branches, but you can apply for membership and open your HighQ account online.

For more information, visit www.quorumfcu.org or call 800-874-5544.

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