bank rates

Quorum FCU Offers Top Savings, CD Rates

UPDATE 3/20/15: Quorum is no longer offering a 15-month CD at 1.65% APY.

UPDATE 4/14/2015: The interest rate on High Q savings accounts has been cut to 1.00% APY.

You can earn one of the nation’s top returns on savings accounts and 15-month CDs from a New York-based credit union that allows anyone across the country to become a member.

Quorum Federal Credit Union has just bumped up the rate on its HighQ Savings account from 1.05% APY to 1.15% APY.

That beats the best bank rate on a nationally available savings account — 1.10% APY from UFB Direct.

But you need to have at least $25,000 in your account to earn that rate. Lower balances earn a measly 0.20% APY.

At Quorum, there’s no minimum deposit to open an account and no minimum balance for earning the full 1.15% APY. You can avoid the $5 monthly service fee simply by signing up for eStatements.

If that’s not enough, the Purchase, New York-based credit union is paying 1.65% APY on a 15-month certificate of deposit with a minimum deposit of $1,000 in new money.

That beats the top nationally available 12-, 24- and 36-month returns from the banks on our CD Rates Leaderboard.

Quorum allows anyone to join the credit union who becomes a member of the Select Savers Club or the American Consumer Council.

The Select Savers Club is a nonprofit that provides information on money and debt in order to help members meet their financial goals. The American Consumer Council is a nonprofit that focuses on consumer education and awareness. Membership to either organization is free.

You are also eligible to join Quorum if you work for one of the credit union’s many member corporate partners, including Kraft Foods and MasterCard. 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.

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Comments (4)
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4 Existing Comments
  1. Ted Costas said:
    on March 3rd at 11:10 am

    UFB Direct dropped to 1.10%.

  2. Elias said:
    on March 4th at 11:00 am

    “If that’s not enough, the Purchase, New York-based credit union is paying 1.65% APY on a 15-month certificate of deposit with a minimum deposit of $1,000.”

    Is this a typo? I can’t find any information on a NY-based CU named “The Purchase.”

  3. Mike Sante said:
    on March 5th at 10:04 am

    Quorum Federal Credit Union is based in Purchase, New York. Purchase is a place, not another credit union.

  4. Elias said:
    on March 5th at 06:43 pm

    Well, aren’t I embarrassed.
    Thanks for pointing out the obvious, Mike.