HighMarq Savings Our Premier Savings Account
Ready to supercharge your savings? HighMarq Savings is designed to accelerate the growth of high-deposit balances with a market-leading interest rate, all while ensuring your money remains accessible to you at all times.
Learn How HighMarq Can Help Grow Your Wealth
HighMarq Savings is Quorum’s premium savings account tailored for savers who maintain high deposit balances. Earn 4.50% APY* when you maintain a minimum balance of $10k, and see your dividends soar!
Your account is liquid, with unlimited access to your funds, just maintain the minimum balance to earn the maximum rate!
Ready to Start Saving? Here's How:
Use our easy, online application to join Quorum and open an account.
Choose HighMarq Savings and any savings product(s) you wish to open.
Once you’ve chosen the product(s), you’ll have the opportunity to fund your account(s) before submitting your application.
What is a Quorum membership?
As with all credit unions, in order to take advantage of Quorum’s products and services, you must be eligible to join Quorum. Quorum membership is free and part of our online application.
Learn more about Quorum membership eligibility here.
How long does this application take?
The online application takes less than 5 minutes to complete! Once you submit your application, it may take between 24-48 hours to establish your account.
What do I need to apply?
- Your valid ID, your SSN, and banking information.
- You must be at least 18 to open an account with us online.
Log in to your account via online banking.
Under Open, click on “Checking/Savings.”
Choose HighMarq Savings and any savings product(s) you wish to open.
How much money do I need to deposit?
There are no minimum balance requirements to open HighMarq Savings. But, to earn the APY, you’ll need to maintain at least $10,000.
Other Helpful Resources:
Frequently Asked Questions
Is my money safe and sound at Quorum?
Quorum Credit Union exceeds the minimum financial standards regulators require for a credit union to be considered well-capitalized. Our net worth remains at well-capitalized levels and Quorum has consistently maintained healthy levels of capital and liquidity, even through the most challenging of economic times.
Are my funds insured with Quorum?
Your Quorum accounts are insured up to $250,000 per person by the National Credit Union Share Insurance Fund (NCUSIF). Individual Retirement Accounts (IRA) are insured separately up to $250,000. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.
Depending on how your accounts are owned and what types of accounts you have, you can potentially increase the total insurance on your funds to greater than $250,000.
The Share Insurance Estimator, found here, can help you determine whether your accounts are established and insured appropriately. If you have already utilized the Share Insurance Estimator and still have additional questions, you can also reach out to the NCUA Consumer Assistance Center at (800) 755-1030. Representatives are available from Monday through Friday from 8 a.m. – 5 p.m. ET. You can also send an email with your questions to email@example.com.
I have more than $250,000 in deposits at Quorum. How do I check to see if it is insured?
If you have more than $250,00 in deposits and are concerned that your savings may not be fully insured by the NCUA, you can check the Share Insurance Estimator here to understand what is insured and what portion (if any) exceeds coverage limits.
Depending on how your accounts are owned and what types of accounts you have, you can potentially increase the total insurance on your funds to greater than $250,000 through multiple account owners or trusts with beneficiaries.
MyCreditUnion.gov contains more information about the National Credit Union Share Insurance Fund coverage for consumers.
What are dividends?
Dividends are essentially credit-union-speak for interest. It’s the money we pay you for leaving your deposits with us.
What is Annual Percentage Yield (APY)?
APY is the amount of interest you earn on money you deposit into a savings accounts (including high-yield savings accounts), over the course of a year. How often interest is compounded is also figured into the APY.
If you are considering two or more bank accounts for your savings, it pays to compare the APY on each for the full picture on how much your money and account balance can earn over a year.
What is the significance of the APY? In its simplest form, the higher the APY, the more money you earn. If you have $25,000 invested in a one-year term account with a 2.86% APY, at the end of the year, you will have earned $715. With a 2.50% APY, your return would be $625.
You may see a higher annual percentage yield (APY) on accounts that have a higher minimum deposit and a longer commitment for how long you must keep the money in the savings account. Be sure to familiarize yourself with the terms and conditions of any bank account you open.
I’m interested in opening a checking/savings account with Quorum. Do they perform a hard/soft pull credit inquiry when reviewing the application?
A hard pull or soft pull can occur when you open a new checking or savings accounts from an online banking, credit union, or financial institution. A hard pull (which typically happens when a lender checks your credit report to make a lending decision; for instance, when applying for a mortgage) can (temporarily) slightly lower your credit score, and will typically stay on your credit report for two years. A soft pull, on the other hand, is an inquiry performed by a financial institution on your credit report, but does not affect your credit score in any way.
When Quorum reviews a checking or savings account application, we may perform a soft pull on an applicant’s credit report through one of the three major credit reporting agencies (TransUnion, Experian, Equifax) for verification purposes, and also run the name through ChexSystems to see if there is a report in their system. Neither of these actions will impact an applicant’s credit score in any way.
What is compound interest?
Compound interest simply means earning interest on interest. When interest compounds daily, your interest is broken into 365 smaller payments. When it compounds monthly (Quorum compounds dividends monthly), it is paid in 12 payments. If interest is compounded daily, interest added on Tuesday will earn interest on Wednesday, and then the new amount will earn interest on Thursday—and so on. If interest is added monthly, the interest earned for a specific month will be paid once each month.
While it is true that the more often interest is compounded, the more you stand to earn, it’s important to remember that when looking at APY, you are looking at the annual yield, not the rate. That means, when you see a high-yield savings account that advertises 2.00% APY, you will have earned 2.00% on your balance by year end, whether it is compounded daily or monthly: APY is the equalizer and allows you to compare apples to apples.
How does Quorum determine interest rates on its savings products?
As with all depository institutions (savings and commercial banks, credit unions and loans and savings associations), the APY on a traditional savings accounts is variable and closely linked to the Federal Funds Rate set by the Federal Reserve. Rates can go up when the economy is doing well, and they can go down when the economy weakens. Quorum closely monitors Federal rates and looks for ways to remain competitive.
What is an Online Credit Union?
While banks (including online banks) are public, profit-driven companies designed to make money for shareholders, online credit unions are not-for-profit, cooperative financial institutions operated by members and based entirely on the web.
In an online credit union like Quorum, profits are returned to members in the form of low fees for financial products and services. A shared sense of community provides members with peace of mind and a connection to something larger than themselves, as well as loyalty and service to other members.
Online credit unions are carefully regulated and are a safe place to store your money. Just like the Federal Deposit Insurance Corporation (FDIC) insures banks, the National Credit Union Administration (NCUA) insures credit unions.
A Few Things You Should Know
*Annual percentage yield (APY) in effect as of 12/27/2023. The current rate is 4.41%. APR and rate may change after account is opened and any fees could reduce earnings. HighMarq Savings Account Requirements: There is no minimum balance to open or maintain HighMarq Savings. The minimum balance to earn the advertised APY is $10,000. There are no monthly fees as long as you register for and maintain e-Statements. If you choose to receive paper statements, there will be a $10 monthly fee. View the Truth-In-Savings and Other Account Disclosures.