HighQ Savings A Liquid, Online High-Yield Savings Account Good For Your Goals.
Get more out of your money. Earn 0.75% APY*, no matter what your balance totals.
Whether you’re looking to go on vacation, buy that big-ticket item, or just build up a strong emergency fund, our liquid HighQ Savings Account can help you get there without locking up your funds. Log in to online banking to open your HighQ Savings account today!
Learn What Makes HighQ a Good Fit for Our Members.
We’re serious about your savings. Plain and simple. That’s why we offer an online, liquid savings account, with all the good stuff, but none of the fuss or fees:
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Frequently Asked Questions
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 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 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.
How does a checking account differ from a savings account?
Checking accounts allow you to access your money to shop, pay bills or withdraw cash from locations across the globe. They are well-suited to pay for your daily or recurring expenses. Savings accounts, on the other hand, offer the added benefit of earning higher dividends, or a compounded return on the funds you deposit over time. These dividends compound at intervals set by the financial institution, but usually occurs either annually, quarterly, monthly, or daily. (Quorum compounds dividends monthly.)
Savings accounts are, by design, not suited to pay for daily purchases. In fact, they are limited by federal Regulation D to no more than six withdrawals per month. If your monthly budgeting and bill payment plan requires multiple transfers each month from a savings account, or you believe you may routinely exceed six transfers per month, consider a checking account, or setting up multiple savings accounts.
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 a savings account differ from a term account (similar to a CD)?
When comparing term (similar to a CD) and savings accounts, it helps to understand their differences by looking at factors including:
- Accessibility of funds: With a savings account, your funds are liquid, meaning you have fast and flexible access to cash, whenever you need it (it’s important to note that withdrawals are limited to six times per month, per savings account, per Federal Regulation D; click to learn more about what qualifies as a withdrawal). However, with term accounts, you invest a specific amount of cash, for a particular period ranging from a few months up to five years or more. If you withdraw these funds before the end of this maturity period, you will pay penalties up to several months’ of accumulated dividends.
- Interest rates: Financial institutions set and adjust the interest rate in savings accounts over time as the Federal Reserve funds rate rises and falls. However, term accounts allow investors to lock in a fixed rate of return for a specific period (or the term) of the account. Generally, the longer the term and the larger your investment, the higher the interest rate you can secure upfront.
- Initial deposit: Most financial institutions offer savings accounts with a minimal (under $100) initial deposit (Not HighQ; there is no minimum deposit for a Quorum HighQ account!). Term accounts, on the other hand, often require initial funding in the neighborhood of several hundred or thousands of dollars.
- Account fees: Savings accounts rarely include maintenance fees (and if they do, they’re often avoidable if you use them as designed). Similarly, account fees for term accounts are not common. (However, don’t forget that you will pay a fee, or penalty, to withdraw funds from your term account before the end of the pre-agreed upon maturity period.)
- Adding funds: Savings accounts allow you to add funds at your discretion. This feature is especially useful if you wish to set up automatic deposits into the account each month (a great way to put your savings on autopilot). Term accounts, however, rarely offer consumers the ability to add additional funds. You add the required funds upfront, and then stand on the sidelines to watch them grow until the maturity date arrives, at which point you can either cash them in or roll over your funds to a new term account.
How much interest will I earn on my HighQ account?
As of 6/23/22, the interest rate on our HighQ Savings account is 0.75 APY*.
How does Quorum determine interest rates?
As with all depository institutions (savings and commercial banks, credit unions and loans and savings associations), the APY on a savings account 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 are the fees for a HighQ account?
There are NO fees associated with a HighQ account, as long as you maintain eStatements. If you wish to receive a paper statement, there will be a $10 monthly fee.
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 firstname.lastname@example.org.
What is an Online Credit Union?
While 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
*The Annual Percentage Yield (APY) is in effect as of 06/23/22. HighQ Savings Account Requirements: There is no minimum balance to open or maintain, and no monthly fee, as long as you register for and maintain e-Statements. If you choose to receive paper statements there will be a $10 monthly fee. Subject to transaction restrictions per Federal Regulation D. View the Truth-In-Savings and Other Account Disclosures.