Earn up to 4.35% APY* with a Certificate Account (like a CD).

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.

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 dcamail@ncua.gov.

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.

Certificate accounts are the credit union equivalent to a bank’s Certificate of Deposit (CD). At a bank, your CD yields interest; at a credit union, you earn dividends. But they function the same way to the end user, you.

As with any other Savings or CD accounts, you’ll need to fund your account at the time of application. You can’t add additional funds to your certificate account once your account is opened. If you don’t already have the funds in one of your Quorum accounts, you can easily transfer funds from your other bank accounts into any one of your Quorum accounts. You’ll want to do this first before you open a certificate account.

Similar to a CD Maturity Notice, a Certificate Account Maturity Notice will be sent via mail or email for eStatement users 30 days prior to maturity. At maturity, you will have seven calendar days to decide whether to withdraw your Certificate Account, re-invest it, or let it roll over automatically for the same term, at the current dividend rate (penalties apply for early withdrawal).

1. If you would like to roll your Certificate Account to another Certificate Account at maturity or close your term and have your funds transferred to another share account, you can complete your request online! Log on to online banking then select “Account Services” from the main menu, then “Certificate Maturity Settings,” then follow the prompts to complete your request. Please note: this form will need to be completed by 8:00PM EST one business day before your maturity date.

2. If the share certificate has already matured and you are within your 7-day grace period, contact our Member Service Team or send us a secure message in online banking. If you do not submit the form or contact the Credit Union, the Certificate Account will automatically roll over into a comparable term at the current offering rate.

Certificate accounts (similar to CDs) have a seven-calendar-day grace period from the maturity date.

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. Dividend 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.