Quorum Interest Rates View current interest rates on Quorum deposit and loan products.

At Quorum, we work hard to return profits back to our members (our shareholders). This enables us to pay higher yields on savings products such as our popular HighQ Savings Account.

View our current interest rates for our saving, term (similar to CDs), checking, IRA, and money management accounts, as well as our credit card and loan products.

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Savings Account Rates

Account Name Minimum Balance APY1
HighQ Savings

Minimum Balance

None

APY1

2.50%

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Basic Savings

Minimum Balance

$5

APY1

0.01%

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Additional Savings

Minimum Balance

None

APY1

0.01%

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Holiday Club2

Minimum Balance

None

APY1

0.01%

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HighQ Savings, Basic Savings, Additional Savings, and Holiday Club accounts are variable rate accounts.

Term Savings and IRA Term Savings Rates

Account Name Minimum Balance APY1 Term (in months)
3-Month Term/IRA Term

Minimum Balance

$1000

APY1

1.50%

Term (Months)

3

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6-Month Term/IRA Term

Minimum Balance

$1000

APY1

1.75%

Term (Months)

6

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12-Month Term/IRA Term

Minimum Balance

$1000

APY1

1.90%

Term (Months)

12

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13-Month Term/IRA Term
New Money Only3

Minimum Balance

$1000

APY1

3.50%

Term (Months)

13

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18-Month Term/IRA Term

Minimum Balance

$1000

APY1

1.90%

Term (Months)

18

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24-Month Term/IRA Term

Minimum Balance

$1000

APY1

3.60%

Term (Months)

24

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36-Month Term/IRA Term

Minimum Balance

$1000

APY1

2.00%

Term (Months)

36

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48-Month Term/IRA Term

Minimum Balance

$1000

APY1

2.05%

Term (Months)

48

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60-Month Term/IRA Term

Minimum Balance

$1000

APY1

2.15%

Term (Months)

60

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Term savings accounts are fixed-rate accounts. Dividends are compounded monthly and paid monthly. Penalties may apply for early withdrawal on all Term accounts. Term Account deposits of $100,000 or more earn an additional 0.10% APY.

Money Management Account Rates

Account Name Minimum Balance APY1
Money Management | Tier 1

Minimum Balance

$0 - $2,499

APY1

0.25%

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Money Management | Tier 2

Minimum Balance

$2,500 - $9,999

APY1

0.25%

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Money Management | Tier 3

Minimum Balance

$10,000 - $24,999

APY1

0.50%

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Money Management | Tier 4

Minimum Balance

$25,000 - $99,999

APY1

1.00%

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Money Management | Tier 5

Minimum Balance

$100,000 - $249,999

APY1

1.25%

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Money Management | Tier 6

Minimum Balance

$250,000 and over

APY1

1.50%

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Money Management accounts are variable rate accounts.

IRA Savings Account Rates

Account Name Minimum Balance APY1
IRA Savings | Tier 1

Minimum Balance

$0 - $2,499

APY1

0.25%

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IRA Savings | Tier 2

Minimum Balance

$2,500 - $9,999

APY1

0.25%

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IRA Savings | Tier 3

Minimum Balance

$10,000 - $24,999

APY1

0.50%

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IRA Savings | Tier 4

Minimum Balance

$25,000 - $99,999

APY1

1.00%

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IRA Savings | Tier 5

Minimum Balance

$100,000 and over

APY1

1.50%

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IRA savings accounts are variable rate accounts.

Checking Account Rates

Account Name Minimum Balance APY1
QChoice | Tier 1

Minimum Balance

$0 - $19,999

APY1

0.01%
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QChoice | Tier 2

Minimum Balance

$20,000 and over

APY1

0.05%
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Credit Card Rates

Account Name Rewards Annual Fee APR4
Cash Back World Mastercard®

Rewards

Enjoy daily savings and cash rewards.

Fee

None

APR2

As low as 11.15%5
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World Mastercard®

Rewards

Enjoy travel, merchandise, and cash rewards!

Fee

None

APR2

As low as 11.15%5
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RateWise Mastercard®

Rewards

Enjoy daily savings and a low rate.

Fee

None

APR2

As low as 10.15%5
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Lending Rates

Account Name Term APR4
Overdraft Line-of-Credit (Checking Reserve)

Term

Revolving

APR2

As low as 13.40%
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Undergraduate Private Education Line of Credit 6

Term

to 300 Months

APR2

As low as 8.25%
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Interest-Only RealtyLine HELOC7

Term

Revolving

APR2

As low as 10.50%
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1st Mortgage/Co-Op Loan

Term

to 30 Years

APR2

Contact us for Rates
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1APY: Annual Percentage Yield advertised in effect as of 11/15/22 and subject to change.

2Holiday Club dividends are disbursed each October.

3New Money: The 13-Month Account Rate is for NEW MONEY (funds that have been on deposit with Quorum for two weeks or less). The 13-Month Term Account will roll-over to the 18-Month Term Account at the current rate at maturity.

4APR: Annual Percentage Rate advertised in effect as of 10/01/22 and subject to change.

5Credit Cards: The rate is based on your creditworthiness. The APR will vary with the market based on the Prime Rate. The maximum interest rate will never exceed the rate permitted under the Federal Credit Union Act (currently, this maximum is 18%). If your rate increases, additional payments will be required.

6Undergraduate Private Education Line-of-Credit: Rate reflects a 0.25% discount for auto-pay during repayment only.

7Interest-Only RealtyLine HELOC: Rate reflects a 0.25% discount for opening a Checking Account and maintaining a monthly balance of $5,000, and a 0.50% discount for $50,000+ in a Term Savings Account (any term). Requirements must be satisfied at account opening and maintained through the life of the loan to be eligible for the rate discounts.

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Frequently Asked Questions

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 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 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.

What is Annual Percentage Yield (APY)?

APY is the amount of interest you earn on money you deposit into 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 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. 

What are dividends?

Dividends are essentially credit-union-speak for interest. It’s the money we pay you for leaving your deposits with us.

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 dcamail@ncua.gov.

How are mortgage interest rates determined?

Mortgages are bought and sold by investors on the Secondary Market. Rates are determined by the amount for which an investor is willing to purchase your mortgage.

For our most current mortgage rates, please visit our Mortgage Page to submit a contact request.

Can I be notified when mortgage/refinance rates are updated?

Unfortunately, we do not offer this service at this time. Please visit our Mortgage Page to submit a contact request and one of our Mortgage Experts will reach out to you to review our current rates and answer any other questions you may have.

How do I open a savings/checking account online?

Opening a new savings account is easy when you use online banking:

  1. Log in to online banking from our home page.
  2. Click on “Open savings and checking accounts” from the main menu.
  3. Select the product you want to open, then follow the prompts to complete the application.

If you would like to open a new IRA or need personal assistance, please contact our Member Service Team at (800) 874-5544, Monday through Friday, 8:30 a.m. to 7:00 p.m. ET.

Visit our Savings page to learn about all the savings accounts that Quorum offers.

What is New Money?

“New money” savings promotions are run from time to time on term accounts or other savings products. We define new money as any new funds on deposit two weeks or less with the Credit Union. We count the two weeks from the start of when those funds become available, not the date they are deposited.

How do I fund my Term Account?

As with any other Term Savings or CD accounts, you’ll need to fund your account at the time of application. At Quorum, you’ll be asked to fund your account by transferring money from an existing Quorum savings or checking account to your new term account at the time of application. You can’t add additional funds to your term 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 term account.

Please note that some of our term accounts require “new money” (new funds on deposit two weeks or less with Quorum). Be sure to check the account requirements and disclosures prior to opening your term account.

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 are your mortgage rates?

Please contact us by filling out our contact form. One of our Mortgage Experts will reach out to review our current mortgage rates and answer any other questions you may have.

Where can I find the Credit Union fee schedule?

Visit our Fees page for the most up-to-date information.  

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.