Term Savings (Similar to High-Yield CDs) Earn up to 5.10% APY* on our term accounts.

Sit back, relax and watch your money grow with a Quorum Term Account. Term accounts are similar to a high-yield CD account, and are also referred to as share certificates. Your funds will earn a steady, competitive APY and you never have to worry about your rate changing during the course of your term, no matter what happens in the market.

We’ve got a variety of short-and long-term savings options designed for your goals, lifestyle and comfort level with terms ranging from 6 months to five years. Check them out below, or log in to online banking to open a term account today!

 

 

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Choose one or a combination of term accounts—there’s no limit to how many you can open!

Deposits over $100,000 earn an additional 0.10% APY, so be sure to take advantage of the highest rate you can earn for the term(s) you choose.

5.00%

  • 11-month term savings account
  • Minimum balance to open and earn 5.00% APY (4.89% APR): $1,000
  • Minimum balance to open and earn 5.10% APY (4.98% APR): $100,000
Apply Now

4.75%

  • 15-month term savings account.
  • Minimum balance to open and earn 4.75% APY (4.65% APR): $1,000
  • Minimum balance to open and earn 4.85% APY (4.75% APR): $100,000
Apply Now

3.50%

  • 5-year term savings account.
  • Minimum balance to open and earn 3.50% APY (3.45% APR): $1,000
  • Minimum balance to open and earn 3.60% APY (3.54% APR): $100,000
Apply Now

3.00%

  • 3-year term savings account.
  • Minimum balance to open and earn 3.00% APY (2.96% APR): $1,000
  • Minimum balance to open and earn 3.10% APY (3.06% APR): $100,000
Apply Now

4.50%

  • 2-year term savings account.
  • Minimum balance to open and earn 4.50% APY (4.41% APR): $1,000
  • Minimum balance to open and earn 4.61% APY (4.51% APR): $100,000
Apply Now

2.75%

  • 4-year term savings account.
  • Minimum balance to open and earn 2.75% APY (2.72% APR): $1,000
  • Minimum balance to open and earn 2.85% APY (2.81% APR): $100,000
Apply Now

More Rates! More Choices.

Check out additional Term Accounts and Quorum's HighQ Account

More Rates! More Choices!

Learn What Makes Term Accounts a Good Choice for Our Members.


Quorum Online Term Accounts offer you the stability and security you deserve, along with the rates that help you achieve your financial goals. Check out the benefits:

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Higher Interest Rates Than Regular Savings Accounts

Since your funds are locked in for a fixed term, you’ll generally get a higher rate than you would with a liquid savings account. Many of our term accounts, especially our promotion term accounts, offer some of the highest rates around!
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Low Minimum Deposit

Only $1,000 dollars minimum balance for all of our Term Savings accounts!
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Low Maintenance

When your term account is nearing maturity, you’ll receive a notice from us, at which point you can decide whether to withdraw your funds, re-invest them, or let them roll over automatically for the same term, at the current dividend date. The choice is yours.
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NO Fees

There are no fees associated with Term Accounts, but remember that as with most term accounts, you will pay an early-withdrawal penalty** should you need access to your funds prior to the maturity date.
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Extremely Safe Investment

With every Quorum term account, your funds are federally insured up to $250,000 by the National Credit Union Administration (NCUA).

Ready to Start Saving? Here's How:

Apply.

Use our easy, online application to become a Quorum member and open an account with us.

Choose.

During the application process, you can choose to open any savings product(s) you like.

Fund.

Once you’ve chosen the product(s) you wish to open, you’ll have the opportunity to fund your account(s) before submitting your application.

Apply Now

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?

  • You will be asked to provide a valid ID, your SSN, and banking information.
  • You must be at least 18 to open an account with us online.
  • On average, the application takes about 5 minutes to complete.

Log in.

Log in to your account via online banking.

Click.

Under Open, click on “Checking/Savings.”

Choose.

Select the product you wish to open, then follow the prompts to complete the application.

How many accounts can I open?

There’s no limit to how many term accounts you can open!

How much money do I need to deposit?

Minimum deposit requirements for our term accounts are $1,000.

Are there additional fees?

Term Accounts are fixed and have no additional fees.

Steps for Non-Members
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Other Helpful Resources:

Why Choose Quorum?

Quorum: one of Bankrate's Best Credit Unions of 2024

One of the Best Credit Unions of 2024

Bankrate

CNET Best Of 2024

The Best Credit Unions

CNET

CNN Underscored Best HELOC Lenders 2024

The Best HELOC Lenders

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Best Credit Unions

Business Insider

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Best Overall Credit Union Savings Account

CNBC

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Best Credit Union Savings Accounts

MarketWatch Guides

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Best Credit Union of 2024 for ATM Access

Associated Press

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Best Online Banks 2024

MarketWatch Guides

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Best HELOC for Investors

Bankrate

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Best Checking Account for Vast Network

CNBC

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2023 Diamond Award Financial Education

CUNA

Great rates and service.

Great rates and service. I recently opened a high-yield savings account with Quorum. The process was easy, online banking is comprehensive, and the rate and service were fantastic!

panslif12

Great rate!

My family and I have several savings accounts as well as a first mortgage and just opened a savings account with a great rate over 4%. Easy online application. Fully digital experience allows us access whenever we need to 24/7. Nice people Five Stars!

DCG021022

Glad we found Quorum.

Quorum is great. We feel so much more secure with a federal credit union than a commercial bank. Great staff and customer service is always patient and helpful. Rates on interest-bearing accounts are great, too. Website is user-friendly. Info is clear and precise. Glad we found Quorum.

Kathy W.

Member Reviews

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Very helpful and professional.

Very helpful and professional.

Ibrahim

I’ve been a member for almost 30 years.

I’ve been a member for almost 30 years. I stay because the customer service professionals are excellent!

Great customer service.

Great customer service.

Barbara R

Excellent customer service.

Excellent customer service. Eddie was excellent.

Glad we found Quorum.

Quorum is great. We feel so much more secure with a federal credit union than a commercial bank. Great staff and customer service is always patient and helpful. Rates on interest-bearing accounts are great, too. Website is user-friendly. Info is clear and precise. Glad we found Quorum.

Kathy W.

I’ve been a member for over 35 years.

I've been a member of Quorum Federal Credit union for over 35 years. I highly recommend to anyone that would like low banking fees, a great banking experience and fantastic customer service.

Laurie D.

Excellent problem solvers.

I've been banking with Quorum for years. They're always very pleasant to interact with and they're excellent problem solvers. Thank you, Quorum. You're the best.

NYCBlkM4WhtM

Lifetime approval from me!

I have had checking and savings accounts for years with Quorum Federal Credit Union and have never had any problems. Therefore, when I needed a mortgage loan, I turned to Quorum. Their staff was a joy to work with. Very professional, informative and attentive to my every question, concern throughout the entire process. Quorum gets my lifetime customer approval from me.

Ruby S.

I conduct all of my banking transactions via the Mobile App.

I conduct all of my banking transactions via the mobile app. I like that I can deposit my checks, and view my account daily balances.

Marla E.

Friendly, helpful and knowledgeable representatives.

New customer. Friendly, helpful and knowledgeable representatives. They answered ALL my questions and stayed on the phone with me through the entire setup and deposit process. I hope the exceptional customer service continues. Based on my experience, so far, I would definitely recommend.

Cynthia M.

Excellence, patience and care.

Shelly's service was of excellence and she walked me through the entire claims process with ease and calmness. I greatly appreciate her customer service skills of excellence, patience and care. Thank you.

Janice J.

OUTSTANDING!

Shelly was nothing short of OUTSTANDING! Big thank you to her and her follow through.

Bob S.

Personable staff who are motivated to bring solutions.

Brand new customer. So far so good. They were able to answer all questions promptly and accurately. Will see how follow-through goes but no complaints, which is a good thing! Personable staff who are motivated to bring solutions.

Vicki P

Highly recommend.

Amazing experience with this company for the past two years. I highly recommend.

Jorgefelix S.

Extremely helpful and knowledgeable.

The Quorum representative was extremely helpful and knowledgeable. I appreciate all she did to resolve my situation.

Carl W.

I so appreciate their time and hard work.

I want to thank Adisa, Debra, Eddie and Ellie for the excellent customer service that they gave me during the past week and a half. It made a difficult experience easier to deal with. The patience, understanding and kindness that they showed me was outstanding. They should be commended on doing their job with such expertise and professionalism. I so appreciate their time and hard work.

Mary F.

They do NOT disappoint.

Quorum has been my primary bank for over 5 years where they do NOT disappoint. Not only do they offer the best interest rates with the HighQ Savings and term CDs, they are prompt to provide answers to any questions that you may have regarding transactions with a detailed explanation of both benefits and minimum balances as well as other options to avoid fees. I encourage others to use these benefits and services offered.

Sonja M.

Friendly, knowledgeable, efficient.

Service member was friendly, knowledgeable, efficient and solved my problem quickly.

Marianne M.

Love my Credit Union.

Great experience today! We even got disconnected and she called me back after my issue was solved! Love my Credit Union.

Allison W.

Excellent customer service.

Excellent customer service. Very kind, courteous, pleasant and patient!

Vince D.

Quorum is the BOMB!

Quorum Federal Credit Union is the BOMB! Best customer service, helpful & assists with any concerns. I've banked at conventional "brick mortar" banks for 50 years. The extra benefits, better rates and customer service are by far SUPERIOR to any bank anywhere. Look them up, compare as I did then sign up. They are truly the real deal.

Gary H.

Just a wonderful credit union.

Just a wonderful credit union. Very knowledgeable people with kindness and professionalism. I’m an older gentleman, you can always call and speak with a human voice, it doesn’t have to be done on the computer. It’s a wonderful organization. If you’re looking for a credit union that offers great CD rates, great customer service, and most of all is very professional, I would recommend them to anyone that is looking for those qualities and some of the highest CD rates in the country. Quorum Federal Credit Union is all five star - first class, in my opinion.

Kin F.

Great experience being a member.

Quorum is a great credit union. The staff are always so helpful, friendly, and very patient. Great experience being a member.

Carla F.

Polite, professional, helpful.

Polite, professional, helpful. What customer service should be.

Penny W.

A safe place to put your money.

This is a safe place to put your money. They have very proactive fraud prevention systems that I am impressed with. Recently, I moved a large amount of money that is going towards the purchase of a car and my account not only required a code, but I received a phone call within a half hour of my transaction from one of their professionals, Savannah. She politely quizzed me, and from every angle may I say, to establish that it was indeed me who was working within my account. The savings and CD rates are great also and, their website works like clockwork. Thank you, Quorum, for being the best!

LS B.

CD and high-yield savings rates are excellent.

CD and high-yield savings rates are excellent. Decent service for an online only bank.

Celtics

Refreshing.

I was amazed at the simplicity and speed at which things were handled today. Not something you see every day in business anymore. So refreshing.

Livin Curiously

Great rates and service.

Great rates and service. I recently opened a high-yield savings account with Quorum. The process was easy, online banking is comprehensive, and the rate and service were fantastic!

panslif12

Knowledgeable and friendly.

Bonnie was both knowledgeable and friendly. My issue was corrected immediately.

Catherine C.

This Credit Union quickly became my bank!

This credit union quickly became my bank! What started with a low-interest first mortgage refinance has turned into a first mortgage, two credit cards, a high yield savings account, fee free checking account and a checking reserve account. I pay all my bills via the online bill payment and even send physical checks from my online checking account to the landscaper and others. Member support is beyond expectation and the mobile app is robust and user friendly. Great work Quorum!

mhudson

Great rates.

I've been a member of Quorum for many years. They almost always have great deposit rates and the app is super easy too!

Tbe

Very helpful and attentive.

I have been a member of Quorum for many years. They have always been helpful and very attentive. I highly recommend Quorum for financial business.

Herminia M.

Mobile deposits went perfectly.

I was very apprehensive about doing a mobile deposit. I'm still a fan of brick and mortar but that's no longer an option. I spoke to a wonderful woman named Shelley who was just amazing with patience. She informed me of a few banking options. Everything went perfectly as she walked me through the process that I chose.

B Renee B.

Very easy to navigate across the board.

Very easy to navigate across the board, making banking from home a no-effort issue.

7 reasons to smile

Our mortgage was a breeze!

Extremely professional team, our mortgage was a breeze with all the support from Mirella and Brandi. Highly recommended!

Erika V.

Tremendously patient and helpful.

Quorum customer service was tremendously patient and helpful today. I'd phoned with two problems, which were successfully addressed with a combination of patience and professionalism.

Richard B.

I was THRILLED to be able to do mobile deposits.

Since I need to use mail to deposit checks, I was THRILLED to be able to do mobile deposits. This app works better for deposits than either of the other two bank apps I use.

Kim N.

Love everything about them.

Have been a member for 15 years and love everything about them: have a HighQ account, QClassic checking and a mortgage with them, too.

Sharon C.

Have been a faithful and delighted customer.

I joined Quorum in 1998 and have been a faithful, and delighted customer since. Any issue I have experienced has always been handled with respect, knowledge and follow-through. Can't give them enough high praise. Today I was contacted by Quorum so they could personally update me on a specific change in their policy that may affect me. What other company takes the time and consideration to do that? I don't know of any other. Adisa was the Quorum representative who contacted me. Her approachability and the fact that she consistently asked if I was comfortable in giving answers to the requests for information from me made me feel safe and comfortable. Any business who employs someone of Adisa's caliber is worthy of all my banking business! Thank you, Quorum... you guys really are The Best!

Kathy C

Always friendly and courteous.

Always friendly and courteous. Great job by the Quorum team. Great to do business with them.

Bill J.

Go with a credit union-and this is a good one.

Really nice group here; they actually work with you, much like a community bank. They are also fast and efficient.If you are tired of being gouged by the Big and Ugly banks, you should go with a credit union--and this is a good one.

Heidi K.

Great rate!

My family and I have several savings accounts as well as a first mortgage and just opened a savings account with a great rate over 4%. Easy online application. Fully digital experience allows us access whenever we need to 24/7. Nice people Five Stars!

DCG021022

Very good service and rates.

Very good service and rates.

Stan L.

View all reviews

Join an online community geared towards helping your financial well-being through top-tier financial tools, competitive rates, and award-winning customer resources. Become a member today and find out why Quorum is consistently selected as one of the top credit unions in the country.

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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 dcamail@ncua.gov.

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.

How does a savings account differ from a term account (similar to a CD)?

When comparing a term (similar to a CD) and savings accounts, it helps to understand their differences by looking at factors including:

  • Accessibility of funds: With a traditional 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, if you have a longer term and larger investment, you can secure a higher interest rate 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’s high-yield savings account, HighQ!). 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 does a term account differ from a CD (certificate of deposit)?

Term 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.

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.

What do I do when my Term Account is near maturity?

A Term 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 Term Account, re-invest it, or let it roll over automatically for the same term, at the current dividend rate (penalties apply for early withdrawal).

If you would like to roll your Term Account to another Term Account at maturity, you can contact our Member Service Team or send us a secure message in online banking. If you do not contact the Credit Union, the Term Account will automatically roll over into a comparable term at the current offering rate. Learn more about what you can do with a mature term account.

If you wish to close the term and have a check mailed to you, you must contact our Member Service Team at (800) 874-5544, Monday through Friday, 8:30 a.m. to 7:00 p.m. ET.

How long is the grace period to roll over my term account?

Term accounts have a seven-calendar-day grace period from the maturity date.

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.

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 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 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 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. 

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.

DISCLOSURES

*Annual percentage yield (APY) and rate are in effect as of 04/30/2024. Term savings accounts are fixed-rate accounts. Dividends are compounded monthly and paid monthly. The minimum deposit and balance required to earn APY is $1,000. A penalty will be imposed if funds are withdrawn prior to maturity date. Fees could reduce earnings.  Click here for more information on Early Withdrawal Penalty. Term Account deposits of $100,000 or more earn an additional 0.10% APY. Term Accounts will automatically roll over into the same term at the current rate at maturity.