Quorum Federal Credit Union Review: Pros And Cons

Quorum Federal Credit Union offers a range of benefits, including no-fee banking and high yields on checking, savings, and term products. It also provides its members with rewards, credit cards, loans, and mortgages, as well as access to over 90,000 in-network ATMs.

While Quorum advertises some high APY (annual percentage yield) on their accounts, is it worth considering if you're looking for a new banking relationship?

We answer these questions and more in this full review. 

What Is Quorum Federal Credit Union?

Quorum Federal Credit Union is a credit union based in Purchase, NY. This means that membership is open to employees of select partner companies, as well as retirees and the family members of current employees and retirees. You can also join Quorum if you are a member of the American Consumer Council (ACC). 

While membership might sound restrictive, Quorum actually is one of the few credit unions that anyone can join.

Here is just a small list of companies affiliated with Quorum: 

• The Kraft Heinz Company 
• Mastercard
• BASF Corporation 
• Diamond Resorts International 
• Good Samaritan Hospital (Suffern and Warwick, NY)
• Heineken USA
• McKinsey & Company 
• National Business Aviation Association (NBAA) (employees and retirees only)
• Nutrition 21, Inc.
• Robison Oil
• Scarsdale Pediatric Dental Associates, LLP
• Starpoint Resort Group
• Temps Today Inc.
• US Foodservice Inc.; Bensenville, IL
• USI Insurance Services

What Does It Offer?

Quorum offers a wide range of financial products and services to its members, including checking and savings accounts, term savings (similar to CDs), credit cards, mortgages, loans, and more. For this review, we will focus primarily on their day-to-day banking products. 

Checking Accounts 

Quorum offers three checking accounts: QBoost, QClassic, and QFlex. Here's a closer look at how each one breaks down: 

See Quorum Federal Credit Union's Checking Page for full details.

Savings Accounts

Quorum offers two personal savings accounts: HighQ Savings and HighMarq Savings. The HighQ Savings pays an attractive yield on every dollar (currently 3.75% APY*), has no monthly fees, and no minimum balance or opening deposit requirement. You can also access your funds from Quorum's network of over 90,000 fee-free ATMs. One thing to keep in mind: If you opt for paper statements, a $10.00 monthly fee applies. 

The HighMarQ Savings is Quorum's premier savings account. If you maintain a minimum balance of $10,000, you can access Quorum's highest savings APY, currently 4.10%*. There are no monthly fees, and your money is never locked in. However, as with the HighQ Savings, a $10 monthly fee applies to receive a paper statement. 

Term Savings (Similar to CDs) 

If you're looking for a little extra yield on your savings and don't mind locking in your funds for a while, Quorum's Term Savings are a solid option. They offer attractive yields and a low minimum deposit of $100.

Note: If you deposit $100,000 or more in any term, you'll receive an extra 0.10% APY. 

Credit Cards

Quorum Federal Credit Union offers three no-annual-fee credit cards, which feature travel perks, cash-back rewards, low APRs, and more. Although none of its Mastercards can compete with the industry's best rewards credit cards, they offer sufficient features and benefits to satisfy most consumers. Here's a quick glance at each card's key features:

Quorum World Mastercard 

This no-annual-fee, low APR card offers cash rewards and no balance transfer fees. The card's purchase APR ranges between 13.15% and 18.00% APR. You can redeem rewards earned for airline tickets (1.25%) and cash rewards (0.80% - 1.00%). You can also access exclusive luxury resort day passes through ResortPass. The card includes Purchase Assurance and Extended Warranty Protection, and comes with several Mastercard Travel Benefits.

Quorum Cash Back World Mastercard

This no-fee credit card offers a competitive purchase APR (13.15% –18.00%), cash back rewards of 1.25% (1.00% for gift cards), no balance transfer fees, and free, unlimited 2-day shipping with ShopRunner.com. Other perks include Mastercard Travel Benefits, Purchase Assurance, and Extended Warranty coverage. 

Quorum RateWise Mastercard

The Quorum RateWise Mastercard offers a purchase APR as low as 12.15%, no annual or balance transfer fees, and a low cash advance fee with a $25 cap. Also worth noting is that it charges the same APRs (12.15% – 18.00%) for purchases, cash advances, and balance transfers. Very few credit cards do this. As with the other cards, you'll benefit from Purchase Assurance, Extended Warranty, and several Mastercard Travel Benefits. 

Are There Any Fees?

Regarding Quorum's checking and savings accounts, there are no monthly fees. However, if you opt for paper statements, you will pay a monthly fee of $2 or $10, depending on the account. There are no annual fees on any of its credit cards. For a full list of fees and other charges, please refer to Quorum's Fee Schedule on its website. 

How Does Quorum Compare?

If you are eligible to open an account with Quorum Federal Credit Union, it compares favorably to similar credit unions. For example, the APYs on its no-fee checking and savings accounts are higher than those currently offered by Navy Federal Credit Union, and it boasts a larger network of fee-free ATMs. Quorum also offers more favorable savings yields than Alliant, another popular credit union. 

How Do I Open An Account?

To open a checking, savings, or credit card account with Quorum, you must become a member. As mentioned, membership is open to employees of Quorum partner companies, as well as retirees and the family members of current and retired employees. You can also join Quorum if you are a member of the American Consumer Council (ACC). 

Once you've determined eligibility, you can open an account online on Quorum's website or via its mobile app, which is available for download on iOS and Android devices. The account opening process is pretty straightforward. As with any online banking application, you'll need to provide an email address and create a secure password for online access. You'll also need to provide valid identification. According to Quorum, the online account opening process takes approximately five minutes. 

Is It Safe And Secure?

Yes, Quorum is safe to do business with. When it comes to mobile and online banking, it follows industry-standard security protocols and works to protect the privacy of its members. It's also a member of the National Credit Union Administration (NCUA), so deposits are protected up to $250,000. 

How Do I Contact Quorum?

Quorum is entirely online and has no branches. You can contact Quorum Member Services by phone at 1-800-874-5544, Monday – Friday, 8:30 AM - 7:00 PM EST.

If you have a general inquiry, you can submit a message via an online contact form. The credit union's mailing address is as follows: 

Quorum Federal Credit Union
2500 Westchester Avenue, Suite 113
Purchase, NY 10577

Is It Worth It?

If you are eligible to become a Quorum member, the credit union has a lot to offer. Its no-fee checking and savings accounts provide higher yields than many other credit unions, as do its Term Savings accounts. Members also have access to over 90,000 in-network ATMs.

While Quorum's cards offer decent benefits considering there are no annual fees, they fall short of top rewards credit cards. 

Check out Quorum here>>

Quorum Features

*APY=Annual Percentage Yield (APY) is in effect as of 08/13/25 and subject to change.