Quorum Federal Credit Union is headquartered in Purchase and is the 22nd largest credit union in the state of New York. It was established in 1934, and it received a federal charter in 1977. As of September of 2023, it had grown to 146 employees and 68,163 members. Quorum is established as an online-only credit union. Access to banking services is done online at Quorum’s website or via Quorum mobile banking app. The cost savings of not having branches allows Quorum to offer more competitive rates. Its savings rates are 8X the national average.
Field of Membership Restrictions
Quorum Federal Credit Union is open to anyone through the American Consumer Council. Membership is also open to employees of Kraft Heinz Company and other organizations. (Membership requirements are listed on the credit union's website.)
See current membership details
Rates And Service
CD and high-yield savings rates are excellent. Decent service for an on-line only bank.
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!
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!
24 Mo And 36 Mo CD Dropped To 4.60% APY % 4.85% APY Respectively
Once a near leader in mid-term CD rates, now like the others: Quorum has dropped below that 5% APY on their 36 mo term.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 22769 |
| Year Chartered | 1977 |
| Employees | 137 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.67% |
| Return on Equity - YTD | 8.27% |
| Annual Interest Income | $65.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $1.13B$1.09B |
| Loans | Q4 2024vs Q4 2023 | $717.3MM$754.2MM |
| Deposits | Q4 2024vs Q4 2023 | $976.1MM$960.8MM |
| Equity Capital | Q4 2024vs Q4 2023 | $90.6MM$80.9MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $18.3MM$21.9MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $16.9MM$15.9MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $2.5MM$281K |