HighQ Savings
One of Our Best Liquid, Online Savings Accounts
Get more out of your money. Earn 4.00% APY*, no matter what your balance totals.
Whether you’re looking to go on vacation, buy that big-ticket item, or just build up a strong emergency fund, our liquid HighQ Savings Account can help you get there without locking up your funds. Log in to online banking to open your HighQ Savings account today!
Learn What Makes HighQ One of the Best Savings Accounts for Members.
We’re serious about your savings. Plain and simple. That’s why we offer a liquid, high-interest online savings account, with all the good stuff, but none of the fuss or fees:
Liquid
Competitive Rates
No Minimum Deposit
No Minimum Balance Requirement
NO Fees (as long as you maintain eStatements)
Easy Access to Your Funds
What's the Difference Between a High-Yield Savings Account and a Term Account?
Ready to Start Saving? Here's How:
Compare One of Our Best Savings Account Rates with the Average Interest Rate
As of 10/23/2024, the average bank savings account rate is 0.45%, according to the FDIC.
HighQ has a higher dividend rate at 3.93% (4.00% APY), which is 8 times the national average!
Other Helpful Resources:
Savings Accounts: Why It’s Important to Have One (or More), and Questions to Ask Before Opening One
4 Ways You Can Make Deposits to Your Quorum Accounts
Savings Goal Calculator
Why Choose Quorum?
Member Reviews
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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.
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 Annual Percentage Yield (APY)?
APY is the amount of dividends you earn on money you deposit into a savings accounts (including high-yield savings accounts), over the course of a year. How often dividends are 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.
How does a checking account differ from a personal savings account?
Checking accounts allow you to access your money to shop, pay bills or withdraw cash from locations across the globe. They are well-suited to pay for your daily or recurring expenses. A regular savings account, on the other hand, offers the added benefit of earning higher dividends, or a compounded return on the funds you deposit over time. These dividends compound at intervals set by the financial institution, but usually occurs either annually, quarterly, monthly, or daily. (Quorum compounds dividends monthly.)
Savings accounts are, by design, not suited to pay for daily purchases. If your monthly budgeting and bill payment plan requires multiple transfers each month from a savings account, or you believe you may routinely exceed six transfers per month, consider a checking account, or setting up multiple savings accounts.
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 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.
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.
- Rates: Financial institutions set and adjust the dividend rates 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 dividend 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 Quorum determine dividend 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. 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.
What are the fees for a HighQ account?
There are NO fees associated with a HighQ account, as long as you maintain eStatements. If account holders wish to receive a paper statement, there will be a $10 monthly fee.
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.
A Few Things You Should Know
*Annual percentage yield (APY) and rate are in effect as of 09/26/2024. The current dividend rate is 3.93%. APY and rate may change after account is opened and any fees could reduce earnings. There is no minimum balance to open or maintain HighQ Savings. There are no monthly fees as long as you register for and maintain e-Statements. If you choose to receive paper statements, there will be a $10 monthly fee. Once your HighQ Savings account is opened, you can obtain a Quorum ATM Card to access cash via ATMs or link your HighQ Savings to an existing Quorum Debit Mastercard. For more information or to link your card to your HighQ Savings account please call (800) 874-5544.