Offer at a glance
- Maximum bonus amount:
- Availability: Nationwide
- Direct deposit required: None
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding:
Yes, $2,500. Visa & Mastercard acceptedNo longer offered - Monthly fees: None
- Early account termination fee: None
- Household limit: None
- Expiration date: None
The Offer
- Quorum Federal Credit Union is offering a savings bonus of up to $1,000. Must fund account within 15 days of account opening and maintain the balance for at least 180 days. Tiers are as follows:
- $25,000 – $49,999.99: $100 bonus
- $50,000 – $99,999.99: $250 bonus
- $100,000 – $249,999.99: $500 bonus
- $250,000 or more: $1,000 bonus
The Fine Print
- To qualify for this offer, the account must be opened by an individual who has not been a member of Quorum Federal Credit Union within the previous 36 months. Limit one bonus per individual.
- Within 15 calendar days of account opening, the member must deposit at least $25,000 in new money into a qualifying HighMarq account. New money is defined as funds deposited from a financial institution outside of Quorum Federal Credit Union and excludes transfers from existing Quorum accounts.
- The bonus qualification period begins on the date the account is opened and ends 15 calendar days later. Only qualifying new money deposited during this period will be used to determine the member’s initial bonus tier.
- Bonus eligibility is determined by the lowest account balance maintained during the 180 consecutive days following the end of the 15-day qualification period, according to the following tiers:
- $25,000 to $49,999.99 = $100 bonus
- $50,000 to $99,999.99 = $250 bonus
- $100,000 to $249,999.99 = $500 bonus
- $250,000 or more = $1,000 bonus
- If the account balance falls below a tier threshold at any time during the 180-day maintenance period, the member will qualify only for the corresponding lower tier, if any.
- The account must remain open and in good standing throughout the qualification period and at the time the bonus is paid. The bonus will be credited within 30 days after all promotional requirements have been satisfied.
- Bonuses may be reported as interest dividends and may be reported on IRS Form 1099-INT. The Annual Percentage Yield (APY) is variable and subject to change at any time. Quorum Federal Credit Union reserves the right to modify, suspend, or terminate this offer at any time. Any changes will not affect members who have already met the offer requirements before the effective date of such modification.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees.
Early Account Termination Fee
I found no mention of any early account termination fee in their fee schedule.
Our Verdict
This works out as an additional 0.8-1% APY depending on the tier. This just brings it up close to 5% APY so don’t think it’s worth considering with other basic savings accounts earning similar rates. We won’t be adding this to our list of the best bank account bonuses.
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