5Star Bank offers a variety of personal deposit and business accounts. There are three different personal checking accounts. One that earns interest, one earns cash back, and one rewards you for shopping online. 5Star Bank offers a savings account, money market account, and different CD terms. Business accounts include checking, money market accounts, CDs, and loans.
5Star Bank has low amounts required to open their accounts. Each of the different checking accounts only require $50 to open. The Kasasa savings account does not have a set amount required when opening. Both the money market account and the different CD terms each require $1,000 to open.
There are no fees to use 5Star ATMs. 5Star Bank will refund up to $20 each month in ATM fees for each of their checking accounts. ATM transactions do not count toward the required debit card transactions to earn interest or rewards.
Most all 5Star Bank accounts do not have monthly maintenance fee. Each of the different checking accounts is free, as well as the savings account. The money market account has a $5 fee, which is waived by keeping at least $1,000 in the account. The different term CDs do not have monthly fees.
To earn the most competitive rates for the money market account requires a large sum. To earn the best rate, you must have a balance of $250,000 in the account. Any balance over $1,000 does earn interest, but a lower rate. The rates gradually increase the more money you have in the account.
5Star Bank checking accounts have requirements you must meet to earn competitive rates. Those requirements include enrolling in online banking and receiving eStatements. You must also make at least 12 debit card purchases each month. ATM withdrawals or account transfers do not count toward those purchases. If you do not meet the requirements for the month, you will not earn the competitive interest rate. The 5Star Bank savings account has the same requirements to earn interest.
5Star limits the amount of money that you can use with your debit card. The limit for point of sale purchases is $1,000 per day. The limit for ATM withdrawals for each day is $300.
Once you reach $25,000 in the savings or checking account the interest rates drop. Any amount under that balance will earn the competitive rates. Any amount over that earn a much lower rate.
Quorum does not have a set amount required to open their HighQ savings account. The basic savings account only requires $5 to open, which Quorum will pay for you. The checking accounts offered through Quorum do not have a set amount required to open.
Most Quorum accounts do not have monthly fees. If the accounts do have a fee, that fee is easy to waive. Electronic statements waive the fee for the basic savings account. Waive the checking account fees by having a set amount in direct deposits or a set account balance. You must also sign up for electronic statements.
The HighQ savings account and some CDs offer the most competitive interest rates. The rates are competitive with other online-only accounts. There is no required amount to open the HighQ account and no monthly fees. This account can be opened online. The CDs require $1,000 to open.
The QChoice checking account offers ATM reimbursement. There are a variety of ATMs that are free of charge to Quorum customers. However, if you use an ATM that charges a fee, Quorum will reimburse that fee up to $15 per month. The fee reimbursement will deposit automatically into your account on the second business day of the following month.
To open an account with Quorum, you must become a member of the credit union. To open an account online, you must be over 18. If you are under 18, you must mail in the application. To establish your membership, you must open a basic savings account. The required amount is $5, but Quorum will fund that amount.
Most Quorum accounts do not offer competitive interest rates. Most account rates are competitive with typical brick and mortar bank rates. The HighQ savings account offers the most competitive rate. That account offers interest that is competitive with other online accounts.
Most Quorum account interest rates are tiered. The checking account requires a $20,000 balance to earn the most competitive rate. The money management account requires $250,000 to receive the best rate.
The only accounts offered through Quorum are personal deposit accounts. No specific business accounts are available. Those personal deposit accounts include checking and savings accounts, and CDs. The CDs range from three-months to five-year terms.