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California First National Bank VS Quorum Federal Credit Union

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
0.25%APY
Savings/MMA
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Pros:

  • Reimbursement of ATM fees
  • Competitive interest rates on accounts
  • Interest rates are not tiered
  • Free first order of checks with checking

Cons:

  • Not a wide variety of accounts
  • High opening required amounts
  • Accounts have monthly fees
  • Not all CDs offer competitive rates
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • No required amount to open account
  • Most accounts do not have fees
  • MMA and CDs offer competitive rates
  • ATM fee reimbursement

Cons:

  • Must become a member to open accounts
  • Most accounts do not have competitive rates
  • Tiered interest rates on accounts
  • No business accounts available
California First National Bank Review

You can withdraw money from any ATMs with the specific “Plus” logo. If you withdraw money from another ATM, you are reimbursed for the fees charged. CalFirst will reimburse up to $6.00 each statement cycle in ATM fees.

Most CalFirst accounts offer competitive interest rates. The interest rates are not tiered, so you earn the highest rates offered on any balance in the account. Interest is paid monthly on the actual daily balance.

The interest rates for CalFirst accounts are not tiered. Any amount you have in their accounts earns the competitive interest rates. You do not have to have a certain amount in the account to earn the most competitive rates.

The first order of checks is free when you open an interest checking account. You get an ATM card when you open an interest checking account. Free online bill pay comes with each CalFirst checking account opened.

CalFirst does not have a wide variety of accounts. No business accounts are available, only personal deposit accounts. One money market account and savings account are available. There is an interest checking and one regular checking account. CalFirst only offers five different CD terms.

CalFirst accounts have high opening amounts. The money market account and CDs require $5,000 to open. The interest checking account requires $2,500 to open. The savings account and regular checking account both require $1,000 to open.

The accounts at CalFirst all have a monthly fee. The fees range from $10 to $20 a month, depending on the account you open. Waive the fee by keeping a set amount in CalFirst accounts. You can also have a combined balance between a variety of CalFirst accounts.

Not all the CD terms offer competitive rates. The most competitive rates are the three-month, six-month, and the one-year terms. The two-year and three-year terms have interest rates much lower than the other terms. Regular CDs require $5,000 to open. The IRA CDs require $2,000 to open. The only fees are if you withdraw the money before the maturity date.

Read the full California First National Bank review.

Quorum Federal Credit Union Review

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.

Read the full Quorum Federal Credit Union review.

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