Friday, 20 September 2019

Desert Financial Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Desert Financial Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
01 Jan
12:29

Desert Financial Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Desert Financial Credit Union Membership Savings

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.00%

CD Rates

Desert Financial Credit Union 1 Year Savings Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.12%

CD Rates

Desert Financial Credit Union 3 Year Savings Certificate

2.90%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.53%

CD Rates

Desert Financial Credit Union 5 Year Savings Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Desert Financial Credit Union’s checking account options

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How Desert Financial Credit Union’s checking accounts compare

We’re disappointed that the only checking account offered doesn’t earn you any interest. Other competitors offer interest-bearing accounts, no monthly fees and ATM refunds. Considering Desert Financial Credit Union has restrictive membership requirements – including the fact that you need to open a savings account – you might be better off looking elsewhere. You may consider our list of the best online checking accounts.

Desert Financial Credit Union’s savings account options

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How Desert Financial Credit Union’s savings accounts compare

Sadly, these rates are extremely low compared to some of the best accounts out there. Many other online savings accounts, like the ones on our list, offer much higher rates, no monthly fees and no minimum balance requirements. We do like that you get ATM access with Desert Financial Credit Union’s savings accounts, but these low rates aren’t worth it.

Desert Financial Credit Union’s CD rates

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How Desert Financial Credit Union’s CD rates compare

The rates for Desert Financial Credit Union’s CDs aren’t anything to write home about. Their minimum opening deposit is right around what other places require but their competitors offer slightly higher rates. We like that there is a CD that is specifically for college savings, but you can use a regular CD for that purpose as well if you time it right.

To maximize your savings, you may be better off going with one of these options on our list of the best CD rates.

Desert Financial Credit Union’s money market account options

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How Desert Financial Credit Union’s money market accounts compare

The highest-tiered rate is comparable to some of the best money markets out there. However, you need an extremely high minimum balance – $250,000 to be exact – to qualify for that rate. Many competitors offer higher rates with lower minimum balance requirements. Frankly, you’re better off looking elsewhere, such as at the ones on our list of the best money market accounts.

Desert Financial Credit Union’s IRA account options

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How Desert Financial Credit Union’s IRA CD rates compare

These rates are low when compared side by side with other competitors. Other places like the ones on our list of the best IRA CD rates also offer lower minimum opening deposit amounts, making them the more affordable choice if you don’t have a lot of cash to set aside for savings. That, plus the fact that there are restrictive membership requirements, means we give these IRA CDs a hard pass.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/desert-financial-credit-union/

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