Desert Financial Credit Union Savings Certificate

Desert Financial Credit Union Savings Certificate Review

Desert Financial Credit Union Savings Certificate are offered by Desert Financial Credit Union, a credit union founded in 1939 and based in Phoenix, AZ. Desert Financial Credit Union Savings Certificate are available in 1 state across the USA.

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.95%, which is much higher than the national average for a certificate account.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the certificates we track.
• Wide selection of certificate terms. Desert Financial CD allows you to create a certificate ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of Desert Financial Credit Union Savings Certificate

Desert Financial Credit Union Savings Certificate FAQ

Are share certificates from Desert Financial Credit Union federally insured?

Yes, your share certificates are insured up to $250,000 per share owner for each account ownership category. 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.

What is the difference between CDs and Share Certificates?

Certificates of Deposit (CDs) and Share Certificates are both deposit accounts where your money can grow at a fixed rate for a predetermined period of time. Both are low-risk and federally insured products designed to give you a better rate on your deposits than typical savings accounts. The main difference between them is that CDs are offered by for-profit banks, whereas Share Certificates are offered by member-owned, not-for-profit credit unions.

What types of share certificates does Desert Financial Credit Union offer?

• Traditional share certificates. These share certificates pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the share certificate for another term.
• Jumbo share certificates. A jumbo share certificate requires a higher minimum balance than that required by traditional share certificates. In exchange, jumbo share certificates pay higher interest rates.
• IRA share certificates. An IRA share certificate is a type of IRA that consists entirely of share certificates. In general, you can invest in share certificates in any IRA, but Desert Financial CD offers a share certificate that is specifically for retirement.

What rates does Desert Financial Credit Union offer on its share certificates?

Desert Financial CD offers an APY starting at 0.35% and ranging up to 0.95%. APY stands for annual percentage yield and shows the interest rate paid by the share certificate after taking into account compounding.

What is the minimum deposit to open a share certificate account with Desert Financial Credit Union?

Desert Financial CD require a minimum deposit of $1,000 to open an account.

What is the grace period for Desert Financial CD?

There is a 10-day grace period for Desert Financial CD. A grace period is a period of time during which you can withdraw the money in your share certificate without paying an early withdrawal penalty. A grace period starts the day after a share certificate’s maturity date, or the final day a share certificate is opened. Standard share certificates renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new share certificate rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Desert Financial Credit Union charge?

Financial institutions don't typically charge many fees on share certificates. However, most charge a fee if you choose to withdraw your money before the term ends.

Desert Financial Credit Union does not charge an early withdrawal fee.