5.44% 60-Month / 5.18% 12-Month CD at a Utah CU (Deseret First).
Jan 26, 2008 - 4:20 PM by Ken Tumin
Deseret First Credit Union has several high yield certificates. The high rates range from 5.18% APY for a 12-month term to 5.44% APY for a 60-month term. These have a $500 minimum deposit. The Jumbo CDs with a $75K minimum have higher rates that range from 5.28% APY for a 12-month term to 5.55% APY for a 60-month term. These rates are also available in IRA certificates.
I last reported on this credit union a year ago when it had similar high yield CDs.
Membership is available nationwide, but there is a catch. You or a family member must be a member of the Church of Jesus Christ Latter-Day Saints. Their Membership page specifically states that any citizen or legal resident of the United States who fits this criteria is eligible to join. Membership requires a minimum deposit of $25 into the Standard Savings Account.
Branches are located in Salt Lake City and several other cities of Utah. The credit union is federally insured by the NCUA (Charter # 24708). The credit union has grown quite a bit since my post from last year. Assets went from $367 million to $420 million and the numbers of members increased from 50,571 to 51,466 members.
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Ade (anonymous) - #1, Friday, January 4, 2008 - 5:40 PM
Hi...though I'm not a church person I went to the Church of Jesus Christ Latter-Day Saints but didn't find any Membership page... unless "membership" means to attend??? Anyone knows please?
I'd like to open an IRA account for my last remaining $500 (though with some hassle as I have it in 2 institutions. LOL!). 5.44% is very good for 500 bucks. Adela
Anonymous - #2, Friday, January 4, 2008 - 8:00 PM
This is a serious question and I’m not trying to start anything by it. I’ll admit that I am ignorant in this matter so that is why I am asking.
How can a financial institution allow only certain members of a religion to become members of the financial institution without breaking discrimination laws? This credit union is only for those who belong to or are affiliated with the Church of Jesus Christ of Latter Day Saints. Are there other institutions that are only for Catholics, Baptists, Jews, Muslims, etc.? Also, since an institution can limit membership to a certain religion, couldn’t a financial institution have the right to limit membership to a certain race? For example to say that one must be black only, or white only, or membership only open to Hispanics?
Once again I am not trying to open a can of worms. I’m sure that it’s legal or else they wouldn’t be able to disqualify someone else who practices a different religion. I would just like someone to educate me on this matter.
Thank you!
Banking Guy (anonymous) - #3, Friday, January 4, 2008 - 8:05 PM
It took me awhile, but I was able to find more details about membership here.
Banking Guy (anonymous) - #4, Friday, January 4, 2008 - 8:15 PM
Similar question was asked in my Polish and Slavic FCU post. I believe the NCUA allows religions and ethnic groups to be considered as valid common-bond groups. I haven't looked at all of their documents, but it might be better explained somewhere under this NCUA page
Anonymous - #5, Friday, January 4, 2008 - 8:22 PM
Thank you Banking Guy for the NCUA page link.
Anonymous - #6, Monday, January 7, 2008 - 6:37 PM
Thanks so much, Banking Guy for finding for us the membership at the church. You're always so handy! I can see now that it isn't for me. It's not just being a member - one must be an ACTIVE member. Too bad as they are probably the only ones by now offering such succulent rates! (Too expensive for me!) ;o)
I tried Patelco's 9 months (though I preferred a longer term) at approx. 5.46% also for $500 but I didn't move fast enough to catch it.
I wonder just when might be the next cycle of up stream rates???
:o) Adela
P.S. Anyone happens to know whether there are any fixed annuitiy "deals" websites much like our wonderful Banking Guy created for banks? Thanks. Adela
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