Desert Financial Credit Union

Overview / Commentary
148 N 48th St
Phoenix, AZ 85034

Desert Financial Credit Union is headquartered in Phoenix and is the largest credit union in the state of Arizona. It is also the 32nd largest credit union in the nation. It was established in 1939 and as of September of 2022, it had grown to 1,158 employees and 417,710 members at 47 locations. Desert Financial Credit Union's money market rates are 3X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership is open to those who live, work, attend school or worship in Gila, Maricopa or Pinal Counties or immediate family of those eligible.
See current membership details

Fantastic Credit Union!

Posted by: |

I have both personal and commercial accounts with Desert Financial. They always have provided me with amazing customer service and are a pleasure to work with. I've read a few bad reviews about them and just wanted to add my positive experience. Seems the best way to be happy with your bank and avoid fees is to keep a reasonable balance in your accounts, and don't miss any loan payments. I've only been charged fees when incoming wire transfer fees, etc. But all in all this a great credit union with great people. I've held accounts at other Banks and cu's and desert financial is one of the best.

Good Experience Overall

I have a checking account and savings account at Desert Schools Credit Union. Opening the accounts was very easy, and it only took about 30 minutes to open them. The staff was very nice and helpful. For the checking account you had to spend at least $15 each month or else you had to pay a fee. This was a little strange and sometimes we forgot to use the account and had to buy $15 worth of stuff just to avoid the fee. The only problem is the app. The app is not very easy to use, and it was a big ordeal just checking the amount of money that we had in each account. It's better to not use the app at all and just use the website on a desktop computer. Overall we are having a great experience as customers at this credit union, just the app is not as good as expected.

Avoid at all costs

Posted by: |

When the market crashed we approached them regarding a short sale, they were impossible to work with and the specific person in charge was a nightmare. We tried to do the right thing during a difficult time and are still paying the price for having done business with them. They don't care about the customer and since that time I continued to try to work with them, 7 years later they have the same approach land lack of customer service. I look forward to not having to do business with them again. There are far better alternatives, IE: PenFed for one.

Account Closure

Posted by: |

Requested to close account. Received a call back from a representative that was not in the correct department. I was told I had to call back the next day as that department was closed.

Question: So why not leave a message for your member as "members do matter most"! Have not had to complete forms to close an account before. I cannot believe how much red tape there is now that this institution has stopped supporting other credit unions and in reality has become a bank, worse than Wells Fargo or Bank of America.



Health Grade Components

NCUA #68713
Year Chartered1939
Primary Regulator
Profit Margin
Return on Assets - YTD0.88%
Return on Equity - YTD17.06%
Annual Interest Income$176.2MM
Assets and Liabilities
AssetsQ3 2022vs Q3 2021$8.29B$7.79B
LoansQ3 2022vs Q3 2021$3.54B$2.53B
DepositsQ3 2022vs Q3 2021$7.72B$6.75B
Equity CapitalQ3 2022vs Q3 2021$430.7MM$773.0MM
Loan Loss AllowanceQ3 2022vs Q3 2021$22.5MM$25.0MM
Unbacked Noncurrent LoansQ3 2022vs Q3 2021$3.7MM$3.8MM
Real Estate OwnedQ3 2022vs Q3 2021$0$106.00K
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Desert Financial Credit Union Savings Account Rates

1.11%--IRA Savings
1.11%--Health Savings
0.10%$25-Membership Savings
0.10%--Holiday Savings

Desert Financial Credit Union Money Market Rates

1.51%*$250k*-Money Market
OTHER TIERS: 0.15% $2k - $10k | 0.25% $10k - $25k | 0.40% $25k - $50k | 0.80% $50k - $100k | 1.11% $100k - $250k

Desert Financial Credit Union CD Rates

3.61%$100k-5 Year Jumbo Savings Certificate
3.56%$1k-5 Year Savings Certificate
3.40%$100k-4 Year Jumbo Savings Certificate
3.35%$1k-4 Year Savings Certificate
3.35%$100k-3 Year Jumbo Savings Certificate
3.30%$1k-3 Year Savings Certificate
2.58%$100k-2 Year Jumbo Savings Certificate
2.53%$1k-2 Year Savings Certificate
2.43%$100k-18 Month Jumbo Savings Certificate
2.38%$1k-18 Month Savings Certificate
2.27%$100k-1 Year Jumbo Savings Certificate
2.27%$1k-1 Year College Savings Certificate
2.22%$1k-1 Year Savings Certificate
2.12%$100k-6 Month Jumbo Savings Certificate
2.07%$1k-6 Month Savings Certificate

Desert Financial Credit Union IRA Rates

3.56%$1k-5 Year IRA Savings Certificate
3.35%$1k-4 Year IRA Savings Certificate
3.30%$1k-3 Year IRA Savings Certificate
2.53%$1k-2 Year IRA Savings Certificate
2.38%$1k-18 Month IRA Savings Certificate
2.22%$1k-1 Year IRA Savings Certificate
2.07%$1k-6 Month IRA Savings Certificate


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