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Money markets: Save your way
Get the growth of savings and the flexibility of checking!
Open my accountWhy open a money market account?
Want to earn higher dividends on your savings without committing to a savings certificate? A money market is a low-risk, high-yield savings option that gives you easy access to your funds!
Today’s rates
Compare money market accounts
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Money Market |
Jumbo Money Market |
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Intended for |
Earning higher dividends than traditional savings with flexible access to funds.3 | Maximizing your dividends on balances of $100,000 or more with flexible access to funds. | |
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Today's rate |
{rate-token-1}% APY |
4.25% APY |
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Minimum daily balance requirement4 |
$2,000 |
$100,000 |
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Service fee |
None |
None |
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Low-balance fee |
$15 monthly low-balance fee; waived with $2,000 minimum daily balance |
No low-balance fee; can only earn dividends when your balance is at least $100,000 |
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Check-writing capabilities |
Yes |
Yes |
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ATM access with a Money Market Visa® debit card |
Yes |
Yes |
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Unlimited at-the-counter transactions |
Yes |
Yes |
Money market FAQs
How is the Jumbo Money Market different than Desert Financial’s tiered money market account?
The Jumbo Money Market is designed for balances of at least $100,000 and offers a higher rate than our tiered money market product. Balances deposited into this account participate in a Demand Deposit Marketplace (“DDM”)5 product, in which funds may be swept to other insured financial institutions. You remain in control of your money at Desert Financial while enjoying a great rate! Participating financial institutions are City National Bank, an RBC Company; Citizens Bank, National Association; Peapack-Gladstone Bank; First Business Bank; Morgan Stanley Bank; Metropolitan Commercial Bank; Renasant Bank; Morgan Stanley Private Bank; Bell Bank and Sallie Mae Bank.
Are my deposits in a Jumbo Money Market federally insured?
Yes! While your funds are on deposit at Desert Financial, you’ll benefit from share insurance through the NCUA. Once funds are swept to another insured institution, your deposits will be insured by the FDIC (for banks) or NCUA (for credit unions). You are insured up to $250,000 for an individual account.
You may be eligible for additional share insurance depending on your account ownership type. If you’d like more information about share or deposit insurance, please review the resources below or ask a representative.
FDIC provides “EDIE The Estimator,” an electronic insurance calculation program, which is found at https://www.fdic.gov/edie/index.html. Other information regarding FDIC insurance coverage may be found at the FDIC’s Consumer Resource Center section of their website at https://www.fdic.gov/resources/consumers/index.html.
NCUA also provides the “NCUA Share Insurance Estimator,” an electronic insurance calculation program, which is found at https://mycreditunion.gov/share-insurance-estimator-home. Other information regarding NCUA insurance coverage may be found at the “Share Insurance Coverage” section of the “Consumers” menu option on the NCUA’s website at https://mycreditunion.gov/share-insurance.
How does the sweep work with a Jumbo Money Market?
We may sweep all or a portion of your deposits to a participating insured financial institution as part of the program. You’ll continue to see your balances at Desert Financial within Online Banking and on your statements. You’ll continue to receive your tax forms from Desert Financial and you can contact us with any questions about your account.
Where are the funds being swept to with a Jumbo Money Market?
Your funds may be swept to participating financial institutions selected by Desert Financial. A current list of financial institutions that we may sweep to is available above [anchor link to list].
What if I already have funds at a financial institution on the list of participating institutions?
For purposes of share or deposit insurance only, program deposits will be combined with any non-program deposits you may have at participating institutions. If you’re concerned about share or deposit insurance, please speak with a representative who can help make sure you are covered.
What if my total balance falls below $100,000 in a Jumbo Money Market?
If the total balance in your Jumbo Money Market is less than $100,000, you won’t be charged a low-balance fee. However, you won’t earn any dividends until your balance is back to at least $100,000.
How does the Jumbo Money Market sweep affect my everyday experience as a member?
It doesn’t! You’ll still be able to see your full balance in Online Banking, on the mobile app and on your statements. You’ll continue to have full access to your funds.
Are these products offered for business accounts?
The Jumbo Money Market is currently only available for consumers. For a standard business money market account, check out our business savings options.
Disclosures
1
Annual Percentage Yield (APY) rates are accurate as of {current-date}. Rates subject to change without notice and may change after the account is opened. Fees could reduce the earnings on the account. Visit our rates page for additional information and details.
2
Annual Percentage Yield (APY) effective as of {current-date}. Jumbo Money Market rate is variable, may change after the account is opened and is subject to change.
3
Primary account holder must meet Desert Financial’s membership eligibility and credit qualification requirements. Must maintain a minimum daily balance of $2,000 to earn dividends and to avoid paying a Monthly Low Balance Fee; see Fee Schedule. For complete account terms and conditions, refer to the published Statements of Terms, Conditions and Disclosures.
5
The Jumbo Money Market account offered by Desert Financial Credit Union is administered through the Demand Deposit Marketplace (DDM) Program, operated by Stable Custody Group II, LLC. Deposited funds up to the Maximum Program Deposit Amount may be swept into deposit accounts federally insured by the FDIC or NCUA at participating Receiving Financial Institutions. Visit DesertFinancial.com/JMM to view the DDM program disclosure. Demand Deposit Marketplace®, DDM®, Reich & Tang® and R&T® are registered marks of Reich & Tang Deposit Networks, LLC (“R&T”). Stable is a subsidiary of R&T.