Deseret First Credit Union: Accounts, Loans, and Membership

Deseret First Credit Union Overview

Deseret First Credit Union was founded in 1955 as LDS Church Office Credit Union in response to a need for savings and financial services among employees working in the Church Office of The Church of Jesus Christ of Latter-day Saints. As its membership expanded beyond the original employee group, the institution changed its name to LDS Church Employees Credit Union in 1974 and adopted the name Deseret First Credit Union in 1986.

Today, Deseret First is a member-owned, not-for-profit credit union headquartered in West Valley City with physical branches across Utah. It serves eligible Church members, employees of qualifying organizations, and family members. In addition to its checking, savings, credit cards, loans, mortgages, and business services, Deseret First is particularly associated with mission-related financial products, including its Mission Savings Account and services designed to help missionaries and their families manage money before and during missionary service.

History and Expansion

In the early 1950s, leaders of The Church of Jesus Christ of Latter-day Saints recognized that employees working in the Church Offices needed access to dedicated financial services. Keith Carroll was tasked with organizing the institution, which was officially founded on July 28, 1955, as LDS Church Office Credit Union. The credit union initially operated from Carroll’s desk and ended its first year with 196 members.

In 1974, Deseret First opened its first physical branch on North Temple in Salt Lake City. Membership expanded to employees throughout the Church organization and certain affiliated companies, leading to the name LDS Church Employees Credit Union. Its field of membership expanded again in 1984 to include members of the Church, and the institution officially adopted the name Deseret First Credit Union in 1986.

Deseret First continued expanding its membership and physical presence in subsequent decades. Membership surpassed 50,000 in 2006, and the credit union completed a larger operations center in West Valley City in 2018. Today, it serves more than 80,000 members through 13 Utah branches. Its community efforts include financial education and the separate Deseret First Charitable Foundation, which helps qualifying missionaries with essential supplies and provides education assistance to recently returned missionary students.

Deseret First Credit Union Products and Services

dfcu.com | Products and Services

Deseret First Credit Union offers personal checking and savings accounts, money market accounts, individual retirement accounts, share certificates, youth savings, debit cards, and consumer credit cards. Its lending services include personal loans, auto and recreational vehicle financing, student loans, mortgages, construction and lot loans, refinancing, and home equity options. Deseret First also provides business deposit accounts, business credit cards, commercial financing, merchant services, online and mobile banking, financial education, and access to insurance and investment services.

Checking Accounts at Deseret First Credit Union

dfcu.com | Checking Accounts

Deseret First Credit Union offers three personal checking accounts, including a rewards-based option, a basic checking account, and an account for students. Common features include a Visa debit card, online and mobile banking, bill pay, mobile check deposit, and access to participating CO-OP ATMs and shared branches.

First Choice Checking

First Choice Checking lets members select a cash-back, ATM-fee-refund, credit-card-rewards, or balance-based benefit option.

• Monthly fee: $0
• Main requirement: Direct deposit, electronic statements, a valid email address, and 10 qualifying card purchases per monthly cycle are required to receive the selected benefit

Regular Checking

Regular Checking is a straightforward account for members who want basic checking without ongoing balance requirements.

• Monthly fee: $0
• Minimum balance requirement: $0 

Student Checking

Student Checking provides basic checking and digital banking tools for qualifying students through age 30.

• Monthly fee: $0
• Eligibility: Students in elementary school, middle school, high school, or college with a Membership Savings account

Savings Accounts at Deseret First Credit Union

Deseret First Credit Union offers membership savings, customizable savings accounts, mission-focused savings, money market access, retirement accounts, and an option designed for members with larger balances. Standard eligible deposits are federally insured by the NCUA within applicable limits, while Platinum Savings uses a deposit-placement network involving participating FDIC-insured banks and NCUA-insured credit unions.

Membership Savings

Membership Savings establishes the member’s ownership share in Deseret First Credit Union and is required to maintain membership.

• Minimum to open: $5
• Minimum balance requirement: $5

Special Savings

Special Savings allows members to create additional savings accounts for goals such as vacations, emergencies, or planned expenses.

• Main requirement: An existing Membership Savings account
• Key benefit: Members can open and name multiple goal-based accounts

Mission Savings Account

The Mission Savings Account helps individuals and families save for future missionary service.

• Minimum to open: $0
• Withdrawal access: One free withdrawal every six months

Platinum Savings Account

The Platinum Savings Account is intended for established members with larger deposit balances and places funds through a network of insured financial institutions.

• Minimum to open: $10,000
• Main requirement: At least one year of membership and an average deposit balance of $10,000 during the previous 12 months

Money Market Account

The Money Market Account combines tiered dividend eligibility with flexible access to deposited funds.

• Minimum to open: $2,500
• Withdrawal access: Unlimited deposits and withdrawals

Individual Retirement Account

Deseret First offers Traditional and Roth IRAs for members saving toward retirement.

• Account options: Traditional IRA and Roth IRA
• Opening method: Available by phone or at a Deseret First branch

Savings Certificates at Deseret First Credit Union

Deseret First Credit Union calls its term-based savings products share certificates. Members deposit funds for a selected period and may face an early withdrawal penalty when money is removed before the certificate matures.

Share Certificates

Standard Share Certificates are designed for members saving toward short- or long-term financial goals.

• Available terms: 3 to 60 months
• Minimum to open: $500

Jumbo Share Certificates

Jumbo Share Certificates provide the same term-based structure for members depositing a larger amount.

• Available terms: 6 to 60 months
• Minimum to open: $75,000

IRA Share Certificates

IRA Share Certificates allow eligible retirement savings to be held in a certificate with a fixed term.

• Available terms: 3 to 60 months
• Minimum to open: $500

Credit Cards at Deseret First Credit Union

dfcu.com | Credit Cards

Deseret First Credit Union offers three consumer Visa credit cards: a cash-back card, a points-based rewards card, and a non-rewards card. Shared features include digital-wallet compatibility, CardHub controls, fraud protection, and 24-hour card support.

Visa Signature Card

Best for members who want cash-back rewards on everyday purchases.

• Annual fee: $0
• Welcome bonus: None
• Intro offer: Not offered
• Rewards: 5% cash back at select merchants, 3% on travel, 2% on gas, electric-vehicle charging, and restaurants, and 1% on other eligible purchases
• Other perks: Travel and purchase protections, including rental-car coverage, trip protections, extended warranty coverage, and cellphone protection

Visa Platinum Rewards Card

Best for members who prefer flexible points that can be redeemed in several ways.

• Annual fee: $0
• Welcome bonus: None
• Intro offer: Not offered
• Rewards: One point per $1 spent, redeemable for cash, travel, merchandise, or gift cards
• Other perks: Travel redemptions may provide increased point value, with additional earning opportunities during select promotional periods

Visa Platinum Card

Best for members who want a straightforward non-rewards card or plan to transfer a balance.

• Annual fee: $0
• Welcome bonus: None
• Intro offer: Not offered
• Rewards: None
• Other perks: No balance-transfer fee

Loans

dfcu.com | Loans

Deseret First Credit Union offers vehicle financing and several secured and unsecured personal loan options. Its current lineup includes auto and recreational vehicle loans, signature loans, debt-consolidation financing, share-secured loans, overdraft protection, short-term financial relief loans, and student loans.

Auto Loans

Auto Loans can be used to purchase or refinance eligible new and used vehicles.

• Common uses: Cars, trucks, and other eligible passenger vehicles
• Application options: Available online or through a Deseret First loan representative

Recreational Vehicle Loans

Recreational Vehicle Loans cover several types of vehicles used for travel and outdoor activities.

• Eligible collateral: Motorcycles, ATVs, boats, trailers, campers, motorhomes, snowmobiles, and personal watercraft
• Loan purpose: Purchase, refinance, or borrow against qualifying vehicle equity

Signature Loans

Signature Loans provide unsecured financing without requiring savings or other property as collateral.

• Common uses: Large purchases, planned expenses, or other personal borrowing needs
• Key repayment feature: Fixed rate, term, and monthly payment

Debt Consolidation Loans

Debt Consolidation Loans use signature-loan financing to combine eligible debts into one monthly payment.

• Common uses: Credit cards, medical bills, and other qualifying balances
• Key repayment feature: One fixed monthly payment

Share-Secured Loans

Share-Secured Loans allow members to borrow against money held in an eligible Deseret First savings account.

• Secured structure: Backed by the member’s own savings
• Key purpose: Building or rebuilding credit while keeping savings deposited

Overdraft Line of Credit

An Overdraft Line of Credit provides backup funding when a checking account does not have enough money for an eligible transaction.

• Main use: Covering unexpected checking-account shortages
• Key benefit: May help prevent declined transactions and nonsufficient-funds fees

Financial Relief Loans

Financial Relief Loans provide small-dollar financing for qualifying established members facing an unexpected expense.

• Common uses: Emergency or short-term financial needs
• Main requirement: Available through online banking to qualifying members with an established account history

Student Loans

Deseret First provides access to student loans through Sallie Mae for qualifying education expenses.

• Common uses: Undergraduate, graduate, and career-training costs
• Available structure: Fixed- and variable-rate loan options with multiple repayment choices

Mortgages

Deseret First Credit Union offers financing for home purchases, construction, refinancing, and accessing home equity.

Home Purchase Loans

Deseret First offers conventional, FHA, VA, USDA, and first-time homebuyer options.

• Best for: Purchasing a primary residence
• Available terms: Fixed- and adjustable-rate options

Construction and Lot Loans

These loans help finance a new home build or the purchase of residential land.

• Loan purpose: Home construction or lot purchase
• Main requirement: Construction projects must meet Deseret First guidelines

Home Equity Loans

Members can access eligible home equity through a HELOC or second mortgage.

• Equity access: Revolving line or fixed lump sum
• Common uses: Renovations, debt consolidation, or major expenses

Reverse Mortgages

Reverse mortgages are available for qualifying older homeowners.

• Age requirement: At least 62
• Borrower responsibilities: Property taxes, insurance, and home maintenance remain required

Mortgage Refinancing

Refinancing replaces an existing mortgage with a new home loan.

• Loan purpose: Change the payment, term, or loan structure
• Available options: Standard and cash-out refinancing

Who Can Join Deseret First Credit Union?

dfcu.com | Membership

Deseret First Credit Union uses an affiliation-based field of membership rather than eligibility based on living in a particular Utah county.

• Church membership: Members of The Church of Jesus Christ of Latter-day Saints
• Church employment: Employees of The Church of Jesus Christ of Latter-day Saints
• Employers: Employees of participating employer groups and certain Church-affiliated organizations
• Family: Immediate family members of current Deseret First members or people who are otherwise eligible to join
• Credit union employment: Employees of Deseret First Credit Union

Prospective members should confirm their eligibility through Deseret First’s website, at a branch, or by contacting customer service. 

Conclusion

Founded in 1955 as LDS Church Office Credit Union, Deseret First Credit Union began by serving employees working in the Church Office of The Church of Jesus Christ of Latter-day Saints. As membership expanded, it became LDS Church Employees Credit Union in 1974 and adopted the name Deseret First Credit Union in 1986. Today, it is headquartered in West Valley City and operates physical branches across Utah.

Deseret First offers checking and savings accounts, share certificates, youth and mission-focused savings, consumer credit cards, vehicle and personal loans, mortgages, home equity products, and business services. Its membership remains based mainly on Church affiliation, qualifying employment, family relationships, or credit union employment. Mission-related accounts and charitable programs also remain an important part of the credit union’s identity and community role.

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Disclaimer:
This page is not affiliated with, maintained by, or sponsored by Deseret First Credit Union. The information provided in this overview may be outdated or inaccurate after the publication date. UtahFi does not assume responsibility for the accuracy of the content. The logo is a registered trademark of Deseret First Credit Union.