Introduction
If you live in Arizona, there’s a good chance you’ve banked with, driven past, or at least heard of Desert Financial Credit Union. With more than 500,000 members and nearly $9 billion in assets, it has grown into the largest local credit union in the state, built on a foundation that dates back to 1939. But Desert Financial is more than just a place to open a checking account — it’s a not-for-profit financial institution with deep community ties, a wide range of financial products, and a reputation for giving back to its members.
This guide covers everything you need to know about Desert Financial, including its history, the products and services it offers, who can become a member, and what sets it apart from a traditional bank.
The History of Desert Financial
Desert Financial’s roots go back nearly nine decades, and its evolution reflects the broader growth of Arizona itself.
From Teachers’ Credit Union to Statewide Institution
The organization was originally chartered in 1939 as the Arizona Educational Association (A.E.A.) #1 Federal Credit Union, created specifically to serve the financial needs of local teachers. In 1972, it rebranded as Desert Schools Federal Credit Union to better reflect its niche membership base in the education community.
The credit union’s reach expanded significantly in 1996, when its charter grew to serve three Arizona counties and dropped vocation as a requirement for membership, opening the door to a much broader base of potential members. In 2018, the organization rebranded once again, this time to Desert Financial Credit Union, a change designed to correct the lingering perception that it only served people working in education. The rebrand was notably promoted in a commercial that aired during Super Bowl LII, featuring Phoenix native Alice Cooper in a nod to his band’s well-known song “School’s Out.” By 2020, Desert Financial had achieved a statewide charter, cementing its status as a credit union open to residents across Arizona.
A Milestone Anniversary
As of 2026, Desert Financial has been serving members for more than 87 years, a milestone the credit union has highlighted as it continues to grow its footprint, leadership team, and product offerings across the state.
What Is Desert Financial Credit Union?
Desert Financial is a not-for-profit, member-owned credit union based in Phoenix, Arizona. Unlike a traditional bank, which answers to shareholders, a credit union like Desert Financial is owned by its members, which the institution points to as a key reason it can return more value directly to the people who bank with it rather than prioritizing shareholder profit.
The credit union operates more than 50 branches and ATMs across Coconino, Gila, Maricopa, Pinal, and Yavapai counties, with a statewide charter that allows it to serve members throughout Arizona. It remains federally insured by the National Credit Union Administration (NCUA), and as a state-chartered institution, it is also regulated by the Arizona Department of Financial Institutions.
Who Can Join Desert Financial?
One of the most appealing aspects of Desert Financial’s modern structure is how accessible membership has become. Individuals who live, work, worship, or attend school in eligible Arizona counties can join, and family members of existing or eligible members are also able to join under that connection. This broad eligibility structure is part of why Desert Financial has grown well beyond its original base of public school employees into one of the largest member-owned financial institutions in the state.
Products and Services Offered
Desert Financial offers a full suite of financial products designed to serve members at every stage of life, from opening a first checking account to planning for retirement.
Everyday Banking
At its core, Desert Financial offers standard checking and savings accounts, along with debit cards, mobile banking, and access to a large surcharge-free ATM network. Members benefit from nearly 50 branches statewide combined with access to more than 30,000 surcharge-free ATMs through the Co-op network, making it relatively easy to manage day-to-day banking needs without running into out-of-network fees.
Credit Cards
Desert Financial offers a range of credit card options designed to help members build credit, earn rewards, and stay in control of their spending. As with most credit unions, the specific rates and rewards structures vary by card type, so members are encouraged to compare options based on their spending habits and credit goals.
Auto Loans and AutoSMART
For members in the market for a vehicle, Desert Financial offers auto loans along with a service called AutoSMART, which connects members with trusted dealerships across Arizona. This kind of service is designed to simplify the car-buying process by helping members skip some of the back-and-forth typically involved in vehicle shopping and financing.
Mortgages and Home Equity Lines of Credit
Desert Financial offers a variety of mortgage programs, including options aimed at first-time homebuyers, reflecting the credit union’s broader focus on helping younger members and new buyers navigate homeownership. The credit union also offers Home Equity Lines of Credit (HELOCs), which periodically come with promotional introductory rates. As with most HELOCs, the rate structure typically includes a fixed promotional period before converting to a variable rate tied to a public index, such as the Prime Rate, plus a margin, so members considering a HELOC should review the specific terms and rate conversion schedule carefully before committing.
Wealth Management and Investment Services
For members looking to plan for retirement or build long-term wealth, Desert Financial offers wealth management services through Desert Financial Wealth Management advisors, who partner with Raymond James Financial Services. These advisors work with members to build investment strategies based on individual goals, timelines, and risk tolerance, an offering aimed particularly at members thinking seriously about retirement savings and long-term financial planning.
Wills, Trusts, and Estate Planning
Somewhat unusually for a credit union of its size, Desert Financial also offers wills and trust services, an offering credit union leadership has pointed to as a meaningful differentiator compared to many other credit unions that don’t provide this kind of estate planning support. This service is particularly relevant for members managing complex family financial situations, including caregiving responsibilities for aging parents.
Business and Commercial Banking
Desert Financial also serves business members through commercial banking products, including SBA loans and lines of credit. The credit union has been actively investing in modernizing this side of its operations, recently adopting a new lending technology platform to automate loan origination, speed up closing times, and expand its capacity to serve business members through its commercial and SBA lending programs.
Relationship Rewards and the Member Giveback Bonus
One of the more distinctive aspects of banking with Desert Financial is its Relationship Rewards program, a free program through which members earn points for engaging in various banking activities, such as taking out a loan or maintaining direct deposits above a certain monthly threshold.
These points feed into the credit union’s annual Member Giveback Bonus, a program now in its ninth year that returns a share of the credit union’s earnings directly to qualifying members. In 2026, Desert Financial distributed sixteen million dollars to members through this program, bringing the total amount given back through the program to date to over one hundred twenty million dollars since it began. The size of an individual member’s giveback bonus depends on their overall account activity, including deposits, loan balances, and debit card usage, with the more active accounts generally receiving a larger payout.
Community Involvement and Partnerships
Desert Financial has built a reputation not just as a financial institution, but as an active community partner across Arizona.
Charitable Giving
The credit union donates an average of five million dollars annually to local charities and causes, and supports this giving through the Desert Financial Foundation, its dedicated nonprofit arm established in 2018. Employees are also encouraged to participate directly, contributing volunteer hours and donations of their own throughout the year.
University and Sports Partnerships
Desert Financial has built strong ties with Arizona’s collegiate and professional sports scene. In 2019, the credit union purchased the naming rights to Arizona State University’s arena, which became Desert Financial Arena, and the relationship has since deepened into a formal partnership making Desert Financial the official retail banking partner of ASU. The credit union has extended similar partnerships to Northern Arizona University, becoming the official banking partner of NAU Athletics and the NAU Alumni Association, and even opened a branch inside the NAU University Union to better serve students in northern Arizona. Desert Financial also holds a multi-year partnership with the Arizona Cardinals, serving as the team’s official banking partner.
Workplace Culture
Beyond its member and community-facing initiatives, Desert Financial has also built a strong internal reputation as an employer. The credit union was named the number one Best Place to Work in the extra-large business category by the Phoenix Business Journal, a recognition based entirely on confidential employee survey feedback. With more than 1,300 team members, Desert Financial offers over 70 employee perks, including its InvestED program, a partnership with Arizona State University that covers tuition costs upfront for eligible full-time employees pursuing undergraduate or graduate degrees, with graduate program funding available up to a set amount per calendar year.
Leadership and Financial Stability
Desert Financial’s leadership team has continued to evolve as the credit union grows. In June 2026, the organization named Jamie Britton as its new chief financial officer, bringing more than twenty-five years of financial leadership experience from institutions including First Foundation Bank and Texas Capital Bank. The credit union is led by President and CEO Jeff Meshey, who has spoken publicly about the organization’s focus on generational financial planning and inclusive member service.
From a financial stability standpoint, Desert Financial has been recognized with strong underlying financial health metrics, including solid capital reserves relative to regulatory requirements. As with any financial institution, members considering larger financial commitments, such as mortgages or business loans, may want to review current rates and terms directly with Desert Financial, since rates and promotional offers change over time.
How Desert Financial Compares to a Traditional Bank
For people weighing whether to bank with a credit union versus a traditional bank, a few key differences are worth understanding.
Ownership structure. As a not-for-profit, member-owned institution, Desert Financial is structured to prioritize returning value to members rather than maximizing profit for outside shareholders, which the credit union points to as the reasoning behind programs like the Member Giveback Bonus.
Membership eligibility. Unlike a bank, which anyone can typically use, credit unions like Desert Financial require members to meet eligibility criteria, such as living, working, worshipping, or attending school in a specific service area, though Desert Financial’s statewide charter makes this requirement fairly easy for most Arizona residents to meet.
Community focus. Desert Financial has emphasized its community reinvestment through charitable giving, scholarships, and local partnerships as a distinguishing factor compared to larger national banks.
Product range. While historically credit unions were sometimes seen as offering a narrower product lineup than large banks, Desert Financial has expanded into mortgages, wealth management, business and SBA lending, and even wills and trusts, putting its offerings closer in scope to many traditional banks while maintaining its member-focused structure.
Things to Consider Before Joining
If you’re weighing whether to become a Desert Financial member, a few practical points are worth keeping in mind.
Confirm your eligibility. Since membership is tied to Arizona residency, employment, school attendance, or worship in an eligible county, it’s worth confirming your specific eligibility directly with the credit union before applying.
Compare rates for major products. As with any financial institution, rates on products like HELOCs, mortgages, and CDs can change and may include promotional periods that convert to variable rates later on, so reviewing the current terms directly with Desert Financial before committing to a major financial product is a smart step.
Look into the Relationship Rewards program. Since the Member Giveback Bonus is tied to account activity, members who consolidate more of their banking relationship with Desert Financial, such as direct deposits and loans, may see a larger annual giveback.
Visit a local branch if estate planning is a priority. Given that wills and trust services aren’t commonly offered by credit unions, members with estate planning needs may find particular value in exploring this service directly with a Desert Financial advisor.
Conclusion
Desert Financial Credit Union has grown from a small credit union serving Arizona teachers into the state’s largest local credit union, with a broad range of financial products, a strong community presence, and a membership-first philosophy reflected in programs like the annual Member Giveback Bonus. Whether you’re looking for everyday banking, a mortgage, business lending, or longer-term wealth and estate planning support, Desert Financial offers a fairly comprehensive set of services backed by nearly nine decades of history in the state. As with any financial decision, it’s worth confirming current rates, terms, and eligibility requirements directly with Desert Financial before opening an account or applying for a loan.
