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Members have three ways to deposit funds at FHLB Des Moines:
Demand Deposit Account (DDA)
The Bank establishes a primary DDA for each member upon membership approval. The majority of transactions with the Bank are processed through the member′s primary DDA, including advance transactions, periodic interest billings, capital stock purchases, redemptions and dividend payments, MPF transactions, the collection of various Bank fees and more. Members may also request to have additional (secondary) DDAs established at the Bank for other purposes.
Daily Time Account
In addition to the primary DDA, the Bank also establishes a Daily Time Account for every member. The Daily Time Account is an overnight deposit account with interest earned and paid to the member on a daily basis. Interest earned on Daily Time Accounts is credited to the member′s primary DDA.
Members may deposit funds at the Bank for a fixed term at a fixed rate subject to the following terms and conditions:
- No minimum or maximum amount required
- Maturities up to and including one year.
- Interest paid at maturity
- No withdrawal of funds allowed prior to maturity
- Eligible to pledge as collateral for advances
Note: Member deposits at FHLB Des Moines are not insured.
Member Financial Services
Toll Free: 800.544.3452, ext. 2200