As I was researching Dort Federal Credit Union’s (Dort FCU) 25-month Certificate Special earlier this week, I noted that their Boost Checking account currently earns 5.00% APY on qualifying balances up to $10k. Qualifying balances greater than $10k and non-qualifying balances do not earn any interest.
The Boost Checking account was added to Dort FCU’s product line in September 2017, with an initial 3.0% APY. Its first rate increase occurred just last month, when 200 bps were added.
Monthly Qualifying Requirements
As you might imagine, the Boost Checking’s high APY comes with what some might consider to be burdensome qualifying requirements, even for a Reward Checking Account.
- At least $900 in direct deposit(s).
- Have at least 25 debit card transactions.
- Receive e-Statements
The Boost Checking account is only available as a personal account, with a limit of one account per membership number. There is no monthly service fee, no per check fee, no minimum balance requirement, and no minimum opening deposit requirement.
Headquartered in Grand Blanc, Michigan, Dort Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, attend school, or volunteer in the Michigan counties of Genesee, Lapeer, or Shiawassee, or in Livingston County’s Deerfield and Tyrone Townships, eligible for membership.
Immediate family members (spouse, child, parent, sibling, grandparent, grandchild, including step- and adoptive) of current Dort FCU members or membership-eligible individuals also qualify for membership.
Joining Dort FCU and/or opening a Boost Checking account can be done online or at any of 11 Michigan branches located in Clio, Davison, Fenton, Flint (3), Grand Blanc (2), Lapeer, Owosso, and Swartz Creek.
There is also a Contact Me About Boost form to start the application process.
Credit Union Overview
Dort Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.21% (excellent) based on December 31, 2018 data. In the past year, Dort FCU has increased its total non-brokered deposits by $44.64 million, an excellent annual growth rate of 7.04%. Please refer to our financial overview of Dort Federal Credit Union (NCUA Charter # 7569) for more details.
Established in 1951 as the Dort Industrial Employees Credit Union, the original FOM included the employees of AC Spark Plug, located on Dort Highway in Flint, Michigan. The Credit Union’s name was changed to Dort Federal Credit Union in 1984 when the FOM was expanded to include other area businesses. A community charter was adopted in 2002, opening membership to residents of four mid-Michigan counties. Dort FCU is currently 17th largest credit union in Michigan, with more than 90,400 members and assets in excess of $870 million.
While the Dort name is probably not familiar to most DA readers, it’s well known in Michigan. Josiah Dallas Dort, along with Billy Durant, built their carriage maker company,
into the world’s largest. It formed the financial and structural basis for the development of Buick when Durant took that over and brought it to Flint. Dort was a major player in Buick’s growth, and as a result the development of General Motors.
Dort focused heavily on improving the life of those who toiled for the firm, and the city that it was housed in. He became known as “The First Citizen of Flint’ for good reason. Land he owned became the college and cultural center, and the entire East Side of the city. He worked with the architect of New York’s Central Park to develop the Flint Parks system, which became world class. He promoted the arts in general and music in particular, and founded the Community Music Association, which later became the Flint Institute of Music.
How the Boost Checking Compares
When compared to 61 Reward Checking Accounts tracked by DepositAccounts.com, which are available within the market area and have maximum qualifying balances of at least $10k, Dort Federal Credit Union’s Boost Checking APY currently ranks second
|Interest Rate||Account Name||Credit Union/Bank|
|5.09% APY||Free Rewards Checking - High (up to $10k)||Consumers Credit Union (IL)|
|5.00% APY||Boost Checking (up to $10k)||Dort Federal Credit Union|
|4.00% APY||Premium Checking (up to $30k)||Orion Federal Credit Union|
The above rates are accurate as of 3/16/2019.
Looking into Rewards Checking Accounts? Please refer to DA’s High Yield Reward Checking Account Rates Table page for both nationwide and state-specific accounts.