Many thanks to DA reader, Cdbob, for his recent Forum post about Dort Financial Credit Union’s (Dort Financial) IRA Shares account.
I had an IRA certificate mature and just transferred the money into an IRA share account (1.51%) which interestingly pays more than their longest term certificate (0.9%). Not a bad rate in today’s environment and the money is available to move without penalty if rates rise.
The IRA Shares account currently offers the following tiered rates:
- 1.51% APY ($25k minimum)
- 1.00% APY ($10k minimum)
- 0.75% APY ($1k minimum)
- 0.50% APY (up to $1k)
|1.51*%||$25k||-||Dort Financial Credit Union||IRA Shares (Traditional, Roth, CESA)|
|OTHER TIERS: 0.50% → Up to $1k | 0.75% → $1k - $10k | 1.00% → $10k - $25k|
There’s not much information on Dort Financial’s website about the IRA Shares account. The following is from the Truth-in-Savings disclosure that CSR sent me.
Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
The minimum balance required to open this account is $1.00. You must maintain a minimum daily balance of $1.00 in your account every day to obtain the disclosed annual percentage yield.
The minimum deposit we allow is $1.00 per deposit.
The credit union may require you to close this account if you make more than two “non-qualifying” withdrawals during a calendar year. This provision will not apply if you are 59 ½ years of age or older.
You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
Dort Financial’s rewards checking account, Boost Checking, has been earning 5.00% APY on qualifying balances up to $10k for almost three years. Qualifying balances greater than $10k and non-qualifying balances do not earn any interest. While the $10k balance cap may be considered low, the Boost Checking offers a great rate for those with a relatively small amount to invest.
The very competitive APY comes with what might be considered to be rather burdensome monthly qualifying requirements.
- At least $900 in direct deposit(s).
- At least 25 debit card transactions.
- Receive e-Statements
The Boost Checking account has no monthly service fee, no per check fee, no minimum balance requirement, and no minimum opening deposit requirement. There is a limit of one account per membership number and is only available as a personal account. While there is no reimbursement for ATMs fees, Dort Financial participates in the CO-OP ATM network.
Headquartered in Grand Blanc, Michigan, Dort Financial Credit Union expanded its field of membership (FOM) in early 2020, with membership now extended to anyone who lives, works, worships, or attends school anywhere in Michigan.
Immediate family members (spouse, child, parent, sibling, grandparent, grandchild, including step- and adoptive) of current Dort Financial members or membership-eligible individuals also qualify for membership.
Joining Dort Financial and/or opening an IRA Shares account can be done online or at any of ten mid-Michigan branches located in Clio, Davison, Fenton, Flint (3), Grand Blanc, Lapeer, Owosso, and Swartz Creek. Appointments are available and can be scheduled using Dort Financial’s Appointment Widget.
It’s easy to join – by making a $5 minimum deposit to your Primary Savings Account.
Dort Financial participates in the CO-OP ATM network, but not the Shared Branch network.
Credit Union Overview
Dort Financial Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.53% (excellent) based on June 30, 2021 data. In the past year, Dort Financial has increased its total non-brokered deposits by $141.14 million, an excellent annual growth rate of 14.51%. Please refer to our financial overview of Dort Financial 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. Prior to last year’s change to a statewide charter, eligibility had been limited to four mid-Michigan counties for 18 years. Dort Financial is currently 15th largest credit union in Michigan, with nearly 100,000 members and assets in excess of $1.3 billion.
How IRA Shares Compares
When compared to the IRA Savings Accounts tracked by DepositAccounts.com that are available to all Michigan residents, Dort Financial Credit Union’s IRA Shares top tier APY currently ranks first, regardless of deposit requirements.
|Interest Rate||Account Name||Credit Union/Bank|
|1.51% APY||IRA Shares ($25k min)||Dort Financial Credit Union|
|1.51% APY||IRA Tiered Savings ($500k min)||ELGA Credit Union|
|1.00% APY||IRA Shares ($10k min)||Dort Financial Credit Union|
|0.80% APY||Quarterly IRA ($1 min)||CommunityWide Federal Credit Union|
|0.75% APY||IRA Savings (no min)||U.S. Postal Service Federal Credit Union|
The above information and rates are accurate as of 9/13/2021.
To look for IRA Savings account rates, both nationwide and state specific, please refer to our IRA Savings Account Rates Table page.