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High-Yield Reward Checking Account at a Louisiana Bank (Ouachita Independent)


Ouachita Independent Bank

Update 9/10/10: The top yield has fallen to 3.01% APY. Refer to the bottom of post for the rate history.

Ouachita Independent Bank has a reward checking account that pays 3.01% APY on balances up to $25K (0.51% over) and refunds ATM fees if the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit, and 3) E-statements. If these requirements are not met, the rate falls to 0.05%. The minimum deposit to open is $100. There are no monthly fees regardless of meeting the above requirements.

Update 12/8/10: The bank is now limiting this account to residents of LA, TX, AR and MS. I was told they may open it back up in 2011.

Updates 8/13/08: It appears that accounts can be opened online by people in any state. I was told you can apply online at this CheckingFinder page. This bank does show up when you search at CheckingFinder using any zip code zip codes in LA, TX, AR and MS.

Branches are located in the Louisiana cities of Monroe, Bastrop, Bossier City and Shreveport. The bank is FDIC insured (FDIC Certificate # 34332).

Other Reward Checking Accounts

For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.

Rate History:

  • 09/10/10: 3.01% APY up to $25K; 0.51% over; 0.05% base rate
  • 12/06/08: 4.01% APY
  • 06/11/08: 5.01% APY
  • 08/24/07: 6.01% APY up to $25K; 1.01% over; 0.10% base rate

Edit 12/30/08: APY if requirements are not met has fallen from 0.25% to 0.10%.

  Tags: Louisiana, checking account, reward checking account, Ouachita Independent Bank

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Comment #1 by Anonymous posted on
Could you please update the interest yield. It is now 4.01% APY

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. Sorry to see the rate cut. I just updated the post. The tables at will be updated soon.

Comment #3 by Anonymous posted on
If the requirements are not met the base (default) rate is 0.10% APY.

Comment #4 by Anonymous posted on
Requirements wording "One recurring ACH debit or credit".