Origin Bank (LA/MS/TX) Adds Performance Checking, 4.00% APY

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Deal Summary: Performance Checking, 4.00% APY on qualifying balances up to $40k.

Availability: Market area includes portions of Louisiana, Mississippi, and Texas.

Louisiana-based Origin Bank recently added a new rewards checking account (RCA) – the Performance Checking, which earns 4.00% APY on qualifying balances up to $40k. Qualifying balances above $40k earn 0.40% APY, with non-qualifying balances earning no interest. There is no required minimum opening deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.00*%-$40kOrigin BankPerformance Checking
OTHER TIERS: 0.40% $40k+
Rates as of May 20, 2019.

The fine print on the landing page states, “Rate may change on or after June 30, 2020.” CSR confirmed that the 4.00% APY is guaranteed through June 2020.

Qualification Requirements

  • At least 16 debit card transactions per cycle.
  • Receive monthly eStatements.
  • At least one ACH debit or credit transaction per cycle.

Fees

There is a $14 service charge that will be assessed every statement cycle if the average daily balance falls below $4k. If a new Performance Checking account is closed within 90 days of opening, a $25 fee will be imposed.

On the other hand,

If you originate a mortgage loan with Origin during the life of this account you will receive a $100 lender credit to be redeemed at the time of your closing; there is no minimum balance required for this benefit.

Availability

Headquartered in Choudrant, Lousiana, Origin Bank has a market area that includes six northern Louisiana parishes, four Mississippi counties, and the greater Houston and Dallas-Fort Worth metropolitan areas.

Opening a Performance Checking account can be done at any of the 20 Louisiana branches located in Bastrop, Bernice, Bossier City, Calhoun, Choudrant (2), Farmerville (2), Monroe (3), Ruston (5), Shreveport (2), and West Monroe (2). There are also 19 Texas branches in Allen, Dallas (2), Fort Worth (3), Frisco, Houston (8), Irving, and The Woodlands, and five Mississippi branches in Flowood, Jackson, Madison, Oxford, and Ridgeland.

According to CSR, all Louisiana, Mississippi, and Texas residents are eligible to open Performance Checking account if they are able to “drive to one of our locations. Don’t forget your Social Security card and driver’s license/passport.”

Bank Overview

Origin Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.47% (excellent), based on December 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $212.52 million, an excellent annual growth rate of 6.54%. Please refer to our financial overview of Origin Bank (FDIC Certificate # 12614) for more details.

While the Origin Bank brand is relatively new (2015), the Bank’s roots stretch back to 1912, when the Bank of Choudrant was established. That name remained in place for 75 years, until it was changed to Community Trust Bank, following the acquisition of the Bank of Bernice in 1987. Between 2005 and 2010, four more banks were acquired, including the Community Trust Bank of Texas (Dallas). Origin Bank is currently Louisiana’s second largest bank, with assets in excess of $4.7 billion and more than 84,000 customer accounts.

How the Performance Checking Compares

There aren’t many High Yield Reward Checking Accounts tracked by DepositAccounts.com that have maximum qualifying balances of at least $40k and are available with Origin Bank’s wide-spread market area. In fact, there are only two and the Performance Checking APY currently ranks first.

The above rates are accurate as of 4/3/2019.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Shreveport checking accounts, Houston checking accounts, Dallas checking accounts, Monroe checking accounts, Memphis checking accounts, Jackson checking accounts, reward checking accounts

Comments
Anonymoose
Anonymoose   |     |   Comment #1
Quick financial analysis. Assume this is a 3-month deal since the rate isn't guaranteed after that. Also assume you are getting 2.5% percent on your liquid deposits now.

Is it worth the application process costs and doing 48 debit card transactions (and the risk that you could miss some debits or ACH transfers) over the next 3 months for less than $150 extra over that 3 months?
Anonymoose
Anonymoose   |     |   Comment #2
Forgot to mention... You're 2.5% is probably not guaranteed for that period. So if the rate goes down it could yield you more than $150 difference. Still I think the above analysis is reasonable.
Anonywolf
Anonywolf   |     |   Comment #3
Deal extends for 15 months to June 2020 and pays $750 more in total than a 2.5% rate on $40k over that period. Up to each person if that amount is worth the required RCA transactions. I would take it if I were in the market area.
Anonymoose
Anonymoose   |     |   Comment #4
You're right. I misread the year that it expires.
#5 - This comment has been removed for violating our comment policy.
mjs
mjs   |     |   Comment #9
There's also a $50/$50 referral/referee bonus that applies to opening this account.

If you have a spouse that is going to open as well, wouldn't hurt to open one and try to get an extra $100 this way-- the branch I went to in the DFW area was very accommodating.
#12 - This comment has been removed for violating our comment policy.
DFW resident
DFW resident   |     |   Comment #13
HI mjs, did you and your spouse visit the branch and open two separate accounts at the same time? Which branch did you visit? Thanks so much.
fromtaipei
fromtaipei   |     |   Comment #14
1. 16 debits requirement? Is there a minimum charge or specific fine points that will get disqualified?
2. Will you or anyone provide a referral? Plan to open a new account this week. Thanks.
TEX78
TEX78   |     |   Comment #10
Further clarifying the first bullet point requirement:
At least 16 posted (POS or signature-based) debit card transactions per cycle.
willy12
willy12   |     |   Comment #11
Ouch. I hope other RCAs don't get that transaction inflation. My remaining 2 RCAs only require 10 and I have 16 to go for this month because I have mindlessly forgot to stop and do more at a quick mart.

But 4% on $40k is still attractive if you qualify.
fromtaipei
fromtaipei   |     |   Comment #15
Houston branch rep said the 16 debit transactions have to be POS or signature. And online purchasez won't count. Not sure the rep is right. Anyone has insight? Thanks.
credit+ debit
credit+ debit   |     |   Comment #16
#15
I have noticed in the last month that when I use my Debit card that most of the transactions are going through as POS, while I am actually trying for Credit transactions without a pin. I used to be able to go through any fast food drive-through and it would count as Credit, or go to Walmart, Kroger, CVS ……… but now all these are POS, but I am bypassing the pin?. I have a different Rewards Checking Acct, not this one, which requires 8 Credit charges.
Nothing
Nothing   |     |   Comment #17
Is your cash advance zero?
credit+ debit
credit+ debit   |     |   Comment #18
Correct, I do not have cash advance or overdraft for my Rewards Checking. Does that make a difference in how the charges get coded?
Nothing
Nothing   |     |   Comment #19
I'm not an expert on debit/credit...but if one uses a credit card and has a zero cash advance amount for same...it (seems to me) it can only go as a credit transaction or (should) be rejected.
fromtaipei
fromtaipei   |     |   Comment #20
Note that Origin bank web fine print "... You must have 16 posted (POS or signature based, not ATM) debit card transactions per qualification cycle." Does it mean online purchase won't count?
credit+ debit
credit+ debit   |     |   Comment #21
In my experience 'online' purchases will code as credit unless you can choose the option to pay with a 'bank/check' account. However, it seems that most of my transactions are coding as 'POS' when I am physically present and handing my card to people or swiping it as credit. I don't know if it matters, but I am using a MasterCard debit. You should not have any problems if you are looking to do POS charges. I am having an opposite problem, I am trying to charge Credit but it keeps showing up as POS.
fromtaipei
fromtaipei   |     |   Comment #22
Will online show the transaction type? What are different types if it does show? Maybe a question for bank experts.
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