Updated Review of Ouachita Independent Bank’s Reward Checking and Savings Accounts


I first reviewed Ouachita Independent Bank’s reward checking account over six years ago when it was paying 6.01% for balances up to $25K. As you might expect, the rate and balance cap have fallen. However, the rate and balance cap remain competitive, and the account is still a good deal for savers who want interest rates higher than CD rates without the loss of liquidity. It’s always nice to see successful reward checking accounts with such a long history.

Since my last review, the bank has added a companion savings account which makes this bank more appealing to savers with large balances. Below is a summary of the rates and features of the checking and savings accounts as of 9/5/2013:

OIB Reward Checking rates and ATM fee refund policy if monthly requirements are met:

  • 3.01% APY on balances up to $15,000
  • 0.25% APY on portion of balance above $15,000
  • 0.05% APY if requirements are not met
  • Unlimited ATM refunds nationwide

Reward Plus Savings rates if monthly requirements are met:

  • 1.01% APY on balances up to $50,000
  • 0.25% APY on portion of balance above $15,000
  • 0.05% APY if requirements are not met

Monthly requirements to qualify for the above rates:

  • 12 debit card purchases
  • 1 automatic payment or direct deposit
  • Receive e-Statements

The checking account has no monthly service fee or minimum balance requirement. However, the savings account does have some fees. First, there’s a $5 monthly fee if the savings account balance is under $400. Second, there’s a $1 fee if you make two withdrawals in a month, and there’s a $2 fee for each withdrawal over two per month. You can make one withdrawal per month with no fee.

Only one reward checking account per depositor is allowed, so if you have a large balance, the savings account would be useful if you don’t mind the withdrawal fees.

Available to LA, AR, MS and TX Residents

On the bank’s OIB Reward Checking page, there’s an “apply now” button that takes customers to an Andera online application. The first page of this application states:

Please note that you must be at least 18 years of age, you must be a U.S. citizen or U.S. resident alien, and a resident of Louisiana, Arkansas, Mississippi or Texas to open your account with us online.

The online application allows you to select the OIB Reward Checking and the Reward Plus Savings. Note, the reward checking account is called OIB Reward Plus Checking if you also open the Reward Plus Savings account.

Bank Overview

Ouachita Independent Bank branches are located in the northern Louisiana cities of Shreveport, Bastrop, Bossier City, Monroe and West Monroe.

The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 5.29% (excellent) based on June 2013 data. Please refer to our financial overview of Ouachita Independent Bank for more details. The bank has been a FDIC member since 1997 (FDIC Certificate # 34332).

How This Reward Checking Compares

The highest reward checking rate with at least a $15K balance cap that’s nationally available is 3.00% APY. That’s available at INOVA Federal Credit Union ($20K cap) and at Lake Michigan Credit Union ($15K cap). The highest rate at a bank is 2.10% APY ($25K cap) at Franklin Bank & Trust Company.

The above rates are accurate as of 9/5/2013.

There are many local deals with reward checking accounts that pay over 3% for up to $15K. To find reward checking accounts in your state or that are available nationwide, please refer to our reward checking table. If you want to learn more about reward checking, this reward checking overview has many details.

Related Pages: checking account, savings account

Anonymous   |     |   Comment #1
I have a reward checking account with old florida bank.  They pay 3.04% up to 25K.  The requirements only require 10 debit card purchases per month, one ach deposit and one online bill pay.  I love it.
Louisiana Lass
Louisiana Lass   |     |   Comment #2
I am in my 60's and in all these years I have NEVER had a bank with equal customer service . . . this bank offers the most outstanding customer service that I have ever experienced . . . from the speed of response, kindness of its personnel, speed of resolutions, and the best is that online banking shows all pending transactions before they hit your account . . . I highly recommend them . . .
elarh   |     |   Comment #3
"Apply now" buttton for on-line application seems to have disappeared
High-Yield Reward Checking Account at a Louisiana Bank (Ouachita Independent)

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.

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