About six months ago, Progressive Bank unveiled its Rewards Interest Checking, which earns 4.05% APY on qualifying balances up to $25k. Qualifying balances above $25k earn 0.50% APY, with non-qualifying balances earning 0.05% APY. The minimum opening deposit is $50.
Monthly Qualifying Requirements
- At least 12 debit card purchase transactions
- At least one automatic debit or one direct deposit
- Be enrolled in and log in to Online Bank at least once
The Interest Rewards Checking account has no monthly service fee or per item charge, but there is a $3 fee for paper statements. If the qualifying requirements are met, ATM fees will be reimbursed up to $5 per transaction, capped at a total of $25 per month. There is a limit of one Interest Rewards Checking account per depositor.
Headquartered in Monroe, Louisiana, Progressive Bank’s market area includes the northern Louisiana parishes of Bossier, Caddo, Franklin, and Quachita, with the online application using Zip Codes to determine eligibility.
Opening a Rewards Checking account can be done online, or at any of the seven full-service Louisiana branches, which are located in Bossier City, Monroe (2), Shreveport, West Monroe (2), and Winnsboro.
Progress Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.04% (excellent), based on December 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $41.85 million, an excellent annual growth rate of 9.84%. Please refer to our financial overview of Progressive Bank (FDIC Certificate # 22139) for more details.
Founded in 1975 as the Progressive State Bank, the Bank’s target market area was the agricultural community in Franklin Parish. In 1997, the market area was expanded into Quachita Parish and the Progressive Bank rebrand occurred. Branch locations were opened in Bossier and Caddo Parishes in 2008 and 2010, respectively. Progressive Bank is currently Lousiana’s 22nd largest bank with assets in excess of $563 million.
How the Rewards Interest Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available in the Bank’s market area and have maximum qualifying balances of at least $25k, Progressive Bank’s Rewards Interest Checking APY currently ranks first.
The above rates are accurate as of 5/23/2019.
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.