Progressive Bank (LA) Rewards Interest Checking Has Competitive Rate
Progressive Bank introduced its Rewards Interest Checking (RIC) account in late 2018, with an initial 4.05% APY on qualifying balances up to $25k. In the past four years, there have been four rate decreases (-200 bps) and four rate increases (+400 bps), resulting in the current 6.05% APY. Qualifying balances above $25k earn 0.60% APY, with non-qualifying balances earning 0.05% APY.
APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
---|---|---|---|---|---|
4.05*% | $0 | $25k | Progressive Bank | Rewards Interest Checking | |
OTHER TIERS: 0.50% → $25k+ |
Monthly Qualifying Requirements
- At least 12 debit card purchase transactions each month.
- At least one automatic debit or one direct deposit each month.
- Be enrolled in and log in to Online Bank at least once each month.
An RIC account can be opened with minimum $50 deposit. There are no monthly service fees or per item charges, but there is a $3 fee for paper statements. If the qualifying requirements are met, ATM fees will be reimbursed up to $4.99 per transaction, capped at a total of $25 per month. Unlimited check writing is available and funds may also be transferred via Zelle®. A free debit card will be issued at account opening, but there is a $15 debit card replacement fee. There is a limit of one RCI account per depositor and is only available as a personal account.
Progressive Bank is a member of the MoneyPass Surcharge-Free ATM Network. As a Progressive Bank customer, you can use any of the tens of thousands of surcharge-free MoneyPass ATMs nationwide.
Availability and Account Opening
Headquartered in Monroe, Louisiana, Progressive Bank’s market area includes the northern Louisiana parishes of Bossier, Caddo, Franklin, and Ouachita, with the online application using Zip Codes to determine eligibility.
Opening a Rewards Interest Checking account can be done online or at any of the nine full-service Louisiana branches, which are located in Bossier City, Monroe (2), Shreveport (3), West Monroe (2), and Winnsboro.
Bank Overview
Progressive Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 1.20% (excellent), based on September 30, 2023 data. In the past year, Progressive Bank’s total non-brokered deposits decreased by -$13.32 million, an average annual growth rate of -1.97%. 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 Ouachita 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 the 21st largest bank headquartered in Louisiana with assets in excess of $768 million and more than 15,000 customer accounts.
How the Rewards Interest Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available in the market area and have maximum qualifying balances of at least $25k, the Progressive Bank Rewards Interest Checking APY currently ranks second.
The above rates are accurate as of 2/25/2023.
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.