Update 11/14/22: Rate increased to 6%. Hat tip to Philip
Update 8/30/22: Now accepting new applicants.
[Update 7/29/19: Readers tell us that the bank has said this product will no longer be available for new signups after Wednesday, July 31st. Bankers are advising anyone who is interested to signup now.]
Reposting as it’s now confirmed to be a soft pull, just make sure to opt out of overdraft protection.
Offer at a glance
- Interest Rate: 4% APY
- Minimum Balance: $0 ($4,000 to avoid the monthly fee)
- Maximum Balance: $40,000
- Availability: Looks like you need to open in branch, all branches are in TX, MS, & LA [Branch locations]
- Direct deposit required: No, but does require an ACH debit or credit
- Additional requirements: 16 debit card transactions, eStatements
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees:$14, avoidable
- Insured: FDIC
The Offer
- Origin Bank is offering 4% APY on balances up to $40,000 on the performance checking account when the following requirements are met:
- 16 posted (point of sale or signature based) debit card transactions per qualification cycle
- 1 ACH debit or credit per qualification cycle
- Receive monthly eStatements
The Fine Print
- You must have 16 posted (POS or signature based, not ATM) debit card transactions per qualification cycle, make 1 ACH debit or credit per qualification cycle, and receive a monthly eStatement on this account or the APY paid on your entire balance will be 0.00%. These monthly requirements must be completed 3 days prior to the end of your statement cycle.
- Rate may change on or after June 30, 2020.
- A service charge of $14 will be imposed every statement cycle that the average daily balance falls below $4,000.
- Limited to one account per individual.
- Closing this account within 90 days of opening results in $25 fee.
- 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.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has a $14 monthly service fee if the average daily balance falls below $4,000. There is also an early account termination fee of $25 if the account is closed within 90 days.
Our Verdict
This seems to be a really good deal, no direct deposit is require with an ACH credit or debit working. If you had the full balance of $40,000 in there, you could just debit the interest that puts you over that threshold. The debit card transaction requirement is a bit more difficult considering that 16 per month are required, but there are a few creative work arounds to make that easier. Overall this seems like a very strong account, keep in mind the monthly fees and the fact that the rate may change on or after June 30th, 2020. We will be adding this to our list of the best high yield accounts.
Hat tip to readers Jordan L & NN
