Posted by William Charles on July 29, 2019
Savings Accounts

Published on July 29th, 2019 | by William Charles

112

[TX, MS, & LA] Origin Bank Performance Checking: 4% APY On Balances Up To $40,000 – Direct Deposit Not Required

[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

Direct link to 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

 



112
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Garrett
Garrett

I opened this over the phone by calling 888-292-4037 and asking for an Account Officer. I was also told that you will be able to open up accounts on website in the near future… I’m in TX. Ymmv

Pam
Pam

No HP?

AkJohnny
AkJohnny

no hp. I opted out of overdraft protection.

Cinnabar
Cinnabar

I tried the same and was transferred to a branch where the rep said it’s not possible to do it over the phone. Also in TX.

David
David

DP: Was not able to open over the phone no mater how much I asked.

Kevin
Kevin

Need a referrals to jmsdcn@gmail.com. Just need your name and address. Both will get $50 in Visa card.

Rj
Rj

Here is my referral link, both get a $50 visa gc

http://bit.ly/2GrR8yp

Jonathan
Jonathan
Jason
Jason

Are you located in Louisiana? If so, email me at jrgauthier05@ gmail dot come

akjohnny
akjohnny

what interest do you get if over $40k?

akjohnny
akjohnny

just spoke with assistant manager at my local location… any amount over $40k gets 0.4% interest… if you don’t do all 16 transactions then you get 0% interest… you want to get the 16 debit card transactions done in the first 27 days of the month.. they have 2 month grace period to get the $4k before hitting you with fees… you have to start the process in person unless you have a current banking relationship with this bank.

Alt526
Alt526

I see they also sell visa gift cards up to $500. Any one with experience if that codes as a purchase?

Shalom
Shalom

hey Alt526, which offer you refer to about these $500 visa gift cards? do you have a link to this offer? Thanks.

Marvin
Marvin

Am I reading this wrong?

“After qualifications are met, 4.00% APY on balances up to $40,000; for balances above $40,000, APY ranges from 4.00%-0.40 APY depending on the balance of the account.”

So after the 40k it’ll be 4% – 0.4% = 3.6%?

AkJohnny
AkJohnny

I’m going to open up this account tomorrow and report any new data points.

AkJohnny
AkJohnny

I opened up this account today and I wanted to add that you can use ANY atm machine for free… they reimburse fees for ATM and you also get a goodie bag with a branded coffee cup, a note pad, flashlight and letter opener. nice bank with nice people. $2k in interest for 15 months for $40k is an amazing deal!

Vy
Vy

Totally signing up for the letter opener.

Christian
Christian

Are the ATM reimbursements unlimited? This will definitely be my main bank if so. This account sounds almost too good to be true. I do wish they would let me open online since I’m lazy and don’t want to go into a branch unless I have too. Thankfully they have some nearby.

AkJohnny
AkJohnny

it was the branch manager that told me about the ATM fees reversed. the only bad thing about this bank is the expiry of 4% interest in June 2020.

Jason
Jason

Hey, not fair! 🙂 I signed up Friday in person (Ft Worth, TX), was not offered any freebies.
Also, was told ATM fees are reimbursable. However, haven’t seen this in writing, so a little skeptical since website says otherwise. https://www.origin.bank/card-services/debit-card/

Christian
Christian

Which Ft Worth location did you go to? (So I know to try a different one for the freebies). Regarding the ATM fees, this account seems to be a “premium” account while that webpage doesn’t seem to be referring to any specific account so it’s very possible it’s a perk unique to this account.

AkJohnny
AkJohnny

the freebies are in Houston :p

Jason
Jason

7th street. Celeste, the bank manager was extremely friendly.

AkJohnny
AkJohnny

they also help you set up online access which is pretty cool. when setting up online transfer it may say Community Trust bank… that was their old name.

AkJohnny
AkJohnny

branch manager asked me where I banked before… I laughed to myself and said I mystery shopped banks but only named a handful of banks… they are not sensitive to chex or ews.

hardy
hardy

is there any minimum amt for debit card charge?

abcd
abcd

No minimum amout for a debit card charge.

The stumbling block for me was debits can’t be done online – card swipes only.

Alex
Alex

Opened the account today in Allen, Texas. The banker said, the transactions can be done online. I confirmed with two bankers in the same branch.

Maddie
Maddie

The banker told me it has to be a swipe transactions. It also stated on the paper print out, “16 debit card swipes.”

Here’s my referral link, if allowed.
http://bit.ly/2WAnKfM

Unclesam
Unclesam

I opened an account today at the Las Colinas branch but had not seen your referral link. The banker did promise me give the $50 credit if i was able to provide a referrer’s name or email address by Monday. Will you be able to share either your full name or email address.

Maddie
Maddie

I believe you can just click on the link and register without going through the banker. Both of us should still get the referral bonus and you are able to track as well online. 🙂

http://bit.ly/2WAnKfM

Jacob
Jacob

Do I still have to go in branch to open an account or the referral link can be used to open online?

Maddie
Maddie

Yes, 4% performance checking is only available at the branch. Though, you can open other type of checking account online, but doesn’t give you 4%.

Unclesam
Unclesam

Thanks. I was able to convince them to use the link submission so you should get $50. The reason I was asking for name/email is because I had already opened the account so was not sure if the online submission would still work. It had to be handled manually by the banker but she was nice enough to do it after the fact.

Maddie
Maddie

Just register with the link prior to completing the requirements.

Mjs
Mjs

I would hold off until a statement to verify.

This may just be a simple description or what they hope people use it for.

Maddie
Maddie

Here’s an update. Online transaction works.
I loaded $1.25 online to my toll and it triggered as POS.

How to Keep Benefits
Benefit level: Qualfications Met
Requirements Needed By 04/25/2019
All of the following:
Requirement meteStatement
Requirement met1 ACH Transaction (Debit or Credit)
Requirement not met16 POS Transactions (PIN or SIG)
(15 more needed)

This analysis reflects information as of 04/10/2019

Doc_Liker
Doc_Liker

If anyone need referral, you can email me at vijnatarajan@gmail.com

So
So

I just sent referral…with first name Doc and last name Liker…
Probably wrong name…i don’t know it will work.

Maddie
Maddie

I like to share that one thing neat about is that you’re able to track whether you meet the 4% requirements.

Requirements Needed By 04/25/2019
All of the following:
Requirement meteStatement
Requirement met1 ACH Transaction (Debit or Credit)
Requirement not met16 POS Transactions (PIN or SIG)
(16 more needed)

Here’s my referral link:

http://bit.ly/2WAnKfM

dan
dan

Maddie when opening the perf chk in branch with the same info submitted on the referral form, does their system auto acknowledge? if not, how to get it added in branch in order to receive a $50 later?

Maddie
Maddie

Not sure, we’ll have to see. If you’re dan N. Then you’re on my registered referrals. Hopefully, we both get it and thank you for using my link 🙂

Maddie
Maddie

Dan N.

Ju
Ju

where do you see you meet the requirements for that month?

Connor
Connor

Looks like you can remotely open an account from any state: https://ibb.co/J3V5FD7.

They sent me a form to get the paperwork started.

Chris
Chris

I did this and they opened my account but emailed me later in the day to say that corporate called and that they can only open Performance Checking accounts in-branch and closed it.

Connor
Connor

Did they mention why?

Chris C
Chris C

Why they closed it? The rep that opened it said that Performance Checking accounts can only be opened in branch…

Connor
Connor

I meant why it can only be opened in branch. If you look at the link in my original post, my contact says she’s opened accounts remotely before.

Joanna
Joanna

So, Connor, I understand that you didn’t open in a branch? Is your account opened yet? I used your recommendation and emailed your contact, but I haven’t heard back yet.

Connor
Connor

Pretty much, yeah. Signed the formal paperwork last night. It already included checking account and debit card numbers. Sent it back today via FedEx.

I get the sneaky feeling I’m going to eat crow later when my account gets cancelled. But so far, so good.

Chris
Chris

Yes i emailed the link in your post. She opened the account but then closed it an hour later after she got a call from corporate. She did not say why they only allow people to open the performance checking in branch, just that that is what corporate told her.

Connor
Connor

I’ll admit I’m feeling a little fishy about Origin. They’ve been strangely eager to open my account. And so far they haven’t asked for a government ID, which feels odd (although I’ve given them plenty of info they could cross-reference on a public records site). I intend to check next week to see if they’ve done a hard pull on my credit.

Chris C
Chris C

Interesting. They asked for me to email a copy of my ID which I did. There was no HP for me to open thankfully.

Zoe
Zoe

For ways of 16 monthly debit card purchases, has anyone tried uploading Amazon gift card balances? Could you share if it worked please? Thank you so much in advance!

Maddie
Maddie

Confirmed, it works.

C.K.
C.K.

Thanks for your DP. Registered through your referral link!

Maddie
Maddie

Okay guys, I’ve met 8 out of16 transactions with below details:

16 POS Transactions (PIN or SIG)
(8 more needed)

04/12/2019 Amazon com 2.00
04/12/2019 HCTRA EZ TAG ONLINE 1.00
04/12/2019 AMAZON COM 0.75
04/12/2019 KROGER 0.65
04/12/2019 KROGER 0.65
04/12/2019 KROGER FUEL 0.41
04/12/2019 KROGER FUEL 0.27
04/10/2019 HCTRA EZ TAG ONLINE 1.25

Use my referral link if this information is useful for you and thank you.

http://bit.ly/2v3zRqc

Anandha
Anandha

Used your referal Maddie.
Here my referal if any one interested..Thanks.
http://bit.ly/2Dzo9Z5

Matt
Matt

I registered using your link!

Please consider using mine if interested. Will be opening this account in branch today.

http://bit.ly/2Dq4w5h

hardy
hardy

Hi, Anandha.
Used your referal link today

Anandha
Anandha

Hey thanks..but It seems that they withdraw the 4% checking account .please check once again .

hardy
hardy

I called their branch & i was told that they have discontinued this product but in branch it is available till 31st july.
I used your referal link & filled up form but didn’t get any confirmation email for that, are you aware of it? how does referal will work?

hman
hman

Join the discussion…Product is still being offered as of 8/2/19.

Victoria
Victoria

Used your referral, Maddie! Thanks

Back to Top ↑