[TX, MS, & LA] Origin Bank Performance Checking: 4% APY On Balances Up To $40,000 – Direct Deposit Not Required [No Longer Accepting New Sign Ups]

[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

 

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Blueskies
Blueskies

So, just called and found out the rate will drop to 1.00% APY (if all requirements are met) beginning July 1st. So, it was fun and it was real but it ain’t no more and I’ll be moseying along to greener pastures.

An
An

Really.. I was informed 2% few days back.

Blueskies
Blueskies

Huh. Well, it was crystal clear 1% yesterday so who knows? Might be .50 or .25 by the 1st.

Jin
Jin

Oh man that’s unfortunate. Guess I’ll move my money over to AMEX personal savings for now to get their bonus. Are there any good 3%+ checking or savings accounts still available in Texas?

Jin
Jin

Just called today and confirmed the rate will be 2%, not 1%.

Jason
Jason

Thanks Jin

Kevin Smith
Kevin Smith

Thanks Jin. The same requirements as before to get 2%?

Jin
Jin

Yes, requirements for the banking benefits remain the same.
2% is still better than many other banks (Ally just lowered their rate to 1%), though I’ll probably explore some other options. I’m currently moving 25k to my AMEX personal banking account for the sign up bonus there.

Curtis
Curtis

Still same $40k cap on 2%?

Curtis
Curtis

Called and confirmed $40k and under is 2%, anything over $40k is only 0.4%. Said these rates could change every month.

Jason
Jason

Wondering if anyone knows or aware if rate will be cut come June 30th? kind of expected in this current climate

Garrett
Garrett

No doubt they will take the first allowable opportunity to crush the APY.

Blueskies
Blueskies

I was also wondering if anyone has heard anything.

Jason
Jason

Didn’t see anything in the statement document at the end of May. Usually this sort of thing is notified 30 days in advance.

Jason
Jason

Are either of you guys, Garrett or Blueskies in North Texas? If so, curious if you’ve identified an alternate bank to move funds to, should Origin lower rates?

Darsh
Darsh

The link is no longer working

Andrew
Andrew

So, I was curious about the Origin accounts since they don’t appear to list any interest rate details on their website anymore. I called their location in Oak Lawn, Dallas, TX, earlier today to inquire. It appears that they do still offer a 4% interest checking account up to $40,000. You have to do 16 debit card transactions per month (no minimum purchase amount), I believe the lady said one ACH as well per month, and e-statements. I’m not sure how other people previously opened multiple accounts in the past with Origin, to take advantage of the 4% interest rate, but the lady I spoke with said it was limited to 1 per person/SSN#.

Wesley
Wesley

To late to join? I’m willing to to travel across Texas or sign up by phone or internet.
Is this like Orion but are strict on incoming money for apr qualification?
I have DD going to Pmcu and a bi-weekly transfer going to Orion.

Mark
Mark

According to a comment below, they discontinued this product at the end of July.

AKJohnny
AKJohnny

big data point here that cost me over $100 in interest…. qualifying ACH transaction does NOT count transferring out the interest from Orion to another bank… that is just considered a “funds transfer”. I thought that would work but it didn’t.. you need to ACH money in and then you can ACH it out if you are over the $40k threshold… lesson learned…

Anandha
Anandha

Thanks for the DP. Push and pull from external bank still works as per August statement close.

Jin
Jin

Yup just wanted to confirm Anandha – when I did an ACH from Origin bank, they complained and said it wasn’t a true ACH and instead was a “transfer” (which is a load of hogwash). They said I need to set up a direct deposit.

So I just did an external pull/push from another bank and that was counted correctly as an ACH. I’ve tried with two different banks over the past few months and they both worked (BoA and Fidelity CMA).

Cristian
Cristian

Link looks to be dead

Sophia
Sophia

You can call your local branch where you open your account to raise your external transfer limits, which makes the initial funding of the account MUCH easier. They were very friendly and helpful on the phone. Here is my referral link to get a $50 reward visa card. Thanks : )
http://bit.ly/2Oq2omb

DB
DB

Upon searching it looks like they have limit on ach transfers (5k/day, 10k/mo), anyone can confirm? This could be a deal breaker to me…
Also chatting informs that July 31 deadline to apply isn’t correct?

Big J
Big J

I went to a branch today in DFW and opened my account. He told me about the free ATM charges, only if you open the account in the DFW area. He also told me that tomorrow is the last day to open this account.

Jin
Jin

I went in branch and almost completed the account opening process…. until I was denied due to a Chex pull. The banker was very apologetic but said I had too many inquiries in the last 12 months. So seems like Origin bank is Chex inquiry sensitive.

Drew
Drew

Anyone having issues with the ACH transfers showing up as qualified Banking Benefits to get the 4% APY.

I pushed my interest to my external bank using their transfer system, but it didn’t show up as ACH transfer.

Then I used another external banks transfer system to deposit back into my Origin account and that didn’t show up as a ACH transfer either. They both showed up as Fund Transfers. Am I doing something wrong?

Sarah Wooh
Sarah Wooh

I had the same issue and so I chatted with CSR and he said when they say ACH they meant direct deposit. It is a bullshit but that’s what CSR told me.

Anandha
Anandha

My ach push from BoA met as Ach requirement past 3 months.

Jin
Jin

Did you push from Origin to BoA or vice versa? Doesn’t BoA have fees for ACH transfer?

Anandha
Anandha

Push from Boa and pull to Boa . No Fees for transfer at all.

Jin
Jin

Thanks for the DP.