Posted by William Charles on April 13, 2019
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Published on April 13th, 2019 | by William Charles

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[Expired] [TX, MS] Origin Bank $500 CD Bonus ($10,000 Minimum, 2.27% APY, 25 Months)

Deal has expired, view more bank account bonuses by clicking here.

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Offer only available on new customer accounts at Texas and Mississippi Origin Bank banking centers.
  • Direct deposit required: Yes
  • Additional requirements: Fund 25 month CD within $10,000
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding:  Unknown
  • Monthly fees: Avoidable
  • Early account termination fee: $25, 90 days
  • Household limit: None listed
  • Expiration date: None listed

The Offer

Direct link to offer

  • Origin Bank is offering a bonus of $500 when you open a new 25 month CD and a new checking account with a primary direct deposit within 90 days of account opening. Minimum opening deposit is $10,000 for the CD. The checking account also needs an average balance of $5,000 for the first 90 days.

The Fine Print

  • Offer only available to new Origin Bank customers on any new checking account.
  • Within the first 90 days, the checking account must have a direct deposit of primary source of account holder income AND average account balance of $5,000 for the first 90 days to receive the $500 bonus or, within the first 90 days, the checking account must have a direct deposit of primary source of account holder income AND average account balance of $2,500 for the first 90 days to receive the $250 bonus.
  • Bonus will be paid within 30 days by direct deposit after the 90 day period.
  • Annual Percentage Yield (APY) is effective February 8, 2018.
  • This CD will convert to the standard 24-month CD with a fixed rate upon renewal.
  • Minimum balance to open is $10,000.
  • A penalty may be imposed for early withdrawal.
  • Fees may reduce earnings.
  • Offer only available on new customer accounts at Texas and Mississippi Origin Bank banking centers.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The CD has no monthly fees to worry about, simple checking has no monthly fee as long as you have a $500 balance.

Early Account Termination Fee

There is also an early account termination fee of $25 if the account is closed within 90 days.

Our Verdict

2.27% is competitive, but it’s still behind the top tier basic saving account rates. If you put $10,000 into a 2.5% account for 25 months you’d earn ~$520. If you put those funds into this account you’d earn the $500 bonus and then another ~$468 in interest so you do come out well ahead. That doesn’t take into account the funds needed in the checking account. The biggest issue for most people will be the fact you need to tie up $10,000 for such a long period of time. If you compare to a rewards checking account, the bonus isn’t as competitive, Origin Bank offers a 4% APY account for example and over that 25 month period $10,000 would earn $833. You’re still better off with this CD deal, but not as much as before. Regardless we will be adding this to our best savings account page, just be mindful of how long the funds are tied up for.

Hat tip to ragormack

Useful posts regarding bank bonuses:



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dan
dan

if interested, guess that i can do both the 4% apy chkg & this $500 cd at the branch

Thanks
Thanks

What is the final APY for this CD? My math is not working today. Is it higher than4%?

Betelgeuse
Betelgeuse

It’s higher than 4%. About 4.7. Basically you double the interest rate if you put 10k because of the bonus.

Rohith
Rohith

That would be awesome but i really doubt that

AkJohnny
AkJohnny

that’s what I’d call double dipping. I really don’t like the $5k checking requirement.

Rohith
Rohith

Just a FYI… both the offers can be combined.

Matt
Matt

Can you combine with the 4% rewards checking?

AkJohnny
AkJohnny

4% for 25 months is a moot point since that is only until June 2020… I doubt they keep 4% interest rates but they could amaze us all and keep it longer.

Danny
Danny

how do they check if it’s your primary direct deposit?

Eric Marsh
Eric Marsh

Not sure and wondering this myself? Most banks ask for applicants income when opening accounts but lots of people have pretax dollars taken out prior to DD (401k, Health Savings Plan, Child Support, etc) so lots of variables in the final amount deposited for the same annual income. Please re-post if you find out.

Eric

Betelgeuse
Betelgeuse

Looks like this offer is dead. Link no longer works.

Rohith
Rohith

I see the offer still exist in branch. Just now stopped by and asked about this one and the 4% apr checking account and these both can be combined.

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