Score 5.00% APY on Your Checking with Origin Bank – Here’s the Catch

If you live in Louisiana, Mississippi, or Texas and you’re tired of your checking account earning next to nothing, Origin Bank has a deal that might catch your eye. Their Performance Checking Account is currently offering a 5.00% APY on balances up to $40,000. That’s a solid rate for a checking account, but it does come with a few hoops to jump through. Let’s break down what you need to do to earn that rate and what to watch out for.

What Makes This Checking Account Stand Out?

Most checking accounts these days offer a paltry interest rate, if any at all. Origin Bank flips the script by giving you 5.00% APY on up to $40,000. That means if you keep the full $40k in there and meet the requirements, you could earn around $2,000 in interest over the year. Not bad for money that’s still liquid and accessible.

The account also comes with free online banking, eStatements, and access to a network of ATMs. Since you have to sign up in person at a branch, it’s a good idea to check if there’s one near you using their bank locator.

The Fine Print: How to Actually Earn That 5.00% APY

To qualify for the high rate, you’ll need to complete three things each monthly cycle:

First, you must make at least 16 bank transactions. These can be debit card purchases, checks, or online bill payments. Second, you need one ACH debit or credit — think a direct deposit, an automatic transfer from another bank, or a payment like a utility bill. Third, you have to enroll in eStatements.

Miss any of those, and you’ll earn 0% APY for that cycle. So it’s all or nothing. Also, note that the 5.00% APY only applies to the first $40,000. Any balance above that earns a much lower rate (likely the standard checking rate).

Avoiding the Monthly Fee

There’s a $14 monthly service charge that kicks in if your balance drops below $4,000 on any given day. To dodge it, simply keep at least $4,000 in the account at all times. That’s pretty easy if you’re planning to park $40k there anyway.

If you do dip below, you’ll get hit with the fee, which can eat into your interest earnings. So set a reminder to check your balance regularly.

Things to Watch Out For

This account is only available to residents of Louisiana, Mississippi, and Texas, and you have to open it in person at a branch. So if you’re not in those states or don’t live near a branch, you’re out of luck.

There’s also a $25 fee if you close the account within 90 days. That’s pretty standard, but it’s worth noting if you’re just trying the account out.

Also, the rate is variable and can change. It was recently dropped from 6.00% to 5.00%, so don’t be surprised if it adjusts again.

Bottom Line

• Earn 5.00% APY on up to $40k with Origin Bank Performance Checking in LA, MS, TX.
• Must complete 16 transactions + 1 ACH + eStatements each month to earn the rate.
• Keep at least $4,000 to avoid the $14 monthly fee.
• In-branch sign-up required; early closure fee of $25 within 90 days.

Common Questions