Update 6/13/22: Rate is now 3%. You need to do the following
- Electronic deposits totaling at least $500/month Electronic deposits include: direct deposit, ATM deposit, mobile deposit, and electronic transfers from another financial institution.
- Spend at least $500/month on your Orion debit or Orion credit card
Hat tip to reader Baked
Update 3/20/20: Maximum balance is now $10,000, down from $15,000. I’m guessing this change is effective immediate? Rate will also drop to 1%
Update 2/27/20: You’ll soon need $500 in debit spend 
. They do note that PIN purchases count. No longer need 8 transactions.
Effective April 1, 2020: To make it easier for Premium Checking members to earn 3% APY each month, we are changing the Premium Perks Qualifiers to provide flexibility in how you spend. Here is a summary of the changes taking effect: You are no longer required to have 8 transactions. Instead, spend at least $500 on your Orion debit or credit card to qualify. All signature and PIN based purchases will count toward the $500 minimum.
Update 11/25/19: Rate reduced from 4% to 3% and limit reduced from $30k to $15k. Basically kills the deal.
Update 9/15/19: Limit of one account per person now applies.
Update 6/30/19: Looks to be definitely nationwide.
Update 1/4/19: It doesn’t look like the original state restrictions listed were/are accurate as people have been able to open in Arizona, California, Florida & Massachusetts. It’s possible this account is actually available nationwide, but YMMV. Hat tip to reader Pablo.
Offer at a glance
- Interest Rate: 3% APY
- Minimum Balance: None
- Maximum Balance: $10,000
- Availability:
I believe you need to be a resident of Shelby, Tipton, and Fayette Counties in Tennessee or Desoto and Marshall Counties in Mississippi or Crittendon and Mississippi Counties in Arkansas.Nationwide - Direct deposit required: No, just total deposits of $500+
- Additional requirements: 8 signature based transactions
- Hard/soft pull: Hard pull (equifax)
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: Avoidable
- Insured: NCUA
The Offer
- Orion offers the Premium Checking Account this account offers a 4% APY on balances up to $30,000 when the following requirements are met:
- Electronic deposits totaling at least $500/mo
- Perform at least 8 signature-based card transactions
The Fine Print
- (1) Deposit at least $500 electronically (direct deposit, ATM deposit, or transfer from another institution) and
- (2) Perform at least 8 signature-based debit card transactions.
- 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 $5 monthly fee. If you meet the requirements for the 4% APY then the monthly fee is also waived. There is also an early account termination fee of $10 if the account is closed within 6 months of account opening
Eligibility
This definitely works in the following states: Arizona, California, Florida
It has been confirmed as working in the following states:
Our Verdict
Great account, easy to meet requirements and a 4% APY rate with such a high maximum balance is basically unheard of. If you live in a qualifying area then it’s definitely worth at least considering. Now the game of trying to work out how to open an account outside of that area begins.
Hat tip to reader Ash
