Evergreen Bank Group Review: Jaw-Droppingly High APYs for a Local Bank
Review
Updated
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Evergreen Bank Group has attractively high rates on its top savings and checking accounts. Many of its accounts have no monthly service fees nor account minimums. Some of its accounts must be opened at a branch (there are few of them), but its most attractive account options can be opened online.
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Evergreen Bank Group has five savings accounts -- one of which has an industry-leading APY.
If you don't live in Illinois, this local bank's High-Yield Online Savings Account is what has likely drawn you to it. Currently, the APY is -- drumroll -- 4.25%. Compared with other banks, this marks one of the top high-yield savings accounts on the market. The account has no monthly service fee and requires $100 to open. The 4.25% APY is applied to balances up to $1 million, with portions above this earning null.
This account links to a Free Rewards Checking or Free Cash Back Checking and basically receives the interest or rewards earned in those two accounts. The account has an uncompetitive 2.00% APY on up to $100,000 (0.25% on money over that), but since it's designed to help you save your interest or cash back, it can still serve a useful purpose. It doesn't have a monthly service fee and requires a $100 opening deposit.
This is a savings account for a specific purpose, like a vacation or big purchase. The account earns interest (undisclosed online) which is compounded and credited monthly. The account has a $1 monthly service that can be waived with a $100 balance.
This is a kids savings account with a low minimum opening deposit of $10. The account has a $1 monthly service fee, which you can waive by maintaining a $10 balance, and it earns some interest. The account is available for minors up to 17 years old.
As the name suggests, this savings account helps you save for Christmas expenses. The account doesn't charge monthly fees, but a penalty is imposed for withdrawing funds before they are distributed in November. The minimum opening deposit is $10, with no minimum balance requirements after.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
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1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Evergreen Bank Group offers seven CD terms ranging from six to 60 months. Its CD rates are decent, but are generally lower than the top CD rates. Interest is compounded and credited quarterly, and the bank will impose an early withdrawal penalty for liquidating your account before your CD reaches maturity. You'll need at least $500 to open a standard CD, though some special terms may require a higher minimum opening deposit.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.00%
|
Term:
10 Months
|
Min. Deposit:
$500
|
Open Account for
On Secure Website. |
|
|
APY:
3.75%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
Evergreen Bank Group has three free checking accounts -- one of which has a superb APY.
If you want to earn interest on your balances, if you don't want to pay a monthly service fee, the Free Rewards Checking might suit you best. With a 4.00% APY on up to $25,000 (then 0.25% on money over that), this free account has one of the best rates among top checking accounts. To earn this high APY, however, you'll need to make at least 12 debit card purchases within a monthly qualification cycle and be enrolled to receive eStatements. If you agree to those terms, you'll earn one of the highest APY on a checking account out there, plus get refunds on all ATM withdrawal fees nationwide.
This free checking account comes with a cash back debit card that earns 3% back on everyday purchases for up to $200 spent each month. This gives you a chance to earn $6 monthly and $72 annually in cash back.
To earn 3% cash back, you'll need to make 12 debit card purchases each monthly qualification cycle and be enrolled to receive eStatements. The account has no monthly service fees, no minimum balance requirements to earn rewards ($100 to open), and offers unlimited refunds on ATM withdrawal fees.
This is your basic, run-of-the-mill checking account. It doesn't earn cash back or interest, but it's free. You don't need to maintain a monthly balance, but it does require $100 to open. It also comes with a free debit card and will refund you up to $10 in ATM fees each monthly cycle.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
The Cornerstone Money Market account comes with a tiered interest rate system -- higher balances earn more interest. The account's APY isn't disclosed online, so you'll need to contact the bank directly for current rates. To open, the account requires a $2,500 minimum deposit, and maintaining the same balance will also waive the account's $15 monthly service fee. Like other money market accounts, this one comes with check-writing privileges.
Yes, Evergreen Bank Group is FDIC insured. This guarantees up to $250,000 per depositor, per account type in FDIC insurance.
Evergreen Bank Group may offer online accounts, but it also has brick-and-mortar branches in Illinois for in-person customer support. If in-person banking is important to you, here's what you can expect as a client.
Evergreen Bank Group doesn't have many reviews online. Its Better Business Bureau profile has only three reviews, while the Trustpilot page for the bank currently exists. The negative BBB reviews don't show any concerning trends between them.
Evergreen Bank Group gives you several ways to contact it, including over the phone and through a contact form on its website. You can also visit one of its several Illinois branches for in-person support. Branch hours may vary, but its banks are typically open Monday through Friday 9 a.m. to 5:30 p.m. and Saturday 9 a.m. to 1 p.m. If a branch offers drive through assistance, its drive through window opens an hour early at 8 a.m..
The Evergreen Bank Group's mobile app is fairly robust. You can monitor all your accounts, deposit mobile checks, pay your bills, send money person-to-person (P2P), buy insurance with Lemonade, and negotiate bills through Billshark. Although it lacks some features -- like credit score monitoring -- its features can adequately support your banking needs.
Evergreen Bank Group doesn't have any relationship benefits, like increased APYs when you link multiple accounts. In lieu of relationship benefits, it offers higher APYs on savings and checking accounts than most other financial institutions.
Evergreen Bank Group has one of the best high-yield savings accounts on the market. However, its banking services may not be right for everyone, especially if you don't live near one of its branches. If that's the case, here are two alternative banks that might better suit your needs.
Bread Financial (formerly Alliance Data) is an online bank that offers high APYs on savings accounts and CDs. While its high-yield savings account earns slightly less than Evergreen Bank Group, its CD rates are significantly higher on all terms. It doesn't offer a checking account, however, and has no physical locations.
Known for its credit cards, Capital One Bank also offers checking, savings, and high-yield CDs. Its savings account has a decent APY, while its CD rates are also fairly competitive. Its physical branches (Capital One Cafes) have a wider nationwide presence than Evergreen Bank Group, but even if you don't live near a branch, you can easily deposit cash at CVS and Walgreens pharmacies through the bank's mobile app.
This bank may be a good option for you if:
Like other banks we've reviewed, Evergreen Bank Group offers more to its clients than deposit accounts. Here are some other services or products that might interest you.
Yes, Evergreen Bank Group is safe. The bank has FDIC insurance and can guarantee up to $250,000 per depositor.
You might need to visit a branch in Illinois to open certain deposit accounts. That said, its most attractive offerings, like its high-yield savings account, can be opened within minutes online.
Yes, you can send and receive money via Zelle through the Evergreen Bank Group mobile app.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
