If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
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.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
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 -- 5.25%. 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 5.25% 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.
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.
|
up to 4.50%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 UFB Portfolio Savings Account
On UFB'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.
|
5.15%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
|
N/A
|
Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
![]()
Open Account for Capital One 360 Performance Savings
On Capital One'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.
|
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
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 |
---|---|---|---|---|
Member FDIC.
| APY: 4.60% | Term: 1 Year | Min. Deposit: $2,500 |
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $2,500 |
Open Account for
On Secure Website. |
Member FDIC.
| APY: 5.10% | Term: 6 Months | Min. Deposit: $500 |
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.
|
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, 4.00 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.
|
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. |
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. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.