Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear) and may influence which products we write about, but our product ratings are not influenced by compensation. We do not include all companies or offers available in the marketplace.
    |    Accessibility Options

Evergreen Bank Group Review: Jaw-Droppingly High APYs for a Local Bank

Review Updated
Steven Porrello
Author: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

See Full Bio

| 1 other [ + ]
Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

Evergreen Bank Group

Bottom Line

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.

Pros
  • High APYs
  • No monthly service fees
  • Variety of deposit accounts
  • ATM refunds on checking accounts
Cons
  • Very few physical branches
  • Uncompetitive CD rates
  • Some accounts must be opened in person

  • 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 Motley Fool Money rates bank accounts.

Savings accounts

Evergreen Bank Group has five savings accounts -- one of which has an industry-leading APY.

High-Yield Online Savings Account

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.

Free Linked Saver

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.

Statement Savings

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.

Kids Statement Savings

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.

Christmas Club Savings

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.

Compare savings rates

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of January 31, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 3.80%²
Rate info Circle with letter I in it. 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
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

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.

Compare CD rates

Rates as of Jan. 30, 2025
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.35% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

Evergreen Bank Group has three free checking accounts -- one of which has a superb APY.

Free Rewards Checking

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.

Free Cash Back Checking

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.

Evergreen Free Checking

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.

Compare checking accounts

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
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.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Money market accounts

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.

Is Evergreen Bank Group FDIC insured?

Yes, Evergreen Bank Group is FDIC insured. This guarantees up to $250,000 per depositor, per account type in FDIC insurance.

Customer experience

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.

Customer reviews

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.

  • Better Business Bureau rating: 2.3 out of 5 stars
  • Trustpilot rating: N/A

Customer service

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..

Mobile app

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.

  • App Store rating: 4.6 out of 5 stars
  • Google Play rating: 4.2 out of 5 stars

Relationship benefits

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.

Alternatives to Evergreen Bank Group

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

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.

Capital One Bank

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.

Is Evergreen Bank Group right for you?

This bank may be a good option for you if:

  • You want to earn the highest APY for a savings account.
  • You live near one of its branches in Illinois.
  • You don't live near a branch, but are okay with online banking.

Other products by Evergreen Bank Group

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.

  • Personal credit card
  • Home equity line of credit (HELOC)
  • Home mortgage loans
  • Auto loans
  • Motorcycle loans

FAQs

  • 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.