Evergreen Bank Group Boosts Online Savings APY To Rate-Leading Level
Illinois-based Evergreen Bank Group (EBG) recently boosted the rate on its High-Yield Online Savings Account (HYOS). Following an increase of 25 bps, the HYOS offers 5.25% APY on all balances up to $1 million; balances exceeding $1 million will not earn any interest. The new 5.25% APY placed the HYOS near the top of Savings/Money Market category in this week’s Liquid Bank Account Rates summary.
Added to the EBG product line about five months ago, the HYOS is another relatively new nationally-available product that is only available online. The HYOS has a standard structure and straightforward requirements:
- Minimum opening $100 deposit.
- No minimum balance requirement to earn stated APY.
- Interest is compounded daily and credited monthly.
- Limit of six outgoing transactions per statement cycle, with a $20 fee assessed for each transaction beyond the allowed six.
ACH Transfer Capabilities
It’s no secret that small limits on liquid account ACH transfers can be a deal breaker for many. The EBG website does not contain any information about ACH transfers, but CSR was able to answer my questions.
- CSR couldn’t give me a definitive answer concerning the dollar limits on incoming/outgoing ACHs, because the limits are varied, based on a formula. When an account owner is logged into the account, the limits are provided. CSR did say that the limits are generally between $5k-$25k per day. (see note)
- There is no limit on the number of external banks that can be linked to an HYOS.
- ACH deposits and withdrawals can be initiated from another bank.
- While there is a 2-3 day hold time on incoming ACH deposits for the first 30 days following account opening, there are no hold times on an established HYOS.
Note: DA reader midas89 provided the following ACH transfer limit details in the comments:
Evergreen Bank's hold time for money pulled in via ACH transfer is 3 business days after deposit.
If you have had an account with Evergreen for over 120 days, and if you have $50,000+ balance, the ACH limits are $250,000 daily for money you want to pull in, and $25,000 per day for money you want to push out of your account.
If your relationship with Evergreen is between 60 and 120 days, and if you have $10,000+ but under $50,000, it's $100K daily in and $5,000 daily out.
If your relationship with Evergreen is between 11 and 60 days, the ACH inbound limit is $5,000 daily, and $5,000 outbound daily.
Any relationship under 11 days means you cannot ACH anything either in or out from Evergreen.
Transfers initiated externally are subject to the external bank's limits.
Thanks to midas89 for providing these comments!
The Disclosures for Online Accounts includes 15 separate disclosures that provide a great deal of relevant information, including the following:
COMPOUNDING AND CREDITING. Interest will be compounded daily and will be credited to the account monthly. If you close your account before interest is credited, you will receive the accrued interest.
DORMANT/INACTIVE ACCOUNT INFORMATION.A dormant account fee of $5.00 per month will be charged after 18 months of inactivity.
TRANSACTION LIMITATIONS. During any statement cycle, you may not make more than 6 withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instructions, computer transfer, or by check, draft, debit card or similar order to a third party. Each covered transaction in excess of the limit of 6 per statement cycle will be assessed a $20.00 fee.
FEES AND CHARGES. A fee of $50.00 will be assessed if the account is closed within the first 90 days.
13-Month CD Special
EBG added a 13-month CD Special to its product line in June. Initially offering 5.50% APY, the rate has dropped to 5.40% APY – not a rate leader, but a competitive rate nonetheless. The minimum opening deposit is $10k, with no stated balance cap.
The 13-month CD Special continues to be the most competitive of the EBG Online CDs. This EBG CD page has the full list of online CDs.
As stated in the CD Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
EARLY WITHDRAWAL PROVISIONS on CD with terms greater of 12 Months.
We will impose a penalty if you withdraw any or all the deposited funds before the maturity date. The fee imposed will equal 180 days of interest.
Availability and Account Opening
Headquartered in Oak Brook, Illinois, Evergreen Bank Group has a brick-and-mortar presence in the Chicago metropolitan area, with three suburban Chicago branches located in Evergreen Park, Hinsdale (Grant Square shopping center), and Oak Brook.
About five months ago, EBG debuted an online application, allowing all U.S. citizens and resident aliens (18-years or older) with a valid Social Security number and a physical address in the U.S. to open a limited number of products.
Opening an High-Yield Online Savings account and/or a 13-month CD Special can be only be opened online “in minutes.”
CD Funding and Other Details
While the current 5.40% APY is outside the 1-year CD rate leaders, should a rate increase occur, the following information would be helpful.
- Funding – ACH ($250k max) or debit/credit card ($1k max).
- Ownership – Individual or joint (trusts cannot be opened online).
- Interest – Compounded/credited quarterly and can be withdrawn penalty-free.
- Maturing Funds – ACH or internal transfer to an EBG liquid account.
- Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers required for all beneficiaries.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull for identification verification
Bank Overview
Evergreen Bank Group has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.69% (excellent) based on March 31, 2023 data. In the past year, EBG has increased its total non-brokered deposits by $114.52 million, an excellent annual growth rate of 12.79%. Please refer to our financial overview of Evergreen Bank Group (FDIC Certificate # 35230) for more details.
Evergreen Bank Group was established in 1999 as Evergreen Community Bank and is currently the 32nd largest bank headquartered in Illinois, with assets in excess of $1.4 billion and nearly 14,000 customer accounts. Thanks to its unusual and highly successful national motorcycle lending business, EBG has become one of the Chicago area’s most profitable community bank. According to an October 2022 press release,
Evergreen Bank Group and Polaris Sales Inc., recently agreed to a multi-year financing services program agreement, expanding the relationship between the two companies. The Bank focuses on providing financing to Polaris customers through its Performance Finance division. Performance Finance is a trademark of Polaris Industries Inc. and Indian Motorcycles International LLC.
Since 2016, Performance Finance has provided Polaris customers with innovative financing solutions through Indian Motorcycle’s independent network of national dealers. “Our long-standing relationship with Polaris has been a winning combination – and we are extremely excited to expand our relationship by making our premium financing programs available to the large network of Polaris Off-Road dealers. This will position our company for solid growth over the next several years,” said Darin Campbell, President & CEO.
How the High-Yield Online Savings Compares
When compared to the nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com that do not require large balances, have activity requirements or have small balance caps, the Evergreen Bank Group High-Yield Online Savings APY ranks at the top. The following is a sampling of the accounts with the best rates:
The above information and rates are accurate as of 8/11/2023.
To search for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.
