Evergreen Bank Group


Overview / Commentary
630-413-9580
1515 West 22nd Street, Suite 100w
Oak Brook, IL 60523

Evergreen Bank Group is headquartered in OAK BROOK and is the 43rd largest bank in the state of Illinois. It is also the 737th largest bank in the nation. It was established in 1999 and as of December of 2023, it had grown to 191 employees at 3 locations. Evergreen Bank Group's savings rates are 10X the national average, and it has an A health rating.

Related Posts

Evergreen Bank Group Boosts Online Savings APY To Rate-Leading Level - 8/11/2023

Evergreen Bank Group is offering a limited number of products nationwide, including a rate-leading High-Yield Online Savings. $100 minimum opening deposit.

13-Month CD APY 5.5% - 6/11/2023

https://www.evergreenbankgroup.com/personal/personal-savings/certificates-of-deposit-cds.html

Evergreen Bank Group Offers Competitive Online CDs and Savings Account - 6/10/2023

Evergreen Bank Group is offering a limited number of products nationwide, including a rate-leading 11-month CD Special ($10k minimum) and High-Yield Online Savings.

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High Rate Fast ACH Transfers

Posted by: |

Evergreen ACH limits are low, however... "Transfers initiated EXTERNALLY are subjected to the EXTERNAL bank's limits." I use my brokerage Money Market for ALL transfers, since it has no limits, and like Evergreen my transaction are posted on the same day if placed early in the AM.

NO monthly fees; however there is a 50.00 fee if account is closed within 90 days of opening.
Evergreen Bank sports an "A" safety rating on DA, and "5 Star" rating on Bauer Financial.

Top Notch App With Some Old School Banking Caveats

Posted by: |

Excellent Digital Platform. Evergreen has very impressive banking software. It's one of the best Banking apps I've used.

I was able to open an account online, receive instantly approval, set up and initiated initial deposit through ACH (external bank) with no issues at all.

This is one of the best High Yield Savings account with one of the highest interest rates available in the country.

Caveats - these factors may or may not be important to you.

Beneficiary
* Online you can only set up individuals as beneficiaries (not Trust Accounts)
* They do allow Estate Planning Trust Accounts to be set up as a beneficiary but they required a copy of my Estate Planning docs "to review". No thanks - other banks allow me to set up online a trust account as a beneficiary without all that bureaucracy.

Even though not preferred, I set up an individual as the beneficiary to this account.

ACH Transfer Limits
WARNING - Evergreen limits BOTH ACH IN and ACH ** OUT ** limits. Initially, it's very restrictive. Once you are a customer for 4 months and have total deposits of >=$50K, the limits are much more flexible.

See https://www.evergreenbankgroup.com/services/account-services/personal-digital-banking.html
Open the "ACH Transfer and Mobile Deposit Limits" FAQ for details.

Can't Deposit Serious Cash Into This Bank.

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I wanted to open a new savings account with Evergreen Bank, but it seems the bank will NOT let me deposit anything other than a few thousand dollars. I just got off the phone with Jonathan a little while ago who had been very pleasant & courteous with me while also being very transparent with the info he provided. I let Jonathan know that it was my intent to maintain a savings account with a large sum of cash from the start. I would open the account initially with the minimal required $100 to first make sure all went smooth and I was comfortable with this bank. I then intended to set up the test-deposits to establish an external link both ways between Evergreen Bank and the other bank I have savings at that I will call "Bank C". I told Jonathan that once I had the external links set up between Evergreen Bank and Bank C, I would then initiate an ACH transfer from Evergreen to PULL at least $100K into my new Evergreen account from the external Bank C. If that went well, in the coming week or two I would then proceed with 2 more ACH transfers totaling another $150K combined, being PULLED out of external linked Bank C. I intended to keep the final balance at or near the $250K FDIC limit. Jonathan suggested that I could do an ACH PUSH (ie; not a pull) at Bank C to deposit the cash into Evergreen Bank. I replied that I will NEVER attempt to PUSH cash out of ANY of the accounts that I hold because this often results in an account being frozen under the guise of “fraud” concerns. Then I would have to spend hours and days on the phone jumping through hoops to get my account opened back up. Chase, Purepoint Bank, and Live Oak Bank did this to me when I didn't know better and had initiated a PUSH, even though I was with these banks for years. However, PULLS from out of these same banks was never a problem, and the PULLS always go smooth.

Jonathan told me Evergreen Bank will not allow me to initiate an ACH external PULL to have Evergreen Bank transfer the $100K out of the external Bank C. He told me the monthly limit to initiate a PULL is $10K. I explained to him that it would take me 2 years to deposit my $250K into an Evergreen savings account at that rate. I thanked him for his time and told him I will not be opening an account with this bank under these conditions. You would think when banks like Evergreen have the safeguards to check the credentials of my SS#, name, my same home address of 33 years, and other info that I must provide in the opening application process, that it would be enough info for them to assess that I'm legit. Especially since it is customary to place long holds onto newly deposited funds before they are available for withdrawal. But, what do I know?..... I’m just a simple retired guy looking for higher paying savings banks instead of the current 4.5%APY rate that I’m receiving. I guess old guys like me that clearly hold established accounts with large sums of cash at Bank C and other banks must largely be fraudsters. By the way, if anyone cares to know, Chase, Live Oak, NASB, Customers Bank, Barclay, CIT, and American Express are just some of the banks that I have had experience with initiating PULLS from. The PULLS I initiated worked smoothly, and there was never an issue at either bank on both ends. The majority of most banks have no issue about allowing you to transfer cash into their own bank via a pull. Most banks are in the business of finding new clients and only too happy to accept your cash.

Attractive Online Cd And Savings Rates But Too Many Gotchas

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Was considering moving large sums 100K Plus to either their savings and or cd. However, after speaking to one of their Bankers Allie, decided against it they have a number of restrictions. For CDs you can open them online via ACH but you can't redeem them via ACH yet anyway. Which means you would have a large check coming in the mail subject to The Postal Service. I find that unacceptable. Further, their savings accounts have daily and monthly limits which are ill-defined according to A Ally's manager who says it varies on the conditions of your account your duration of the of being a client etc etc but it could be as bad as 2,500 limit per day or per week or per month since this is completely undefined it's not a bank I could do business with. While I was able to get directly through to Alley both times I called, she didn't seem to have definitive answers to all of my questions and had to refer back to a manager for more information. I don't actually blame her for her lack of knowledge on all this, but it would have been simple simply to talk to a knowledgeable manager directly and get all my answer questions answered the first time. Rate on their CD and savings products, but too many gotches to do business with. For me anyway. Pass.

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Health

Health Grade Components

Overall
FDIC Certificate #35230
Year Established1999
Employees191
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.52%
Return on Equity - YTD5.11%
Annual Interest Income$97.3MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$1.5B$1.42B
LoansQ4 2023vs Q4 2022$1.22B$1.16B
DepositsQ4 2023vs Q4 2022$1.3B$1.23B
Equity CapitalQ4 2023vs Q4 2022$153.6MM$145.6MM
Loan Loss AllowanceQ4 2023vs Q4 2022$21.1MM$19.7MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$12MM$13.4MM
Real Estate OwnedQ4 2023vs Q4 2022$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Evergreen Bank Group; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Evergreen Bank Group Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.25%-$1mHigh-Yield Online Savings
2.00%*-$100kEvergreen Free Linked Saver
OTHER TIERS: 0.25% $100k+
0.35%$10-Christmas Club
0.35%--Kids Statement Savings
0.35%--Statement Savings
0.35%--Business Savings

Evergreen Bank Group Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.60%*$100k*-Cornerstone Business Money Market
OTHER TIERS: 0.30% $2.5k - $10k | 0.40% $10k - $25k | 0.50% $25k - $100k
0.50%*$25k*-Cornerstone Money Market
OTHER TIERS: 0.30% $2.5k - $10k | 0.40% $10k - $25k

Evergreen Bank Group Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%*-$25kEvergreen Free Rewards Checking
OTHER TIERS: 0.25% $25k+

Evergreen Bank Group CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%$10k-9 Month Share Certificate Special
4.75%$500-9 Month Share Certificate
4.75%$500-11 - 12 Month Share Certificate
4.75%$500-12 Month Share Certificate - Online
4.55%$500-13 Month Share Certificate
4.50%$1k-7 - 8 Month Certificate
4.25%$500-6 Month Share Certificate
4.25%$500-17 Month Share Certificate
4.25%$500-18 Month Share Certificate
4.25%$500-15 Month Share Certificate
4.25%$500-6 Month Share Certificate - Online
4.18%$500-18 Month Share Certificate - Online
4.00%$500-19 - 24 Month Share Certificate
4.00%$500-24 Month Share Certificate - Online
3.50%$500-29 - 60 Month Share Certificate
3.50%$500-36 Month Share Certificate - Online
3.50%$500-48 Month Share Certificate - Online
3.50%$500-60 Month Share Certificate - Online
3.00%$500-3-5 Month Share Certificate

Evergreen Bank Group IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%$10k-9 Month IRA Certificate Special
4.75%$500-9 Month IRA Certificate
4.75%$500-11 - 12 Month IRA Certificate
4.55%$500-13 Month IRA Certificate
4.50%$500-7 - 8 Month IRA Certificate
4.25%$500-6 Month IRA Certificate
4.25%$1k-17 Month IRA Certificate
4.25%$500-18 Month IRA Certificate
4.25%$500-15 Month IRA Certificate
4.00%$500-19 - 24 Month IRA Certificate
3.50%$500-29 - 60 Month IRA Certificate
3.00%$500-3-5 Month IRA Certificate
Locations


Evergreen Bank Group Locations
Evergreen Bank Group1515 W 22nd St Ste 100wOak Brook, IL 60523
Evergreen Park Branch3842 West 95th StreetEvergreen Park, IL 60805
Hinsdale BranchOne Grant Square, Suite 100Hinsdale, IL 60521

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