Evergreen Bank Group is headquartered in OAK BROOK and is the 43rd largest bank in the state of Illinois. It is also the 718th largest bank in the nation. It was established in 1999 and as of June of 2023, it had grown to 189 employees at 3 locations. Evergreen Bank Group's savings rates are 10X the national average, and it has an A health rating.
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5/9 - Evergreen Bank Group (IL) Adds 20-Month CD Special
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3/3/17 - 48 Months- 2%
2/10/17 - CD Specials At Evergreen Bank Group In Chicagoland
1/13/17 - Evergreen Bank (IL) Adds 6-Month Money Market Rate Guarantee
1/12/17 - 1.05% Money Market Special With 180-Day Rate Lock In Chicagoland
11/20/16 - Open An Evergreen Bank Group Kasasa Cash Account And Get $100
11/19/16 - $100 Bonus Kasasa Cash Checking Account - Chicagoland
9/22/16 - Evergreen Bank Group (IL) Offers State-Wide Kasasa Cash
6/13/13 - New Kasasa Accounts at Evergreen Bank Group near Chicago
1/26/08 - 5.20% 12-Month / 5.35% 5-Month CD at an Illinois Bank (Evergreen Private).
7/20/07 - 5.55% 5-Month CD at an Illinois Bank Plus iPod nano or $200 Checking Account Bonus (Evergreen Private Bank)
High Rate & Instant ACH Transfers
I initiated a ACH pull on my Evergreen platform and it instantly appeared on my Evergreen account. Most other banks take 2 or 3 business days, for all ACH transfers and 5 total days if over a weekend. They do NOT pay interest these days.
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 is 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.
I'd Give 5 Stars Except For 3 Day Hold On Deposits !!!
I called Customer Service & was connected to Josh within a few minutes. He was very helpful & took the time needed to answer all of my questions about the High Yield Online Savings account. My only disappointment was that deposits do NOT post until the 3rd business day after they are initiated!! This means the bank does NOT pay you interest for 2 days after they receive your money! If they posted deposits 1 business day after initiation, I would give Evergreen 5 stars but they wait until the 3rd business day so they lose a whole star!
Banks make money at your expense when they delay paying you interest! Other competitive banks post deposits either the same day (Customers Bank) or 1 business day later (Primis Bank).
Despite my one disappointment, I applied for a High Yield Online Savings Account which only took a few minutes & was approved immediately! I was then able to enroll in online banking. This was a very smooth process.
Can't Deposit Serious Cash Into This Bank.
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
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.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35230 |
| Year Established | 1999 |
| Employees | 189 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.8% |
| Return on Equity - YTD | 7.74% |
| Annual Interest Income | $45.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $1.50B$1.27B |
| Loans | Q2 2023vs Q2 2022 | $1.22B$1.04B |
| Deposits | Q2 2023vs Q2 2022 | $1.30B$1.08B |
| Equity Capital | Q2 2023vs Q2 2022 | $150.8MM$141.2MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $21.5MM$17.6MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $12.9MM$1.6MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |