Evergreen Bank Group (EBG) has been busy this month: in addition to adding four CD Specials to its product line, the Bank raised the rate on its Kasasa Cash account by 5 bps to 2.30% APY and extended the qualifying balance by $10k to $25k. The combination of the new APY and balance cap translates to an additional $238 per year. Qualifying balances over $25k earn 0.50% APY and non-qualifying balances earn 0.05% APY.
|2.30*%||-||$25k||Evergreen Bank Group||Kasasa Cash|
|OTHER TIERS: 0.50% → $25k+|
The Kasasa Cash account has been a part of the product line for nearly six years, having been introduced with an initial 2.05% APY and $10k cap. The Kasasa Cash account has had two rate increases along with two balance cap expansions.
Kasasa Cash Qualification Requirements
- At least 12 debit card purchases.
- Be enrolled in and receive eStatements.
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $100 minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed, with a receipt required for individual ATM fees of $5.00 or higher. There is a limit of one account per Social Security number.
The Kasasa Saver 1.05% APY has not changed since on its debut in June 2016, but the qualifying balances cap has been increased from $15k to $100k. Qualifying balances over $100k earn 0.50% APY, with non-qualifying balances earning 0.05% APY. Like the Kasasa Cash account, the Kasasa Saver has no minimum balance requirement or monthly service fee, and also requires a $100 minimum opening deposit.
|1.05*%||-||$100k||Evergreen Bank Group||Kasasa Saver|
|OTHER TIERS: 0.50% → $100k+|
Headquartered in Oak Brook, Illinois, Evergreen Bank Group’s primary market area is Chicagoland (metropolitan Chicago area), but the Kasasa Cash and Kasasa Saver accounts are available to all Illinois residents.
There is also a “Contact Me” form to initiate the process of opening an account. The Bank “will respond to you within one business day.”
Evergreen Bank Group has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.74% (excellent) based on December 31, 2017 data. In the past year, EBG has increased its total non-brokered deposits by $84.2 million, an excellent annual growth rate of 15.03%. 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 54the largest bank headquartered in Illinois, with assets in excess of $877 million. Thanks to its unusual and highly successful national motorcycle lending business, EBG has become one of the Chicago area’s most profitable community bank. A Business Wire August 2016 press release stated,
Evergreen Bank Group (“Evergreen”), with the support of Polaris Industries Inc. (“Polaris”, NYSE: PII), announced that on September 1, 2016, Evergreen will launch a new lending division, Performance Finance, exclusively focused on the financing of Polaris motorcycle and Slingshot products. Evergreen will operate the Performance Finance division out of its Reno, Nevada facility, in connection with a multi-year retail financing contract with Polaris.
How the Kasasa Cash Compares
When compared to the 44 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to Illinois residents and have maximum qualifying balances of at least $25k, Evergreen Bank Group’s Kasasa Cash APY currently ranks fourth.
The above rates are accurate as of 5/26/2018.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.