Last week, Evergreen Bank Group (EBG) raised the rate on its Kasasa Cash account to 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k continue to earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
Kasasa Cash is a type of reward checking account that’s defined by the company Kasasa, LTD.
The Kasasa Cash account has been a part of EBG's product line for almost seven years, having been introduced with an initial 2.05% APY and capped at $10k. In the past ten months, the Kasasa Cash account has had two four rate increases, adding a total of 75 bps.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 the account's debut in June 2016, but the qualifying balance cap has been increased 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.
EBG has also raised the rates on its 7-month Certificate Special (2.50% APY) and 9-month Certificate Special (2.65% APY). These limited-time Certificates require new money, with a minimum deposit of $10k and a maximum deposit of $249,999.
According to CSR, the Early Withdrawal Penalty for either is “180 days of interest,” but no partial withdrawals are allowed, only early closure. As CSR put it, “it’s all-or-nothing.”
The Certificate Specials are not listed on EBG’s Rates page, but have their own Keeping It Local page.
Headquartered in Oak Brook, Illinois, Evergreen Bank Group’s primary market area is the metropolitan Chicago area (Chicagoland), but the Kasasa Cash and Kasasa Saver accounts are available to all Illinois residents.
The Kasasa brand accounts can be opened online, or at any of the three suburban Chicago branches, which are located in Evergreen Park, Hinsdale, and Oak Brook. Opening a Certificate Special requires an in-person branch visit.
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.”
On a personal note, the next time I’m in Chicago I plan visiting the Hinsdale branch and have “the ultimate indoor golf experience on our golf simulator.”
Evergreen Bank Group has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.50% (excellent) based on September 30, 2018 data. In the past year, EBG has increased its total non-brokered deposits by $105.46 million, an excellent annual growth rate of 17.55%. 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 48th largest bank headquartered in Illinois, with assets in excess of $991 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.
|Interest Rate||Account Name||Credit Union/Bank|
|4.00% APY||Premium Checking (up to $30k)||Orion Federal Credit Union|
|3.33% APY||eCentive Account (up to $25k)||Heritage Bank|
|3.01% APY||Kasasa Cash (up to $25k)||Old Missouri Bank|
|3.00% APY||Kasasa Cash (up to $25k)||Evergreen Bank Group|
To searching for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
How the CD Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which are available with the Bank’s market area and require a minimum deposit of $10k or less, Evergreen Bank Group’s 9-month CD Special APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|3.25% APY||6-Month Military Saves Certificate Special ($1k min)||Andrews Federal Credit Union|
|2.78% APY||6-Month Certificate Special ($500 min)||Interior Federal Credit Union|
|2.65% APY||9-Month Certificate Special ($10k)||Evergreen Bank Group|
Looking for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.
The above rates are accurate as of 2/22/2019.