A DA reader who regularly e-mails me about Chicago area bank deals, recently let me know about Evergreen Bank Group’s (EBG) latest specials, which had been advertised in the Chicago Tribune. The product with the most competitive rate is the 20-month CD Special, which earns 2.40% APY. This limited-time offer requires new money, with a minimum deposit of $10k and a maximum deposit of $249,999.
According to CSR, the Early Withdrawal Penalty for the 20-month CD Special is “just three months compounded interest.”
It took a bit of searching on EGB’s website, but I eventually found the Specials page. Everything mentioned in the Chicago Tribune ad lines up with what’s on the website.
Money Market Special
EBG is also offering a Money Market Special, with a one year rate guarantee of 1.55% APY on balances of $25k+. Qualifying for the 1.55% APY requires a minimum initial deposit of $25k of new money.
On Day 366 following account opening,
this offering will reprice to our current Cornerstone Money Market rates, current ongoing APYs and tiers are: 0.65% for accounts $25,000 and up; 0.40 % for accounts $10,000 - $24,999; 0.30% for accounts $2,500 - $9,999.99; 0.00% for account balances under $2,500.00.
Thanks to the Chicagoland DA reader for letting me know about the latest Evergreen Bank Group Specials. Keep reading the Chicago Tribune!
Headquartered in Oak Brook, Illinois, Evergreen Bank Group’s primary market area is the Chicago metropolitan area, better known as “Chicagoland.”
The CD Specials and Money Market Special can be opened at any of the three suburban Chicago branches, which are located in Evergreen Park, Hinsdale, and Oak Brook.
I still want to visit the Hinsdale (Grant Square) branch and try out the indoor golf simulator.
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 2015 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 CD Special Compares
When compared to the 287 similar length-of-term CDs tracked by DepositAccounts.com, which are available within the Bank’s market area and require a similar minimum deposit of $10k or less, Evergreen Bank Group's 20-month CD Special APY currently ranks third.
|Interest Rate||Length of Term||Credit Union/Bank|
|2.50% APY||15-month CD||Greenwood Credit Union|
|2.41% APY||18-month Variable CD||Capitol Federal Savings Bank|
|2.40% APY||20-month CD Special||Evergreen Bank Group|
The above rates are accurate as of 5/9/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.