Evergreen Bank Group (EBG) recently raised the rate on its Kasasa Cash account, with qualifying balances up to $15k now earning 2.25% APY. Qualifying balances over $15k earn 0.50% APY and non-qualifying balances earn 0.05% APY.
The Kasasa Cash account has been a part of EBG’s product line for more than three years, and the current APY is the first rate increase since its introductory rate of 2.05% APY.
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 has been available since June 2012, with its initial rate of 1.05% APY on qualifying balances up to $15k in effect since that time. Qualifying balances over $15k 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.
Headquartered in Oak Brook, Illinois, Evergreen Bank Group’s primary market area is the Chicago metropolitan area, but the Kasasa Cash account and Kasasa Saver account have recently become available to all Illinois residents, 18 years or older, through an online application.
Evergreen Bank Group (FDIC Certificate # 35230) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.88% (excellent) based on June 30, 2016 data. In the past year, EBG has increased its total deposits by $75.4 million, an excellent annual growth rate of 13.19%. Please refer to our financial overview of Evergreen Bank Group for more details.
Evergreen Bank Group was established in 1999 as Evergreen Community Bank, and has become one of the Chicago area’s most profitable community bank, thanks to its unusual and highly successful national motorcycle lending business. 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 Kasasa Cash Compares
When compared to the 66 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to Illinois residents and have maximum qualifying balances of at least $15k, Evergreen Bank Group’s Kasasa Cash APY currently ranks in the top eight The following is a sampling of those eight accounts.
|Interest Rate||Account Name||Credit Union/Bank|
|4.59% APY||Free Rewards Checking High (up to $20k)||Consumers Credit Union (IL)|
|3.00% APY||Max Checking (up to $15k)||Lake Michigan Credit Union|
|2.25% APY||Kasasa Cash (up to $15k)||Evergreen Bank Group|
The above rates are accurate as of 9/22/2016.