Yesterday, Chicagoland DA reader, miked, posted in the Forum about Evergreen Bank Group’s (EBG) Money Market Special that guarantees 1.05% APY on $25k+ balances for 180 days. New money is required to qualify for the promotional rate. Balances between $2,500 and $9,999 earn 0.35% APY, with balances between $10,000 and $24,999 earning 0.45% APY.
The Fine Print
- Promotional rate requires new money.
- Account balances falling below $2,500 will result in a 0.00% APY.
- Minimum opening deposit is $2,500, with no stated balance cap.
- If the ledger balance should fall below $2,500 during the statement cycle, a $15 fee will apply.
- If the account is closed within 180 days of opening, a $150 closing fee will be assessed.
- Following the initial 180 days, the account will convert to a Cornerstone Money Market.
Thanks to DA reader, miked, for his continued monitoring of Chicagoland deals and offerings.
Headquartered in Oak Brook, Illinois, Evergreen Bank Group’s primary market area is the Chicago metropolitan area, aka “Chicagoland.”
The advertisement for the Money Market Special in the Chicago Tribune only mentions the new branch in the Grant Square Shopping Center (Hinsdale). CSR confirmed that the Money Market Special is also available at either of the two established suburban Chicago branches, which are located in Evergreen Park and Oak Brook.
The fine print includes a rather unusual statement:
Evergreen Bank Group reserves the right to limit the use of its Golf Simulator to bank customers.
EBG’s new Grant Square branch offers a coffee house, shoe shine service, community room, and a Golf Club, complete with Golf Simulator. Rather than thumbing through old magazines, you can work on your golf swing as you wait for any paper work to be completed.
Evergreen Bank Group (FDIC Certificate # 35230) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.50% (excellent) based on September 30, 2016 data. In the past year, EBG has increased its total non-brokered deposits by $42.92 million, an excellent annual growth rate of 7.14%. 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 Money Market Special Compares
When compared to the Money Market Accounts tracked by DepositAccounts.com that are available to Chicagoland residents, Evergreen Bank Group's Money Market Special APY currently ranks fourth, regardless of minimum deposit.
|Interest Rate||Account Name||Credit Union/Bank|
|1.25% APY||Mega Money Market ($35k max)||All America Bank|
|1.11% APY||Yield Pledge Money Market (1st year, $250k max)||EverBank|
|1.05% APY||Money Market Special ($25k min)||Evergreen Bank Group|
The above rates are accurate as of 1/13/2017.
To search for Money Market rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.