Evergreen Bank Group Raises Kasasa Cash Rate

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Deal Summary: Kasasa Cash, 2.30% APY up to $25k. Kasasa Saver, 1.05% APY up to $100k.

Availability: llinois

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.30*%-$25kEvergreen Bank GroupKasasa Cash
OTHER TIERS: 0.50% $25k+
Rates as of September 26, 2018.

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.

Kasasa Saver

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.05*%-$100kEvergreen Bank GroupKasasa Saver
OTHER TIERS: 0.50% $100k+
Rates as of September 26, 2018.

Availability

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.

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.

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.”

Bank Overview

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.

Related Pages: Chicago checking accounts, reward checking accounts

Comments
111
111   |     |   Comment #1
As always, I appreciate the information that Ken and his staff provides. I'm sure other readers do as well.

Having said that, it is apparent that many of the "Rewards Checking" financial institutions need to dramatically "up their game" a bit, and Evergreen Bank is as good an example to choose as any. Economists have long discussed the concept of the "riskless rate of return". In theory such a rate does not exist, but in practice it is often interpreted to mean that one or another of the US Treasury rates is anointed as that "riskless" rate. Then, the particular article-writer invariably tries to determine (or guesstimate) how much above that rate that various investments, or deposit accounts, might possibly return to the holder.

There's inevitably some guesswork involved in this practice - maybe a lot - but still it is a useful endeavor. For example, I think most of us can agree that most US Treasuries, at least up through the 10-year, are "riskless" in the following sense - that if we ever truly entered a scenario where the ability of the US government to pay back the principle in these bonds were actually in serious doubt, the repayment of our interest - and even of our principle - would NOT be the most serious of our concerns. Rather, the most serious of our concerns would be survival - likely, the old Warren Zevon lyrics of "send lawyers, guns and money" would already be the word of the day. (Perhaps minus the lawyers, as Shakespeare seems to have foretold all those centuries ago.)

Of course another Warren - surname Buffet - has maintained that one should buy, at least in the US marketplace, primarily not when others are wanting to do so but instead when there is "blood in the streets". In saying this he's assuming that the US marketplace will always bounce back, as it has for well over 200 years. In this, I suspect he's correct.

Therefore, the "riskless rate of return" is in a practical sense, real, barring an actual US default. And, it's especially useful for those who crave low volatility in their investments / deposits. For readers of this forum, in many ways it correlates with a "WORK-less rate of return". Let's define that as the "riskless rate of return" which can at any given time be attained by the simple opening of a deposit account, FDIC or NCUA-insured, that also requires no special "nickel and dime" annoyances such as debitcard transactions, direct deposits, etc..

Currently, the nationally-available "WORK-less rate of return" is the 2.05% (guaranteed for 1 year) offered by NorthPointe. And yet, the Rewards Checking rates are only a few basis points above this? 2.30%, in this case?

This is both a conundrum and a problem. Either the Rewards Checking folks need to raise their rates, as several other rates have risen recently, or they need to exit this niche.
working to hard ?
working to hard ?   |     |   Comment #2
so, for 10 or 15 purchases of $1.00, on a account of 10 or 25k, you want them to pay you More?
they put up the hoops for all the dupes.
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Availability: Chicago metropolitan area

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These limited-time offers all require new money, with a minimum deposit of $10k and a maximum deposit of $249,999.

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Availability: Chicago metropolitan area

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The 18-month and 24-month CD Specials are the most competitive, but the...

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Availability: Chicago metropolitan area

Yesterday, a long-time DA reader notified me about a Chicago Tribune advertisement for an Evergreen Bank Group (EBG) 17-month CD Special (1.70% APY). This limited-time offer requires new money, with a minimum deposit of $10k and the “maximum deposit amount accepted is $249,999.”

The 17-month CD Special is not listed on the Bank’s website, so I called to confirm that the Chicago Tribune ad was accurate. CSR mentioned that...

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Availability: Chicago metropolitan area

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...
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