Evergreen Financial institution Evaluate 2024: A strong on-line financial institution with good APY and ATM reimbursements

Evergreen Financial institution might be a superb possibility for patrons searching for a web-based financial institution with a number of interest-earning deposit accounts and a variety of banking services and products, together with free checking accounts, high-yield financial savings, CDs, and extra.

Evergreen Financial institution was based in 1999 and have become a subsidiary of Bancorp Monetary, Inc. in 2007 when President and CEO Darin Campbell and a bunch of buyers reorganized the Evergreen Park, Illinois financial institution. The financial institution operates 5 places, with three branches within the Chicagoland space and two lending places in Reno: FreedomRoad Monetary and Efficiency Monetary. These places completely present loans for energy sports activities gear.

If you’re situated outdoors the Chicagoland and Reno areas, Evergreen Financial institution operates as an online-only financial institution.

All charges and charges are present as of Might 20, 2024, and are topic to alter.

Evergreen Financial institution

Checking accounts: Beginning at $0 per 30 days
Financial savings accounts: Open with $100
Certificates of deposit (CD) charges: Earn as much as 4.75% APY


Evergreen Bank Group


  • All three checking choices don’t have any month-to-month payment
  • Reimbursed ATM charges of as much as $10 in entry-level account to limitless in two higher-tier accounts
  • On-line financial institution with full-service banking choices, together with deposit accounts, bank cards and lending merchandise
  • A robust choice of enterprise merchandise, together with checking, financial savings, loans, traces of credit score, and treasury administration


  • Very restricted bodily places close to Chicago and Reno
  • Financial savings and Cash Market APY outdoors of Excessive-Yield On-line Financial savings and Free Linked Financial savings are very low
  • Will need to have 12 debit card purchases submit and settle to earn ATM payment reimbursement, and people don’t rely ATM transactions

Evergreen Financial institution is finest for individuals who don’t thoughts banking on-line and thru ATMs. Additionally it is finest for individuals desirous to earn curiosity on a free checking account, as Evergreen Financial institution’s interest-bearing Free Rewards Checking possibility costs no month-to-month upkeep payment.

In the event you want to go to a bodily department in your banking, Evergreen Financial institution is probably not the most suitable choice until you reside close to one of many 5 financial institution places in Chicago or Reno.

Additionally, despite the fact that the Excessive-Yield On-line Financial savings account earns a really strong 5.25% APY and Free Linked Financial savings earns as much as 2.00% APY, the opposite financial savings choices and the cash market account (MMA) supply very low APYs of simply 0.35%, and a variety of 0.30–0.50%, respectively.

Evergreen Financial institution charges and merchandise

For patrons searching for a free checking account, Evergreen Financial institution affords three free private checking accounts. As well as, the financial institution affords 5 financial savings accounts, an MMA, and each CDs and particular person retirement account (IRA) CDs of various lengths. All however the two entry-level checking accounts supply curiosity earnings.

Checking accounts

Evergreen Financial institution affords three checking accounts. All are free checking accounts with no month-to-month upkeep charges. Sadly, Evergreen Financial institution doesn’t supply a checking account sign-up bonus.

Evergreen Financial institution Free Checking Account

The entry-level account affords few perks moreover as much as $10 in ATM payment reimbursements.

Evergreen Financial institution Free Money Again Checking

In the event you want money again bonuses, the mid-tier Free Money Again Checking pays 3.00% money again on debit card purchases as much as $200, which means you may earn as much as $6 month-to-month. You could make at the very least 12 debit card purchases and be enrolled in e-statements to earn the rewards.

Evergreen Financial institution Free Rewards Checking

It’s uncommon to search out free checking accounts with pretty much as good of an APY as Evergreen Financial institution’s Free Rewards Checking. You earn 4.00% APY on balances as much as $25,000 so long as you submit and settle 12 or extra debit card purchases and are enrolled in e-statements.

Cellular deposit and automatic clearing home (ACH) limits are set based mostly on the size of the client relationship. After you have been a buyer for at the very least 11 days, you may have ACH transactions of as much as $5,000 per day. This will increase to $100,000 within the account on day 60 and $250,000 on day 120. ACH limits out of the account enhance to $25,000 on day 120.

Cellular test deposits of $2,500 can be found beginning on day 11. This goes as much as $5,000 on day 60 and $25,000 on day 120. You might be restricted to 25 month-to-month cellular test deposits after you exceed 10 days as a buyer.

Financial savings accounts

Evergreen Financial institution affords 5 financial savings accounts. If you’re searching for a high-yield financial savings account, Evergreen Financial institution supplies a strong possibility.

Evergreen Financial institution Excessive-Yield On-line Financial savings account

The financial institution’s Excessive-Yield On-line Financial savings account affords an APY of 5.25% on balances as much as $1 million.

Evergreen Financial institution Free Linked Saver account

The financial institution additionally affords a Free Linked Saver account that earns as much as 2.00% APY on balances as much as $100,000. The account hyperlinks to both the Free Rewards Checking or Free Money Again Checking account and may present automated transfers between checking and financial savings.Evergreen Financial institution Assertion Financial savings accountThe assertion financial savings account is a straightforward answer for a “wet day fund” or one other particular financial savings aim. It comes with on-line banking choices so your cash is accessible once you want it. Evergreen Financial institution Children Assertion Financial savings accountThe Children Assertion Financial savings account is particularly designated for youngsters as much as age 17.Evergreen Financial institution Christmas Membership accountThe Christmas Membership financial savings account is designed to make the vacation season much less annoying—although there’s a small penalty for withdrawing funds earlier than November.

The identical ACH and cellular deposit limits listed for checking accounts additionally apply to financial savings. For extra data on how financial savings accounts work, see our primer on high-interest financial savings accounts.

Evergreen Financial institution financial savings charges in comparison with present high charges*

Whereas Evergreen Financial institution is a good possibility, some establishments supply increased rates of interest. Examine the charges above to this checklist of opponents:

Cash market accounts

Evergreen Financial institution affords the Cornerstone Cash Market account with tiered curiosity earnings relying in your stability. Nevertheless, the APY for all three tiers is low in comparison with one of the best MMAs. You want $2,500 to open an MMA and should have that stability to earn APY. In case your stability drops beneath $2,500, you’ll pay a $15 month-to-month service payment.

The identical ACH and cellular deposit limits apply to your cash market account. Try our introduction to MMAs for extra data on the variations between an MMA and different forms of financial savings accounts.

Certificates of deposit

Evergreen Financial institution affords each customary CDs and IRA CDs. The charges for each are the identical, however IRA CDs are particularly for retirement funds.

All CD lengths require at the very least a $500 deposit to open, besides a particular seven-month CD that requires $10,000 to open however earns 5.00% APY. The remainder of the CDs vary from 3.00% to 4.75% APY. Try our checklist of one of the best CD charges to see how Evergreen Financial institution compares with its opponents.

There are penalties for early withdrawals for each forms of CDs, however there are additionally tax penalties for early withdrawal from IRA CDs if you’re 59 1/2 or youthful. See our information on early withdrawal penalties to study extra.

Different companies Evergreen Financial institution affords

Evergreen Financial institution affords clients a number of different banking companies, together with:

  • Small enterprise merchandise: Evergreen Financial institution affords two enterprise checking accounts, a enterprise financial savings account, a enterprise MMA, and enterprise CDs. It additionally supplies traces of credit score, time period loans, working capital loans, business loans, and business actual property (CRE) loans.
  • Small enterprise treasury administration: Along with deposit and lending merchandise, Evergreen Financial institution affords enterprise treasury administration, together with collections and receivables, funds and disbursements, fraud safety companies, and treasury administration digital banking.
  • Private Loans: Evergreen Financial institution affords clients entry to dwelling fairness traces of credit score (HELOCs), dwelling mortgage loans, auto loans, and bike loans.
  • Bank cards: Evergreen Financial institution has partnered with TCM Financial institution, N.A. to supply a Visa Platinum bank card.

On-line banking

Evergreen Financial institution affords private digital banking companies, together with on-line banking and invoice pay. On-line banking is free and permits clients to entry e-statements, view account balances and historical past, switch funds between accounts, view written checks, and make mortgage funds, amongst different options.

Prospects can use invoice pay to schedule funds prematurely, arrange cost reminders, and guarantee funds are acquired on time.

For peer-to-peer (P2P) funds, Evergreen Financial institution lets you use Zelle. It’s also possible to use the financial institution’s “Pay a Particular person” characteristic free of charge.

Evergreen Financial institution platform and buyer help

You may entry on-line banking with Evergreen Financial institution by way of desktop or cellular apps. The cellular app is known as Evergreen Financial institution Group – Cellular on the Apple App Retailer and Google Play. It has a score of 4.6 on the Apple App Retailer based mostly on round 100 rankings and 4.1 on Google Play based mostly on greater than 30 evaluations.

To achieve Evergreen Financial institution customer support, name (888) 505-BANK (2265) or full a safe kind on the financial institution’s web site. The financial institution states it is going to reply inside one enterprise day. It’s also possible to cease in for help if you’re close to one of many 5 department places.

Is Evergreen Financial institution safe?

With the cellular app, you may arrange multifactor authentication (MFA) and select to log in with biometrics. Evergreen Financial institution additionally notifies cardholders of high-risk debit card transactions by way of textual content, electronic mail, or phone.

For patrons who want extra Federal Deposit Insurance coverage Corp. (FDIC) insurance coverage, Evergreen Financial institution companions with IntraFi Community Deposits, which may present multimillion-dollar FDIC insurance coverage for sure account sorts. Contact the financial institution for data on extra FDIC insurance coverage.

Evergreen Financial institution person evaluations

Evergreen Financial institution has combined evaluations on-line. On DepositAccounts, it’s rated 3 stars out of 5, whereas WalletHub rankings are 2.9 stars out of 5.

One of many largest drawbacks talked about on Reddit is the ACH and cellular deposit limits, though the financial institution has advised clients that that is to stop wire fraud. Nevertheless, individuals on Reddit and DepositAccounts had been each happy with the APY charge on the high-yield financial savings account.

Examine Evergreen Financial institution options

Evergreen Financial institution
SoFi logo
Quontic logo
Quontic Financial institution
High financial savings APY High financial savings APY High financial savings APY
5.25% 4.60% 4.50%
High checking APY High checking APY High checking APY
4.00% 0.50% 1.10%
4.75% N/A 5.05%
Different companies Different companies Different companies
On-line banking
Private loans and contours of credit score
Private bank card
Enterprise deposit accounts
Enterprise loans and contours of credit score
Treasury administration
On-line banking
Scholar loans
Private loans
Bank cards
Insurance coverage merchandise
Property planning
Enterprise financing and options
Mortgage loans
Mortgage refinancing
Fairness loans
Study extra Study extra Study extra
View supply at Fiona View supply at SoFi View supply at Fiona

Is Evergreen Financial institution best for you?

Evergreen Financial institution might be a superb possibility for individuals searching for an online-only financial institution with free checking and financial savings accounts. Whether or not you’re searching for essentially the most primary checking account, one that gives month-to-month money again, or a strong APY return, Evergreen Financial institution has an account that can suit your wants. Prospects who want entry to a bodily department location ought to take into account an alternate in the event that they don’t dwell close to Chicago or Reno.


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