Evergreen Bank Group High-Yield Online Savings Account 2024 Review

Evergreen Bank Group's high-yield savings account is worth a look if you're hoping to get a competitive rate on savings, with no monthly fee. This savings account is offered exclusively online. 

The Evergreen Bank Group High-Yield Online Savings Account features an impressive APY. In fact, it's one of the best among online savings accounts and well above what you might get at a traditional bank or credit union. 

Who is this savings account right for? You might consider saving with Evergreen if you:

• Are comfortable with an online-only banking experience
• Have at least $100 to open a new savings account
• Prefer a savings account with no monthly maintenance fee
• Want to get a great rate on balances up to $1 million

You can open an account with Evergreen Bank Group online in less than five minutes. Again, you'll need a minimum deposit of $100 to get started. 

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Compared to Other Online Savings Accounts

One Savings Account

One is a fintech app that combines high-yield savings with debit card rewards. The APY isn't quite as high as what you'll get with Evergreen, but there are no monthly fees or minimum balance requirements. You can get paid up to two days early with direct deposit and add or deposit cash to your account at Walmart locations. 

Read our full One Savings account review

Jenius Bank Savings Account

Jenius Bank pays savers a generous APY, with no minimum balance requirements and no fees. You also get the benefit of human customer support on a 24/7 basis. Jenius doesn't offer checking accounts, CDs, or other deposit accounts, but it could be a good fit if you're looking for a simple way to save and grow your money. . 

Read our full Jenius Bank Savings Account review.

Affirm Savings Account

You might know Affirm as a buy-now- pay-later option, but you can also open a savings account here. There are no fees and no minimum balance or deposit requirements. Regarding how the APY measures up, it's a little below what you could get with Evergreen Bank Group. 

Read our full Affirm Savings account review.

SoFi Checking and Savings Account 

SoFi offers checking and savings in one place, making it easy to spend while earning interest on savings balances. You can earn up to 15% back when you use your debit card at local merchants and get paid up to two days early with direct deposit. There are no monthly fees or hidden fees of any kind. 

Read our full SoFi Checking and Savings account review.

Interest Rates

The main thing that makes high-yield savings accounts attractive is the rates they pay. Compared to other online savings options, Evergreen Bank Group offers one of the highest APYs you can earn. 

The advertised APY applies on balances of up to $1 million. Should your balance cross that mark, your APY drops to 0%. However, that's unlikely to be an issue for most people. 

There's a $100 minimum deposit required to open an account and start earning interest. Keep in mind that the APY is variable, not fixed, which means it can fluctuate up or down. 

Should interest rates be the only thing you consider when opening a savings account? No, but it's certainly important. 

Here are a few questions to ask when comparing savings options:

• Is there a minimum balance requirement to earn interest?
• Does the same rate apply across all balances, or are rates tiered?
• Will the bank cap my interest earnings once my balance reaches a certain threshold? 
• How often does interest compound and when is it credited to my account? 

Tiered rates can be attractive for people who expect to grow their savings over time but they aren't always right for everyone. 

Checking the balance requirements to move up to each tier can give you an idea of whether that's the best way to go. If you need a higher balance to earn a better rate, you might benefit more from an option like Evergreen since you can get an outstanding APY on lower balances. 

Fees

Online banks are usually better than traditional banks when it comes to fees. Your overall costs are likely to be lower when choosing a bank that doesn't have a physical footprint. 

Here's how the fees at Evergreen Bank Group compare:

Other Service Fees - Evergreen Bank Group High-Yield Online Savings Account

There's no monthly fee, which is great but it's important to note the excess withdrawal fee.

Even though the FDIC has suspended Regulation D rules for savings account withdrawals, banks can still charge a fee if you go over a preset limit. At $20 per item, Evergreen Bank Group's excess withdrawal fee is higher than what a lot of banks charge. 

ATM Access

Getting an ATM card or debit card with a savings account is a nice benefit, but it's more of an exception than a rule. Evergreen Bank Group doesn't offer ATM cards with its high-yield savings accounts. 

That's not really a bad thing if you're tempted to withdraw cash from savings fairly often. But if you need an ATM card for a savings account, you might want to check out another bank. 

Here's a tip for choosing savings accounts that offer an ATM card: find a bank that refunds ATM fees.

Some banks refund all foreign ATM fees, while others rebate fees up to certain limits each month. However, having that as an account benefit can open up more options for where you can withdraw cash. 

Account Management

Evergreen Bank Group's high-yield savings account is designed to be accessed through online and mobile banking. 

You can deposit money into savings using these options:

• ACH transfer from a linked bank account or another Evergreen bank account
• Wire transfer
• Mobile check deposit

You can also send and receive payments using Person 2 Person. This is a free money transfer service offered by Evergreen Bank Group that works like Zelle. 

There are limits on how much you can transfer and deposit using mobile banking. Your ACH transfer limits (in and out) depend on how long you've been a customer and your total deposit account balance. 

For established customers, ACH limits range from $5,000 to $250,000. The limit for mobile check deposits ranges from $5,000 to $50,000 per month. 

Whether you're using ACH or mobile deposit, you'll want to check the funds availability policy so you know when you can access your money. 

FDIC Insurance

FDIC insurance is an important feature to have with any savings account. This coverage protects you in case your bank fails. Though rate, it can happen. 

Deposits at Evergreen Bank Group are FDIC-insured. You're covered up to $250,000. 

If you plan on keeping more than that amount in your accounts, you may need to spread some of those deposits out to other banks. 

What to Look for in a Savings Account

There's a lot to consider when opening a savings account. The first question is where to open it. 

You've got online banks, traditional banks, and credit unions. There are also neobanks, which are fintech companies that offer banking services. 

Evaluating the features and benefits of different savings accounts can help you find the best option. Here are some of the most important points to weigh. 

• Interest rate and APY
• Minimum opening deposit requirements
• Minimum balance requirements to earn interest or avoid a fee
• Monthly service fees, if any
• Ways to waive the monthly service fee if one is charged
• Other fees, such as excess withdrawal fees or wire transfer fees
• Online and mobile banking features
• ATM or debit card access
• Branch banking access
• Savings features and money management tools
• Deposit and withdrawal limits
• FDIC coverage (or NCUA coverage if you're considering a credit union)
• Overdraft protection
• Customer service availability
• Overall user experience

You can compare savings accounts at online banks first to see who has the best rates. From there, you can broaden your search to include traditional banks and credit unions. 

Frequently Asked Questions

Is Evergreen Bank Group legit?  

Evergreen Bank Group is a legitimate chartered financial institution that offers savings accounts and other banking products. The bank is headquartered in Illinois but offers high-yield savings accounts online. 

Who has the highest-paying, high-yield savings account? 

The highest-yield savings accounts are offered by online banks and credit unions. Evergreen Bank Group has one of the best savings account rates overall, but it's possible to find banks with even higher rates. 

Is an online savings account good?  

Online savings accounts can be good for people who want to earn a great rate without paying a lot of high fees. The trade-off is that online savings accounts usually don't offer branch banking access. Some, however, may offer an ATM card for convenient cash withdrawals.