Evergreen Bank review 2024: Community bank roots meet modern high-yield banking

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When choosing a bank, many people find themselves torn between the personalized service of a community bank and the competitive rates of online banks. But what if you could have both? Enter Evergreen Bank.

Evergreen Bank combines the best of community banking with the high-yield perks typically found in online banks. This bank offers rates that consistently outpace the national average, plus a customer-centric approach to fees. 

However, Evergreen Bank’s limited physical footprint and customer service hours may be drawbacks for some, particularly those who value face-to-face interactions or 24/7 support. 

Evergreen Bank accounts 

Evergreen offers several different types of bank accounts, some which offer high APYs but come with requirements to earn those rates. Others have lower APYs but minimal requirements.

Checking accounts

Evergreen Bank offers three distinct checking account options with unique features and benefits. 

No matter which checking account you choose, you'll enjoy access to online and mobile banking, a free debit card, and the ability to avoid monthly maintenance fees.

Savings account

The standout feature of Evergreen Bank is undoubtedly its high-yield savings account, which currently boasts a 5.25% APY — one of the highest rates available nationwide. 

There are no hoops to jump through to earn this rate — no minimum balance requirements or maintenance fees. This account is an excellent choice for customers who want to maximize their interest earnings without hassle.

Evergreen Bank also offers some specialty savings account options, including:

• Free Linked Saver: This account is designed to work in tandem with either the Free Rewards Checking or Free Cash Back Checking account. When you meet the qualifications, you'll earn 2.00% APY on balances up to $100,000 in your Free Linked Saver account. There are no monthly maintenance fees or minimum balance requirements.
• Statement Savings: For customers who want a basic savings option, the Statement Savings account offers 0.35% APY. It has a low $1 monthly maintenance fee that can be waived by maintaining an average daily balance of $10. This account has a $100 minimum opening deposit.
• Kids Statement Savings: To help the youngest savers get started, Evergreen Bank offers a Kids Statement Savings account for children under 18. This account has the same APY and fee structure as the regular Statement Savings account but with a lower $10 minimum opening deposit.
• Christmas Club Savings: For customers who want to save for the holiday season, the Christmas Club Savings account offers a 0.35% APY with no monthly fees. This account allows you to automatically transfer funds throughout the year and then withdraw your savings in October to help cover holiday expenses.

Money market account

For those who want to combine the earning power of a savings account with the flexibility of a checking account, Evergreen Bank offers the Cornerstone Money Market account. This account provides tiered interest rates based on your balance, with APYs ranging from 0.30%-0.50%. You can also write checks from this account. 

The account does have a $2,500 minimum opening deposit and a $15 monthly maintenance fee. This fee can be waived by maintaining an average daily balance of $2,500 or more.

CDs

Evergreen Bank's CDs have term lengths ranging from 6 months to 60 months, with minimum deposits as low as $500 for most terms. The bank's CD rates are highly competitive, with APYs ranging from 4.00% to 5.00% depending on the term length and minimum deposit amount. 

The bank also offers special CD promotions with higher rates for larger deposit amounts. Special CDs come in two terms — 6 months and 12 months — with a $10,000 minimum deposit.

One unique feature of Evergreen Bank's CDs is the ability to add FDIC protection through the IntraFi Network Deposits program. As with most CDs, early withdrawal penalties apply to Evergreen Bank's CD accounts. CDs with terms under one year have an early withdrawal penalty of 90 days of interest, and CDs longer than 1 year have a 180-day penalty.

Other Evergreen Bank products and services 

Evergreen Bank offers a complete suite of bank products and services, which is impressive given its smaller size.

Evergreen Bank offers personal credit cards, mortgages, HELOCs, auto loans, and motorcycle loans. It also has several offerings for businesses and free tools that even non-customers can use, like a calculator to help you decide between buying and leasing a vehicle.

Evergreen Bank fees 

Evergreen Bank has relatively minimal fees, but there are some to look out for. Fortunately, Evergreen is generally clear about its charges: 

• Monthly maintenance fees: $0 for checking accounts; $0 or $1 for savings with the ability to waive fee; $15 for money market with the ability to waive the fee
• Overdraft fee: $35 but has option for overdraft protection via linked account or line of credit (which can incur interest charges)
• Returned item fee: $35
• ATM fees: $0 for domestic bank-owned ATMs; reimbursements available depending on account type; $1 foreign ATM service charge for non-Kasasa accounts
• ATM/debit card replacement: $15
• Incoming foreign or domestic wire transfer fees: $15 
• Outgoing domestic wire transfer fee: $30
• Outgoing foreign wire transfer fee: $35

Evergreen Bank banking experience 

Evergreen Bank offers several perks that make for a great banking experience, though perhaps not quite as robust as larger national banks.

Online and mobile banking platform 

Online banks are known for their user-friendly apps and robust digital features.

Evergreen Bank's mobile apps are well-rated, with a 4.6 out of 5 rating on the Apple App Store (out of 115 reviews) and a 4.2 out of 5 rating on Google Play (out of 40 reviews). The bank offers essential features like mobile check deposit, bill pay, and Zelle transfers.

Customer service 

Evergreen Bank offers phone support and in-person customer service at its three branches. Phone support hours match branch hours:

• Monday - Friday: 9:00 a.m. - 5:30 p.m CT
• Saturday: 9:00 a.m. - 1:00 p.m CT
• Sunday: Closed

Account security 

Evergreen Bank is FDIC-insured and offers several account security features, such as fraud detection alerts, SSL technology, and 128-bit encryption. That said, as a smaller bank, it doesn't necessarily match all of the security features of some larger banks, like biometric app logins.

How Evergreen Bank compares 

How does Evergreen stack up to other online banks? Let's take a look.

Interest rates

One area where Evergreen Bank shines is its interest rates. The bank's high-yield online savings account offers an impressive 5.25% APY, among the industry's highest. Its checking and CD rates are also highly competitive.

In comparison, many online banks offer savings rates in the 3.50-4.50% range. Ally Bank’s Online Savings Account has a 4.20% APY, while Discover Bank’s Online Savings Account offers a 4.25% APY. So, if earning the highest possible interest rate is your top priority, Evergreen Bank has a clear edge.

Fees

While Evergreen Bank's fee structure is generally customer-friendly, some online banks may have a slight advantage in completely fee-free options. For instance, Ally and Discover have no monthly maintenance fees on their checking and savings accounts.

Evergreen Bank has no monthly fees on its checking accounts and low or waivable fees on most savings accounts. However, its money market account does have a $15 monthly fee unless you maintain an average daily balance of $2,500.

ATM access

Online banks often offer fee-free access to tens of thousands of ATMs nationwide through networks like Allpoint or MoneyPass.

Evergreen Bank has a more limited ATM network but offers ATM fee reimbursements on some accounts. For example, its Free Rewards Checking and Free Cash Back Checking accounts provide unlimited domestic ATM fee reimbursements.

How to open an Evergreen Bank account

Opening an account with Evergreen Bank is a pretty straightforward process. Here's what you need to do:

1. Choose your account: Decide which type of account you want to open. Evergreen Bank offers checking, savings, money market, and CD options to suit different needs.
2. Gather your information: To open your account, you'll need to provide some personal information, including your name, address, date of birth, and Social Security number or Taxpayer Identification Number. You may also need to provide a valid government-issued ID, like a driver's license or passport.
3. Fund your account: Most Evergreen Bank accounts require a minimum opening deposit, typically $100 for checking and savings accounts. 
4. Submit your application: You can open most Evergreen Bank accounts online through their website. Simply fill out the online application form with your personal information, choose your funding method, and agree to the account terms and conditions.
5. Start banking: Once your account is approved and opened, you can use it immediately.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here. 

Here are some of the factors that influenced this bank’s overall score: 

The bottom line 

Evergreen Bank is a great option for those who want to bank online and potentially earn a high interest rate across checking, savings, and CDs. The bank's small footprint in the Chicago area could also be helpful for those who want to bank in person.

However, if you're looking for a bank with a larger geographic footprint or want more robust digital features that some large banks offer, you might be better served elsewhere. For the most part, though, Evergreen Bank is an appealing option for earning competitive interest rates while minimizing fees.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.