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Evergreen Bank Group

5.25% Current APY

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Historical APY

Details

Evergreen Bank Group's high yield savings account offers a competitive interest rate thats significantly higher than typical savings accounts. The account doesn't require a minimum balance and has no monthly maintenance fees if the minimum balance is maintained. They offer access to online and mobile banking, as well as 24/7 telephone banking. The account comes with FDIC insurance to protect up to $250,000 per depositor. Customers can open a joint account, and there are no transaction fees at over 30,000 ATMs. However, there is a $5 monthly maintenance fee if the account balance falls below $500. Only six deposits or withdrawals are allowed per month to avoid being classified as a money market account.

Pros

  • Competitive interest rate: Evergreen Bank Group offers a higher yield than many traditional savings accounts.
  • No minimum balance fee: Account holders are not charged a fee for maintaining a minimum balance.
  • Accessible through online and mobile banking: Customers can manage their account and make deposits or withdrawals conveniently.
  • Insured by FDIC: Funds in Evergreen Bank Group's high yield savings account are insured up to $250,000 per depositor.
  • Monthly statement options: Account holders can choose to receive a paper or electronic statement.
  • Multi-party ownership: The account can be opened as a joint account with another person.
  • ATM access: Evergreen Bank Group offers a network of over 30,000 fee-free ATMs.

Cons

  • Monthly maintenance fee: There is a $5 monthly maintenance fee if the account balance falls below $500.
  • Limited transactions: A maximum of six withdrawals or transfers per month are allowed to avoid being classified as a money market account.
  • No checks or debit card: The account does not come with a checkbook or debit card issued by Evergreen Bank Group.
  • Limited account types: Evergreen Bank Group only offers this account to personal customers, not businesses.
  • Short-term investment: This account might not be suitable for long-term investment purposes as interest rates may change,

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