Evergreen Bank Group Free Rewards Checking Account 2024 Review
Evergreen Bank Group's Free Rewards Checking account pays a competitive rate on balances up to $25,000, with no monthly maintenance fees. You also get the benefit of refunds on ATM fees nationwide.
Evergreen Bank Group's Free Rewards Checking account offers all the features you'd expect from a top-tier checking account, with the added benefit of earning interest. There are no monthly maintenance fees and a low opening deposit requirement of $100.
You might consider banking with Evergreen if you:
- Want a free checking account that refunds ATM fees
- Would like to earn interest on checking balances
- Are comfortable with an online checking account
- Can meet the minimum deposit requirements
You can open a Free Rewards Checking account by itself or with a Free Linked Saver account. This account earns a slightly lower APY but it helps you build savings automatically, with no monthly maintenance fee.
Evergreen Bank Group Free Rewards Checking Checking Account Pros & Cons
Compared to Other Checking Accounts
Upgrade Rewards Checking Plus
Upgrade Rewards Checking Plus offers cash back on purchases instead of interest. You can earn interest with a linked Upgrade savings account, and there are no monthly fees or overdraft fees to worry about. You can manage your money online, via mobile banking, or at ATMs since there are no branches.
Read our full editorial review of the Upgrade Rewards Checking Plus account.
First Tech CU Rewards Checking
First Tech Credit Union is a credit union for people who work in the tech field. The Rewards Checking account is similar to Evergreen Bank Group's, in that you can earn an excellent APY on balances, up to $15,000. There are no monthly fees but you will need to be eligible for First Tech CU membership to open this account.
Read our full editorial review of the First Tech CU Rewards Checking account.
Ally Bank Interest Checking
Ally Bank's Interest Checking account pays interest but the rate isn't as competitive as what you could get with Evergreen. There are no monthly fees or overdraft fees and Ally reimburses up to $10 per month in foreign ATM fees. You can access your accounts online or through mobile banking, or make fee-free withdrawals at more than 75,000 ATMs nationwide.
Read our full editorial review of the Ally Bank Interest Checking account.
Bank5 Connect High Interest Checking
Bank5 Connect makes it easy to earn interest with a minimum balance of $100. The APY is lower than other rewards checking accounts but still higher than what you'll find at most traditional banks. There are no monthly maintenance fees and you can earn cash back rewards on eligible purchases with your Bank5 Connect debit card.
Read our full editorial review of the Bank5 Connect High Interest Checking account.
Interest and Rewards
Rewards checking accounts may pay interest on balances, offer cash back on debit card purchases, or both.
Evergreen Bank Group offers interest on balances, with a tiered rate structure.
You'll earn the highest advertised APY on balances up to $25,000. Balances over $25,000 earn a lower APY.
There are two requirements to earn rewards:
- Make at least 12 qualifying debit card purchases per month
- Be enrolled in and agree to receive e-statements
That's not too bad compared to what other banks sometimes require. You don't need to set up a direct deposit each month to qualify, though you could still do that if you prefer to get paid directly into your bank account.
Fees
Bank fees can take away from your interest or rewards earnings. Online banks tend to be more fee-friendly than traditional banks but it doesn't mean they're fee-free.
Here are some of the fees you'll pay with Evergreen.
Other Service Fees - Evergreen Bank Group Free Rewards Checking
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Foreign ATM fee | $1.00 |
| Cashier's checks | $5.00 |
| Overdraft | $35.00 |
| Returned payments | $35.00 |
| Stop payment | $30.00 |
| Legal fees | $150 |
| Incoming wire transfers (domestic and international) | $15.00 |
| Outgoing wire transfers (domestic and international) | $30 - $35 |
The fees are typical of what other banks charge. There's never a monthly maintenance fee and while Evergreen charges a $1 foreign ATM fee, the bank reimburses ATM fees other banks charge you.
Branch and ATM Access
Evergreen Bank Group has a very limited number of branch locations in Illinois, but you can enjoy ATM access virtually anywhere.
You can withdraw funds fee-free at MoneyPass ATMs. Evergreen Bank Group ATMs are also fee-free.
Other online banks can offer access to a larger ATM network. Whether that makes a difference to you depends on how often you need to withdraw cash.
Remember that in addition to ATMs, you can use your Evergreen Bank Group debit card to get cash back at the checkout in stores.
Account Access
Evergreen Bank Group offers online and mobile banking access. All you need to do is log in to:
- View transaction history
- Check balances
- Review statements
- Transfers funds between linked accounts
- Transfer funds between accounts at an external bank
You can deposit checks through the mobile app. Mobile check deposit limits range from $2,500 to $25,000. You're limited to 25 mobile deposits per month.
ACH transfer limits range from $5,000 to $250,000. If you're using Zelle with your Evergreen account, you'll need to log in to mobile or online banking to view your transfer limits.
Evergreen has its own transfer service called Pay a Person. This service lets you send money to someone, even if they don't bank with Evergreen. Compared to Zelle, transfer speeds are slower.
There are no fees to use mobile check deposit, ACH transfer, Zelle, or Pay a Person.
FDIC Insurance
FDIC-insurance protects deposits when a bank fails. This doesn't happen often but if it does, the FDIC is there to help you get your money back.
The standard coverage limit is $250,000. Since Evergreen Bank Group is an FDIC member, you're automatically protected.
What You Need to Open
It takes just a few minutes to open an account with Evergreen Bank Group online. Here's what you'll need:
- A Social Security number
- A driver's license number or state-issued ID number
- Your personal information
You'll also need at least $100 to open your account. After that, there's no ongoing minimum balance requirement to meet.
You can open a Free Linked Saver account at the same time you open a Free Rewards Checking account. The minimum opening deposit is also $100.
Frequently Asked Questions
Is an online checking account better than a traditional checking account?
Online checking accounts can charge fewer fees and offer more benefits than traditional checking accounts. You might be able to earn rewards on debit card purchases or interest on balances, with no monthly fees or overdraft fees. The main drawback of online checking accounts is that if they're offered by an online bank, you won't have branch banking access.
Is Evergreen Bank Group a good place to bank?
Evergreen Bank Group is a good place to bank if you're looking for multiple ways to manage your money with minimal fees. The Free Rewards Checking account also offers an outstanding rate on balances up to $25,000. You don't get branch banking access so you'll have to decide how important that is to you.
Is there a catch with rewards checking accounts?
Rewards checking accounts may expect you to meet certain requirements to earn interest or rewards. For example, you may need to make a minimum number of debit card transactions per month or set up direct deposit. Some banks also require you to enroll in paperless statements to get your rewards.
