Evergreen Money's $250 Bonus: A Quick Look at Their New Account Offer

Hey there! If you've been looking at bank bonuses lately, you might have come across Evergreen Money. They're a fintech player with a new-ish offer that's caught some attention: a flat $250 for funding a specific account. It sounds straightforward, but as with anything involving your cash, the devil's in the details. Let's break down what this promotion actually involves, who it might suit, and what you should consider before jumping in.

What Exactly Are You Signing Up For?

This is the most important part to understand. The bonus is for opening a 'Liquid Treasuries' account. This isn't your standard checking or savings account. It's an investment account designed to hold U.S. Treasury bills and other securities.

Evergreen Money itself is a financial technology company, not a bank. The banking services and debit card are provided through Coastal Community Bank (Member FDIC), while the treasury services for this specific account are handled by Jiko Securities. Your deposits up to $250,000 get FDIC insurance pass-through, but the securities you invest in are not FDIC-insured and can lose value.

The Nuts and Bolts of Getting Your $250

The rules are pretty clear. You need to be a new client, open the Liquid Treasuries account, and move at least $10,000 into it. The clock is ticking—that money needs to be fully cleared and sitting in the account before midnight Eastern Time on the last day of June.

Once your deposit is settled, you should see the $250 bonus land in your account within two weeks or so. They're explicit that employees and paid testers can't participate, and the offer can be changed or pulled at any time.

• Timing is critical: Initiate your transfer well before June 30 to ensure it clears in time.
• The $10,000 must stay until it clears to qualify; transferring it out immediately might void the offer.
• Remember, the bonus is income. You'll get a 1099 form for it come tax time.

The Fee Structure: Don't Let the Bonus Get Eaten

Here's the potential catch. This account charges monthly fees, which are a percentage of your assets. For Treasury bills, it's 0.03% per year (3 basis points). For other investments in the account, it ranges from 0.04% to 0.06% annually.

There's also a minimum balance fee. If your total relationship balance with Evergreen dips below $10,000 in any month, you'll be charged a fee. The exact amount isn't specified on the main page, so you'd need to dig into the account agreements.

• On a $10,000 balance invested in Treasuries, the 0.03% fee would be about $3 per year, or 25 cents a month.
• The fee is for assets under management, so it's ongoing, not a one-time charge.
• The minimum balance fee is a big one. If you plan to withdraw the $10,000 after getting the bonus, this could quickly make the deal unprofitable.

Who Should Consider This Offer?

This isn't for everyone. It makes the most sense for someone who was already considering parking a chunk of cash in a very low-risk, liquid investment like Treasury bills and who doesn't mind using a newer fintech platform.

If you're just bonus-chasing and want a simple checking account, this is probably too complex and carries more conditions than a traditional bank bonus. The fees, though small, and the investment nature of the account add layers a standard bonus doesn't have.

A Few Practical Warnings

Always, always read the full terms before you apply. The official offer page has a lot of legal disclosures explaining the partnerships with Jiko Securities and Coastal Community Bank. Make sure you're comfortable with that structure.

Since this involves a securities account, there will likely be a hard credit pull or at least a thorough identity verification. Be prepared for that.

Think about your exit strategy. If you want to leave after getting the bonus, what's the process to transfer your money out? Are there transfer or account closure fees? These answers are crucial for calculating your true net profit.

Bottom Line

• The $250 bonus is for an investment account (Liquid Treasuries), not regular checking.
• You must deposit and clear $10,000 by June 30, 2024.
• Ongoing monthly fees and a $10,000 minimum balance requirement could negate the bonus value if not managed.
• Best suited for those already interested in a simple Treasury bill investment platform, not pure bonus hunters.

Common Questions