The Offer
Evergreen Money is offering a welcome gift of $250 after you fund your account with a $10,000 minimum deposit.
Evergreen Money is a fintech wealth management platform where you hold cash and have the balances swept into US treasuries. They keep checking cash with Coastal Community Bank, Member FDIC, and the treasury bills are held in your SIPC-insured brokerage account with Jiko Securities, Inc.
The Fine Print
To qualify for the $250 New Client Bonus, you must open a new Liquid Treasuries account and fund it with deposit(s) of at least $10,000 between 12:00 AM Eastern Time on April 11, 2024 and 11:59 PM Eastern Time and June 30,2024. The full $10,000 must be cleared and posted to your account prior to 11:59 Eastern Time on June 30, 2024 to be eligible for the bonus.
The one-time bonus will appear as a credit to your account within 15 calendar days from the date the qualifying deposit has cleared and posted.
Evergreen employees and paid testers are not eligible. This offer is non-transferable and Evergreen reserves the right to change or cancel this offer at any time.
You are responsible for any taxes owed.
Avoiding Fees
Unclear if there are any fees involved, see this comment and this comment regarding fees when withdrawing.
There’s also a .03% per month fee on the average daily balance.
The wording on the website indicates that the checking account is not state-tax exempt, but once the funds are swept into treasuries they’ll be state tax exempt (as is usual for federal treasury purchases). You’ll get a 1099 from Evergreen.
Our Verdict
On paper this looks like a nice and quick $250 bonus since there is no holding period mentioned. There is a .03% monthly fee so you might lose a few dollars there. It’s unclear if there will end up being any fees, see Avoiding Fees above. I’m not sure if there will end up being any fees, see Avoiding Fees above. I assume you can liquidate your funds at any time, as is the case with Jiko; see these comments for more discussion.
We once wrote about Jiko; I’m unsure if Evergreen is an arm of Jiko or a separate company. There is always risk in dealing with fintechs who don’t have a proven track record. Some people might find the bonus or the product worth trying. Anecdotally, Evergreen Money does no hard pull and no Chex pull.
Hat tip to reader G