New Digital Wealth Advisor Evergreen Money Launches High-Yield Checking Account
Evergreen Money introduced a high-yield checking account that offers the functionality of a traditional checking account. Deposits in the new Liquid Treasuries account are automatically swept to invest in U.S. Treasury Bills, the company said in a Tuesday (June 25) press release. The account earns a rate higher than most high-yield savings accounts, according to […]
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Evergreen Money introduced a high-yield checking account that offers the functionality of a traditional checking account.
Deposits in the new Liquid Treasuries account are automatically swept to invest in U.S. Treasury Bills, the company said in a Tuesday (June 25) press release.
The account earns a rate higher than most high-yield savings accounts, according to the release. As of June 20, the account earns a 5.31% yield. The yield may change at any time.
In addition to earning interest, the account offers users a debit card, ATM access, ACH payments, direct deposits and wire transfers, the release said.
The service has a single, all-inclusive fee of 0.03% per month, per the release.
Liquid Treasuries provides account holders with interest that they would lose by keeping their deposits in a traditional checking account, Bill Harris, founder of Evergreen Money, said in the release.
“Evergreen fixes this exasperating problem, which costs consumers 10 times as much as overdraft fees,” Harris said.
The introduction of Liquid Treasuries also marks the launch of Evergreen Money, which is a digital wealth advisor founded by Harris, per the release. Harris is a former CEO of Intuit, a former CEO of PayPal and the founder of Personal Capital.
Building upon his experience in investing, tax and tech, Evergreen Money is a Securities and Exchange Commission-registered investment advisor “dedicated to bringing innovation to the world of asset management,” the release said.
Cash in the Evergreen Checking Account is FDIC-insured through the company’s partner bank, Coastal Community Bank, while the Treasury bills are held in the user’s Securities Investor Protection Corporation (SIPC)-insured brokerage account with Treasury bill innovation platform Jiko Securities, per the release.
A checking account introduced in May by HSBC Bank USA — this one for business clients — combines an earnings credit rate (ECR) with credit interest.
The HSBC Hybrid Checking Account earns interest on every dollar deposited into the account. Unused credits are not forfeited, as they are with traditional ECR accounts; instead, this account provides businesses with both earnings credit and credit interest on remaining balances.
The product is designed to maximize yield, lower costs and reduce the need for multiple accounts.
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