Subject: PDT
Former PayPal and Intuit CEO Bill Harris Launches Evergreen Money
Americans lose approximately $283 million in their checking accounts every day1
Evergreen unveils high yield checking account swept into Treasury bills for 5.31% yield2
MIAMI, June 25, 2024 /PRNewswire/ -- Checking accounts are one of the largest sources of lost income in America: the average American has $16,891 in them, most of which earn practically zero interest. To help close this earning gap, Evergreen Money, a new digital wealth advisor that launched today is introducing Liquid Treasuries, a first-of-its-kind, tax-advantaged account that earns a 5.31% yield2 while offering the conveniences of traditional checking.
Founded by Bill Harris - the former CEO of Intuit, the former CEO of PayPal, and founder of Personal Capital - Evergreen Money brings together his years of experience at the intersection of investing, tax and tech to reimagine a traditional checking account and maximize returns.
Deposits in Liquid Treasuries are automatically swept to invest in US Treasury Bills, which provide a 5.31% yield.2 Not only is this rate higher than most high-yield savings accounts3, interest earned on Treasury bills in Liquid Treasuries is also exempt from state and local taxes, which can reach as high as 13.3% in high-tax states like California. In addition to these benefits, users can also enjoy the benefits of traditional checking accounts, including a debit card, ATM access, ACH payments, direct deposits, and wire transfers.
If all of the money stored in checking accounts earned 5% interest, Americans would earn an additional $105 billion a year, or approximately $283 million a day.1 Checking accounts are especially inefficient for the wealthy: the top 10% of the highest-income households have an average balance of $75,996 in checking, which would accrue an extra $3,799 per year at a 5% interest rate.
"Free checking isn't free. It costs truckloads in lost interest. Since the spike in interest rates, you're paying record-high rates on your credit card, but getting next to nothing on cash in the bank," said Bill Harris, founder of Evergreen Money. "Evergreen fixes this exasperating problem, which costs consumers 10 times as much as overdraft fees."
Users can control their accounts in a simple yet powerful service, with a single all-inclusive fee of 0.03% a month. Evergreen Money Advisors is a Registered Investment Advisor, registered with the SEC. Cash in the Evergreen Checking Account is FDIC-insured through our partner bank, Coastal Community Bank, Member FDIC.
US Treasury bills are guaranteed by the United States and are state tax exempt. Evergreen has partnered with Jiko, a platform focused on Treasury bill innovation, to offer its treasury services. Treasury bills are held in the users' SIPC-insured brokerage account with Jiko Securities, Inc. For details, please see www.sipc.org.
For more information, visit evergreenmoney.com
About Bill Harris
As the former co-founding CEO of PayPal, CEO of Intuit, and founder of Personal Capital, a Registered Investment Advisor he grew to $23 billion in assets, Bill Harris has been a key figure in digitizing personal finance at scale, allowing individuals to make sound financial decisions and build wealth. Evergreen continues Bill's legacy by combining proprietary technology and an experienced wealth management team to provide tools and strategies typically only accessible to the ultra-wealthy. Bill recently published The Investment Tax Guide, which details the top ten tax strategies to slash the taxes on your investments.
About Evergreen Money
Evergreen Money Advisors is an SEC-registered investment advisor dedicated to bringing innovation to the world of asset management. Its mission is to help high achievers attain their life goals, using digital technology to re-engineer traditional banking and investment products and deliver custom financial solutions to clients. Evergreen Money was founded by Bill Harris, who has worked at the intersection of investing, tax and tech for thirty years. He ran TurboTax, was CEO of PayPal, and founded Personal Capital, which grew to a $23 billion investment firm. Evergreen Money Advisors is an investment advisory firm.
1 Our estimate that Americans are losing approximately $105 billion- approximately $283 million a day- on potential interest in their checking accounts because they are not earning 5%, is based on the average checking account balance per household of $16,891 (source: Federal Reserve, 2022 Survey of Consumer Finance) times approximately 124.3 million household that have checking accounts (US Census and Federal Reserve, 2022 Survey of Consumer Finance) times the difference between a hypothetical 5% interest rate and the average checking account interest rate as of May 20, 2024 of .08% (source: FDIC) divided by 365. The average checking account balance of the 10% highest-income households is $75,997 (source: Federal Reserve), so these households are losing an average of $3,347 interest annually in their checking account using the same hypothetical calculation. For illustrative purposes only. Evergreen does not guarantee the accuracy of the calculation shown.
2 Terms and limitations apply. 4 week Treasury bill rate (as of 6/20/24) when held to maturity. Rate is shown gross of the 0.03% per month fee on the average daily balance. Yields on Treasury Bills are subject to change with economic conditions and the yield would be lower if fees were taken out. For a list of fees, see here. Treasury bills are investments.
Cash in your Evergreen Checking Account at Coastal Community Bank, Member FDIC, earns a variable 5.00% Annual Percentage Yield as of 5/1/24. The APY may change at any time.
US Treasury bills are investments and guaranteed by the United States and state tax exempt. Investments are not deposits, not FDIC insured, not bank guaranteed, and may lose value. Treasury bills are held in your SIPC-insured brokerage account with Jiko Securities, Inc. For details, please see www.sipc.org.
Evergreen Money Corporation is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC. Deposits are insured up to $250,000 per depositor. The Evergreen Debit Card is issued by Coastal Community Bank, Member FDIC, pursuant to licensing by Visa U.S.A. Inc.
Investment advisory services are provided by Evergreen Money Advisors, an SEC-registered investment advisor.
Evergreen Money, Evergreen Money Advisors, and Coastal Community Bank do not provide tax, legal, or accounting advice. Information stated is not intended to provide nor should it be relied on for tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in transactions.
INVESTMENTS IN TREASURY BILLS AND OTHER INVESTMENTS ARE NOT DEPOSITS, NOT INSURED BY THE FDIC, NOT BANK GUARANTEED, AND MAY LOSE VALUE INCLUDING LOSS OF PRINCIPAL.
Treasury services provided by Jiko Securities, Inc., a registered broker-dealer, member FINRA and SIPC. Securities in your account protected up to $500,000. For details, please see sipc.org. The Jiko bank account is offered by Jiko Bank, a division of Mid-Central National Bank. Past performance is not indicative of future results. Jiko Group, Inc. and its affiliates do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. See FINRA BrokerCheck, Jiko U.S. Treasuries Risk Disclosures, and Jiko Securities Inc. Form CRS.
3 National average savings, interest checking, money market & CD rates as of 5/20/24. Source: fdic.gov
SOURCE Evergreen
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