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Ivy Bank is an online-only bank that is backed by Massachusetts-based Cambridge Savings Bank. Established in 2021, Ivy’s primary focus is offering high-interest savings accounts to consumers across the country. The bank also offers certificates of deposit (CDs) with competitive APYs and an impressive suite of financial management tools through its mobile app and online platform.
Opening an account with Ivy may be challenging for some consumers, as its minimum balance requirements for savings is a steep $2,500, while the minimum for CDs is $1,000.
Ivy has no local branches but its hours of operation are 9 a.m. to 6 p.m. EST Monday through Friday and 10 a.m. until 2 p.m. ET on Saturday. All rates and fees are current as of December 6, 2022 and are subject to change.
Ivy Bank offerings
Ivy Bank offers two types of savings accounts: a high-yield savings and an indexed savings account. It also offers CDs with APYs that range from 2.6% to 3.25%.
Checking and savings accounts
Indexed Savings Account
- APY: 3.84% with a balance of $2,500 or more; APY for balances of $10 to $2,499 is 0.5%
- Fees:
- Monthly maintenance fee: $0
- Outgoing domestic wire: $25
- Incoming domestic wire: $0
- Copy of documents: $3
- Deposited item returned unpaid: $7.10
- Insufficient funds: $35
- Stop payment: $30
- Treasurer’s check: $6
- Minimum opening deposit: $2,500
The rate on this account resets each calendar month and is indexed to the one-month treasury yield. Account holders are limited to a total of six transfers and withdrawals per calendar month. Withdrawals can only be made via electronic transfer, domestic wire transfer, or treasurer’s check.
High-yield savings account
- APY: 3.50%; APY for balances of $10 to $2,499 is 0.5%
- Fees:
- Monthly maintenance fee: $0
- Outgoing domestic wire: $25
- Incoming domestic wire: $0
- Copy of documents: $3
- Deposited item returned unpaid: $7.10
- Insufficient funds: $35
- Stop payment: $30
- Treasurer’s check: $6
- Minimum opening deposit: $2,500
Similar to the Indexed Savings Account, there’s a limit of six total transfers and withdrawals per calendar month with this account. Withdrawals can only be made via electronic transfer, domestic wire transfer or treasurer’s check.
Certificates of deposit
High-yield certificate of deposit
- APY:
- 1-year: 3.0%
- 3-year: 3.25%
- 5-year: 2.6%
- Fees:
- Monthly maintenance fee: $0
- Early withdrawal penalty: Varies based on CD term
- 1-year: 90 days’ simple interest
- 3-year: 180 days’ simple interest
- 5-year: 270 days’ simple interest
- Minimum opening deposit: $1,000
The maximum balance for CD accounts is $1 million. Account holders may not make additional deposits to a CD until it reaches maturity.
Other services Ivy Bank offers
Ivy Bank’s additional services are limited. In addition to the account types already mentioned, it offers a comprehensive credit score program that allows users to stay abreast of their credit score and obtain reports, among other features. The program also notifies users when changes are detected such as a new account being opened or a change of personal information including address or employer.
The Ivy Bank platform and customer support
Ivy Bank offers impressive online banking and mobile app platforms that allow customers to bank 24/7. Using either option, customers can check balances, obtain copies of statements, view account history, and transfer funds. The Ivy Bank mobile app can also be used to deposit checks.
The bank’s mobile and online platforms also feature a money management tool that allows users to create and manage their budget and track spending. In addition, the money management tool provides a visualization of a user’s net worth over time.
Customer service representatives for Ivy Bank can be reached via phone, chat, and email. The phone service hours are 9 a.m. to 6 p.m. EST Monday through Friday and 10 a.m. until 2 p.m. EST on Saturday. Chat representatives are available during the same business hours as well. In addition, Ivy Bank customers enrolled in online banking can submit secure emails via the banking platform.
Pros and cons of Ivy Bank
Like every financial institution, there are pros and cons when banking with Ivy.
Pro: Competitive APYs on all Ivy accounts. The APYs on Ivy Bank accounts range from 2.6% to 3.84%.
Pro: Extensive suite of financial management tools via app and online platform. The Ivy Bank mobile and online platform includes tools to help budget, track your net worth, and visualize your spending patterns.
Pro: Variety of customer service options. Ivy Bank representatives can easily be reached via chat, phone, and email.
Con: High opening balance requirements for savings accounts. To establish a savings account with Ivy Bank you will need a minimum opening deposit of $2,500.
Con: No checking or money market accounts. Ivy Bank’s offerings are limited to savings and CD accounts. This may be challenging for those seeking a broader range of banking services such as checking and money market accounts.
Frequently asked questions
Is Ivy Bank legitimate?
Yes. Ivy Bank is a division of Cambridge Savings Bank, which is a Massachusetts state-chartered bank and FDIC member that was established in 1834.
How do I set up an Ivy Bank account?
Ivy Bank accounts can be opened by completing an online application, which takes just a few minutes.
Is Ivy Bank an online bank?
Yes, Ivy Bank is an online-only bank.
