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Editorial Score9.6Ivy Bank Overview
Ivy Bank is the online-only division of Cambridge Savings Bank, a trusted Massachusetts-based mutual bank with over 185 years of experience. Created to serve a growing demand for tech-savvy, high-yield online savings, Ivy Bank delivers one of the most competitive APYs in the market. With a focus on simplicity, security, and strong digital tools, Ivy Bank appeals to savers seeking a streamlined way to grow their funds.
Its standout feature is a high-yield savings account offering a competitive 4.25% APY on balances of $2,500 or more. With no monthly fees and fully digital account management, Ivy Bank positions itself as a serious contender in the online banking space.
Pros
- Competitive 4.25% APY for qualified balances
- No monthly maintenance fees
- Strong financial backing via Cambridge Savings Bank
- Easy-to-use digital tools and mobile app
- Built-in money management dashboard
Cons
Ivy Bank at a Glance
Fees? | No monthly fees or maintenance charges for savings accounts |
Security | FDIC-insured with SSL encryption and two-factor login protection |
Online experience | Clean, modern interface with transparent rate info and helpful tools |
Mobile app | iOS and Android app with transfers, check deposit, and budgeting tools |
Customer support | Support available by phone and email during extended weekday hours.Hours: Mon–Fri 9:00 AM–6:00 PM ET; Sat 10:00 AM–2:00 PM ET |
Suitable For?
Ivy Bank can be ideal for:
- Individuals looking for a high-interest savings solution
- People who maintain balances of $2,500 or more
- Savers comfortable with fully online banking
- Users who prefer simple, fee-free banking products without add-ons
It's not recommended for users who need ATM access, physical branches, or full-service banking products like checking accounts or loans.
For those building emergency funds or saving for mid-term goals like travel or home renovations, Ivy Bank provides an effective vehicle to earn interest passively. Users who already have a checking account elsewhere and want to separate savings for better financial discipline may find Ivy’s focused offering particularly advantageous.
Features/Highlights
Advantages over traditional banks
Ivy Bank offers significantly higher savings rates than traditional brick-and-mortar banks. With a focus on deposits only, it avoids the overhead costs of branches, passing those savings on through higher APYs and fewer fees. There’s no monthly maintenance fee, and interest is compounded monthly for maximized growth.
This streamlined structure enables Ivy Bank to maintain operational efficiency and direct its efforts toward enhancing the digital experience. By eliminating non-essential services, it targets users who value simplicity, speed, and maximum yield.
Cutting-edge banking services
Despite being a niche bank, Ivy integrates modern digital features:
- A sleek app with facial recognition and secure logins
- Digital check deposit
- Built-in money management dashboard for tracking external accounts
Budget creation and net worth visualization
The budgeting dashboard is especially useful for users who manage multiple accounts across various institutions. With automatic transaction categorization, it helps users stay aware of their financial health without needing third-party apps.
Traditional banking services
While Ivy Bank doesn’t offer checking accounts, it supports essential services such as:
- ACH transfers
- Domestic wire transfers
- Cashier’s checks
FDIC insurance via its parent bank
Although Ivy lacks a debit card or ATM network, its ACH transfer capabilities ensure users can still move funds securely to and from their primary financial institutions. This makes it suitable as a companion savings hub.
Interest rates and fees
Account Type | APY | Min. Balance to Earn APY | Monthly Fee |
Savings | 4.25% APY | $2,500 | $0 |
Below $2,500 | 0.05% APY | N/A | $0 |
Customer service and online experience
Ivy’s website and app are designed for simplicity, with intuitive dashboards and quick application flows. Most users can open an account in minutes. While it lacks live chat, phone and email support are responsive, and FAQs cover common inquiries.
Customers consistently report ease of use during onboarding, with clear instructions and timely follow-ups from support. Navigation within the dashboard is user-friendly and includes features like savings goal tracking and alert customization.
Phone:1-855-IVY-BANK (489-2265)
Phone Hours: Mon–Fri 9:00 AM–6:00 PM ET; Sat 10:00 AM–2:00 PM ET
Email: support@ivybank.com
Mobile app
Highlights:
- iOS & Android compatible
- Tools: Transfer, check deposit, budgeting dashboard, alerts
- Additional feature: Link external accounts for complete financial view
The app’s minimalist interface and biometric login enhance security while improving usability. Notifications and custom alerts help users stay on top of transfers, low balance warnings, or interest earned.
Security
Highlights:
- FDIC-insured through Cambridge Savings Bank
- Two-factor authentication
- SSL encryption throughout site and app
- Secure messaging system in-app
In addition to basic encryption, Ivy Bank performs regular system audits and complies with industry security standards. The mobile app supports fingerprint and facial recognition for added protection on supported devices.
Application Process
- Step 1: Visit Ivy Bank and click "Open Account"
- Step 2: Provide personal and financial details
- Step 3: Link funding account and deposit minimum ($2,500)
- Step 4: Verify identity and finalize onboarding
- Step 5: Access your account via app or desktop dashboard
Application typically takes less than 10 minutes. Applicants should have government-issued ID and account details for funding ready to streamline the process. Once submitted, account access is granted quickly, and users can start transferring funds and tracking interest almost immediately.
Ivy Bank Summary
Ivy Bank delivers a compelling digital savings experience for users focused on growing their money with minimal effort. Backed by a bank with over 185 years of experience, it combines high APYs, fee-free accounts, and a clean digital interface into one user-friendly package. While it doesn't serve as a complete banking solution, it's a valuable tool for savers who prioritize returns and simplicity over everyday banking services.
Physical Address
Cambridge Savings Bank / Ivy Bank
1374 Massachusetts Avenue
Cambridge, MA 02138
Disclaimer
Ivy Bank is a digital-only division of Cambridge Savings Bank, Member FDIC. Savings rates are subject to change. Terms and eligibility conditions may apply.
Having explored the features and benefits of Ivy Bank, you might be curious about how it stacks up against its competitors. We encourage you to visit our comprehensive comparison chart for a broader perspective. This chart offers a detailed juxtaposition of Ivy Bank with other leading online savings accounts, highlighting differences in features, pricing, and customer ratings. Don’t miss out – take a moment now to view our comparison chart and see how Ivy Bank compares in the wider market.
AI was used in the creation of this content, along with human validation and proofreading.
