Ivy Bank is a digital banking division of Cambridge Savings Bank which is a Massachusetts state-chartered bank and Member FDIC. Deposits at Ivy Bank and Cambridge Savings Bank are combined for the purpose of calculating FDIC insurance limits (FDIC certificate #17870) and are not separately insured.
Accounts are available nationally, except for California.
Related Posts
8/22 - Ivy Bank Raises High-Yield Savings Rate Again
8/19 - Ivy Bank HYSA Now 2.30% APY
8/1 - Ivy Bank Savings Up To 2.15% APY
7/21 - Ivy Bank High Yield Savings Rate Now 1.90% ...
7/17 - Ivy Bank "One-Month Treasury Yield Indexed Savings Account"
7/7 - Ivy Bank Continues To Push High-Yield Savings Rate Upward
6/17 - Ivy Goes To 1.5% Interest
6/17 - Ivy Bank Ups High-Yield Savings Rate Again
6/17 - Ivy Bank Increases High Yield Savings To 1.50% APY
6/7 - Ivy Bank Pushes High-Yield Savings Account Rate Upward
3/11 - Ivy Bank Boosts High-Yield Savings Account Rate
My Experience Has Been FINE..!!!!!!!
I hit a wrong button earlier...so not sure if this is a continuation of a previous review.
But, I've been very pleased with IVY.
They certainly offer VERY competitive rates and I found it very easy to establish an account.
I did not think of their ability to immediately fund my account as "Fraud" (as someone earlier thought). I found it convenient as opposed to setting up "ping" trial deposits immediately..
I do think their web site may be a work in process.
I found some peculiarities ( case sensitive e-mail at login...printing a statement in png verse PDF... obtaining documentation of my beneficiaries for my files) BUT...I'm pretty sure they will work that out.
Their Customer Service was GREAT.
They answer the phone with a real person very quickly, and their agents are professional, efficient, friendly , and genuinely helpful...(what I call "old- timey" banking thru the modern internet).
They are a division of a very old and fine local bank that was a real community service bank.
I wish them continued success for the future. Glad I have access from so far away.
Best Regard...PTF
It All Worked Out!
I have a solid credit score, but my application needed to be reviewed. I first chatted, and eventually their Call Center called me, and at the end of the day learned it was because of my credit freeze due to unemployment fraud! I worked all that out, and they were able to swiftly approve my application, and I got right in to access my account.
I actually used the pretty neat management tool, and got all my accounts, debits etc., in one image. Depressing, but the feature is awesome! So glad I saw these guys on LendingTree, the rate is the highest in my area at least.
Follow Up To My Issues.
After my issues with IVY bank and freezing my account on June 29th it took only 5 plus weeks to unfreeze my account. I had many conversations with Erma in customer service and she was great. I do not quite understand this banks policies but they are wrong. I just opened a new account with Brio yesterday which is Webster bank. No issues and was approved in 3 minutes and setup my external transfers this morning and I am funding the account already. Shame on you IVY bank it should have been the same when I joined last month. So choose wisely and people should not run into the issues that I had with IVY bank or the others here too that had problems. This is not rocket science its just banking. I did raise my ratings a bit mostly because of Erma. Thanks
Online System Is A Mess
application for a savings account accepted and funds apparently transferred but unable to complete setting up online banking. Have talked to two of their reps over the past week who were of no help and they are now not returning my calls. Unsure of when this will be worked out or if my funds will be available.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 17870 |
| Year Established | 1834 |
| Employees | 456 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.79% |
| Return on Equity - YTD | 8.54% |
| Annual Interest Income | $87.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $5.69B$5.24B |
| Loans | Q2 2022vs Q2 2021 | $4.48B$4.11B |
| Deposits | Q2 2022vs Q2 2021 | $4.43B$4.45B |
| Equity Capital | Q2 2022vs Q2 2021 | $505.2MM$488.6MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $49.0MM$48.7MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $13.0MM$21.9MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |