Written by Melanie Pincus | Edited by Ali Cybulski | Updated on 06/03/2025
Ivy Bank is a digital banking division of Cambridge Savings Bank, a Cambridge, Mass.-based institution founded in 1834. The bank reviews applications for accounts in 49 states — all but California and Washington, D.C.
As an online-only operation, Ivy Bank does not have branch locations. However, you’ll be able to access your account online or through the bank’s mobile app.
You won’t use ATMs to access funds in a savings account. Instead, withdrawals can be made through domestic wire transfers, cashier’s checks or transfers to other banks.
- Savings account: Ivy Bank offers a high-yield savings account (HYSA) that could appeal to savers seeking a competitive rate while keeping their funds easily accessible. The minimum opening deposit is $2,500, and you’ll need to maintain that balance to unlock the advertised annual percentage yield (APY). The bank may also limit transfers and withdrawals to six per month. But the high-yield account doesn't charge a monthly maintenance fee, which is a common bank fee.
- Certificates of deposit (CDs): Savers will find short- and long-term CDs from Ivy Bank. You’ll need to deposit at least $1,000 to open a CD with Ivy Bank and maintain a balance of $10 to earn any APY. The APY earned varies by account balance. If you have funds you’re comfortable parting with for a set time frame, this product can be a good option.
Customer service: You can access help by phone, chat or email through online banking or at [email protected] for inquiries without sensitive information. Live phone support is available at 855-489-2265 from 9 a.m. to 6 p.m. Eastern time Monday through Friday and from 10 a.m. to 2 p.m. ET on Saturday. Online chat is available during business hours.
Mobile banking is available through Ivy Bank’s mobile apps for iOS and Android devices. You can use the apps to deposit checks and transfer funds, among other functions.
Cambridge Savings Bank has an A- rating from the Better Business Bureau.
PROS
• Charges no monthly maintenance fee for HYSA
• Provides CDs in a range of terms
• Offers competitive APYs on HYSA and CDs
CONS
• Operates no ATMs or physical branches
• Requires $2,500 minimum opening deposit for HYSA
• Does not issue accounts in California and Washington, D.C.
Mo Money Mo Money!
Been with Ivy since July 2022 and had been earning interests with them since. Never had an issue and I love that they keep up with the Federal Reserve rate increases. Every time Fed increases their rates, Ivy increases theirs. Customer service been prompt and been moving money monthly in (check deposits, ACHs) and out (wire transfers) without a glitch. They have a great app also where I can see my daily interests earned. You got money to save, then earn more money with Ivy! I’ve earned thousands with them already. Extremely pleased. Not sure why all these negative reviewers had their accounts frozen, must had done something wrong. Blame others when they should reflect on themselves.
Suspicious New Reviews
A bunch of glowing 5-star reviews have just posted from brand-new users. Normally this page gets 1 review per month, at most.
Seems like someone is astroturfing...
Overall this bank WAS fine (fast transfers, high limits, decent online banking, free credit score), but they have since discontinued their "Ivy Indexed Savings" account that was tied to treasury yields. They're also closing it for existing users as well. They essentially have zero competitive advantage now, so I will go elsewhere. The entire point of sticking with the indexed account was so I wouldn't have to rate-hop.
maybe all the fake reviews are due to the massive withdraw of funds after the poor decision to discontinue their competitive products.
Garbage-Don't Waste Your Time
Did not open the account with no reason, after long glitchy application process. Their system is broken and they don't give you any reason for not opening your account. I never have problems opening accounts!
After calls they say they don't deal with some states. Why are they on this website?
This Was A Scary Savings Account Application Process!
Did you ever initiate or authorize something with a simple click, and then just a moment later you feel abject fear, "Oh my God, what just happened here? What did I just do?!! " And THAT was my new savings account process with Ivy Bank! The online application is simple enough, but Ivy does NOT let you use test deposits. They use the PLAID system to link the new account instantly with one of your preexisting bank accounts to immediately access the required MINIMUM $2,500 opening funds. I proceeded thru the application fine right up to that $2,500 PLAID transfer page, though I was NOT yet assigned an account number with Ivy or asked to make a user name or password. So, I initiated the $2,500 PLAID transfer pull out of a savings account from my other bank by clicking on the "Authorize" hyperlink because all was proceeding smoothly. I figured my new Ivy Bank savings accnt with my $2,500 opening deposit would be open in a few minutes with a typical "Welcome" that I'm use to receiving. Instead I get this message on my puter screen; "THANK YOU. Your information is being reviewed. We received your information and should get back to you within 2 business days. Thank you again for choosing Ivy Bank." WHAT THE HELL IVY BANK?! You have me transfer $2,500 to you with no account number or access to it, and simply tell me "Thanks. We'll get back to you later". I should have heeded the feedback warnings from Depositer76 posted here Sept 29, 2022, or from Cel2022 on July 5, 2022, and also the comment made on Cel2022's feedback replied by Magitka on July 15, 2022 about her $2,500 being frozen for 5 weeks at that point.Thankfully, the account didn't finalize, and my $2,500 was never released to Ivy. But I lost sleep that night and spent the next 2 days constantly logging into my other bank to see if my $2,500 had been taken by Ivy. I have 11 other online bank accounts and never experienced a scare like this. What I learned from this is to NEVER try a new bank with anything more then a small test deposit I'm comfortable with!
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 17870 |
| Year Established | 1834 |
| Employees | 466 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.37% |
| Return on Equity - YTD | 3.99% |
| Annual Interest Income | $84.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $6.84B$6.97B |
| Loans | Q1 2025vs Q1 2024 | $5.63B$5.72B |
| Deposits | Q1 2025vs Q1 2024 | $5.49B$5.5B |
| Equity Capital | Q1 2025vs Q1 2024 | $635.8MM$611.3MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $64.2MM$53.6MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $37MM$14.2MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |