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.
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
Easy Setup Process
Great rate with simple setup process. Wish they were all this easy !!!
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.
Couldn't Open An Account
The application process was a mess. Nothing seemed to work right. When I finally completed my application, I received this message: "Unfortunately, we cannot open your Ivy Bank account at this time. A review of the information submitted determined that your application did not meet our account opening criteria."
Data as of Q1 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 17870 |
| Year Established | 1834 |
| Employees | 454 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.69% |
| Return on Equity - YTD | 7.36% |
| Annual Interest Income | $42.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $5.38B$5.20B |
| Loans | Q1 2022vs Q1 2021 | $4.19B$4.02B |
| Deposits | Q1 2022vs Q1 2021 | $4.53B$4.33B |
| Equity Capital | Q1 2022vs Q1 2021 | $502.1MM$477.3MM |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $49.2MM$47.7MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $12.9MM$23.3MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$5.5MM |