Ivy Bank Raises High-Yield Savings Rate Again

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Deal Summary: High-Yield Savings, 2.30% APY on balances of $2.5k and above, $2.5k min/$1m max deposit.

Availability: Internet bank, accounts offered nationwide except in California.

In the past three months, Massachusetts-based Ivy Bank (digital division of Cambridge Savings Bank) has continued to increase its High-Yield Savings APY, with the latest rate increase occurring on Friday. With a total of 145 bps added in six rates increases in the last eleven weeks, the High-Yield Savings account currently earns 2.30% APY on balances of $2.5k to $1 million. Balances of less than $2.5k continue to earn 0.05% APY.

A High-Yield Savings can be opened with a minimum $2.5k deposit and total deposits are capped at $1 million. The opening deposit can partially be made by credit/debit card and is limited to a maximum $1k deposit.

The High-Yield Savings was part of the product line when Ivy Bank made its debut in August 2021. The initial 0.61% APY was in effect for about seven months before a series of three rate increases began. Since the beginning of March 2022, a total of 169 bps points have been added.

FAQs

Ivy Bank’s website contains a lot of useful information, including a FAQs section, which is quoted below. Note, there have been a few changes in the past year, including important changes on inbound and outbound transfer limits. Inbound transfer limits have been increased. For outbound limits, general limits are no longer listed. According to the FAQ, customers must "log in to Online Banking to view your outbound limits."

How can I deposit funds to my Ivy Bank Savings account?

    You can fund your account via:

    • Plaid – Authentication
    • Manual entry of your external bank routing and account numbers

    You can make deposits to your account via:

    • eTransfer
    • Mobile Deposit
    • Domestic wire transfer
    • Mail deposit

    See the Ivy Bank Understanding Your Deposit Account Handbook for details.

What are Ivy Bank’s transfer limits?

    Inbound Transfers:

    • Online Banking eTransfer: $250,000 limit per transfer/day and up to $1,000,000 limit per calendar month
    • Mobile Deposit: $50,000 per item limit and $100,000.00 rolling 30-day limit
    • Wire Transfer: Up to maximum account balance ($1,000,000.00)

    Outbound Transfers:

    • Online Banking eTransfer: Log in to Online Banking to view your outbound limits.
    • Domestic Wire Transfer: $250,000 per wire

    How do I withdraw money from my Ivy Bank Savings account?

      You can withdraw money from your account via eTransfer, Domestic Wire Transfer or Treasurer’s Check. Withdrawals and transfers made from your account shall only be made payable to one or more of the owners of the account from which the withdrawal or transfer was made.

Regarding outbound transfer limits, DA reader scottj reported a transfer out limit of $25k for new customers that will be increased after four months.

Transfers and withdrawals from an Ivy Bank Savings account are limited to a total of six per calendar month. There is no excessive transaction fee, because Ivy Bank will not honor any transaction beyond the allowed six.

According to CSR, a maximum of two beneficiaries can be added to an account. Required information for each beneficiary includes name, address, date of birth, and Social Security number.

Indexed Savings Account

Ivy Bank also offers an Indexed Savings account, which currently earns 2.00% APY (205 bps higher than in March 2022). The rate for daily balances of $2.5k+ resets at the beginning of each calendar month and is indexed to the One-Month Treasury Yield (2.23% as of August 19, 2022). An example of that indexing occurred in late 2018 and early 2019 when the One-Month Treasury Yields were around 2.40%, which was higher than most online savings account rates at that time.

Availability

Headquartered in Cambridge, Massachusetts, Ivy Bank is the “digital-only division” of Cambridge Savings Bank, the eighth largest bank headquartered in Massachusetts. Ivy Bank opened its virtual doors for business in July 2021.

U.S. citizens and residents of the United States, 18 years or older, with a valid Social Security number and a valid e-mail address are eligible to open an account. (The fine print on the Open an Account page reads “California residents are not eligible for Ivy Bank products and services.”)

Any of the five accounts Ivy Bank offers (including the High-Yield Savings account) can only be opened online.

Bank Overview

Ivy Bank is a digital banking division of Cambridge Savings Bank. Deposits at Ivy Bank and Cambridge Savings Bank are combined for the purpose of calculating FDIC insurance limits and are not separately insured.

Ivy Bank/Cambridge Savings Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.35% (excellent) based on March 31, 2022 data. In the past year, the Bank increased its total non-brokered deposits by $247.24 million, an excellent annual growth rate of 5.85%. Please refer to our financial overview of Ivy Bank/Cambridge Savings Bank (FDIC Certificate # 17870) for more details.

Cambridge Savings Bank was established in 1834 and is one of the oldest and largest community banks in Massachusetts. With assets in excess of $5.3 billion, Cambridge Savings Bank is currently the eighth largest bank headquartered in Massachusetts and the 243rd largest bank in the country.

Depositors Insurance Fund (DIF)

As stated in a September 2021 letter to Cambridge Savings Bank customers, the bank no longer offers protection for large deposits through its Depositors Insurance Fund membership.

Our growth requires that CSB exit the Depositors Insurance Fund (DIF) as of October 30, 2021. The DIF insures deposits above the Federal Deposit Insurance Corporation (FDIC) limits at member banks. The larger banks in Massachusetts, including all commercial banks and federally chartered banks, are not covered by DIF.

All CSB deposit accounts that are open as of October 30, 2021, other than certificates of deposit (CDs), will continue to be insured under DIF until October 30, 2022. CDs that have not matured as of October 30, 2021 will also continue to be insured under DIF until they reach maturity.

How the High-Yield Savings Compares

When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit, and do not have small balance caps, the Ivy Bank High-Yield Savings APY ranks third.

The above information and rates are accurate as of 8/22/2022.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

Related Pages: savings accounts, nationwide deals, Internet banks

Comments
Ivy Bank Continues To Push High-Yield Savings Rate Upward
Deal Summary: High-Yield Savings, 1.70% APY on balances of $2.5k and above, $2.5k min/$1m max deposit.

Availability: Internet bank, accounts offered nationwide except in California.

Massachusetts-based Ivy Bank (digital division of Cambridge Savings Bank) has been aggressively increasing its High-Yield Savings APY since early June. With a total of 85 bps added in three rates increases in the last four weeks, the High-Yield Savings account currently earns 1.70% APY on balances of $2.5k to $1 million. Balances of less than $2.5k continue to earn 0.05% APY.

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Ivy Bank Ups High-Yield Savings Rate Again
Deal Summary: High-Yield Savings, 1.50% APY on balances of $2.5k and above, $2.5k min/$1m max deposit.

Availability: Internet bank, nationally available except in California.

Just ten days ago, Massachusetts-based Ivy Bank (digital division of Cambridge Savings Bank) added 30 bps to its High-Yield Savings rate. Another 35 bps were added yesterday, boosting the rate to 1.50% APY on balances from $2.5k to $1 million. Balances of less than $2.5k continue to earn 0.05% APY.

A High-Yield Savings can be opened with a minimum $2.5k deposit...

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Ivy Bank Pushes High-Yield Savings Account Rate Upward
Deal Summary: High-Yield Savings, 1.15% APY on balances of $2.5k+, $2.5k minimum/$1m maximum deposit.

Availability: Internet bank, nationally available except in California.

Massachusetts-based Ivy Bank, a digital division of Cambridge Savings Bank, has upped its High-Yield Savings rate to 1.15% APY on balances of $2.5k+; balances of less than $2.5k continue to earn 0.05% APY.

A High-Yield Savings can be opened with a minimum $2.5k deposit and total deposits are capped at $1 million. The opening deposit can partially be made by credit/debit card and is...

Continue Reading
Ivy Bank Boosts High-Yield Savings Account Rate
Deal Summary: High-Yield Savings, 0.70% APY on balances of $2.5k+, $2.5k minimum/$1m maximum deposit.

Availability: Internet bank, nationally available except in California.

Ivy Bank, a digital division of Cambridge Savings Bank, has raised the rate on its High-Yield Savings from 0.61% APY to 0.70% APY on balances of $2.5k+; balances of less than $2.5k earn 0.05% APY.

A High-Yield Savings can be opened with a minimum $2.5k deposit and total deposits are capped at $1 million.

FAQs

Ivy Bank’s website contains a lot of useful information, including a...

Continue Reading
Ivy Bank Offers Three Competitive Nationally Available CDs
Deal Summary: CDs – 5-year (1.00% APY), 3-year (0.75% APY), and 1-year (0.60% APY), $1k minimum deposit.

Availability: Internet bank, available nationwide except in California.

Earlier this week, I wrote about the High-Yield Savings account offered by Ivy Bank, which is the new digital division of Massachusetts-based Cambridge Savings Bank. In addition to the High-Yield Savings account, Ivy Bank’s inaugural product line contains three CDs: 5-year (1.00% APY), 3-year (0.75% APY), and 1-year (0.60% APY). Of the three, the 5-year CD has the most competitive rate....

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