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.

1.50*%$2.5k$1mIvy BankHigh-Yield Savings
OTHER TIERS: 0.05% $10 - $2.5k
Rates as of July 1, 2022.

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, a total of 89 bps points have been added.


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.

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 0.64% APY (59 bps higher than it was in March). 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 (1.19% as of June 16, 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.

0.64*%$2.5k$1mIvy BankIndexed Savings
OTHER TIERS: 0.05% Up to $2.5k
Rates as of July 1, 2022.


Headquartered in Cambridge, Massachusetts, Ivy Bank is the “digital-only division” of Cambridge Savings Bank, Massachusetts’ eighth largest bank. 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 currently shares the top spot with the Bask Bank Interest Savings APY.

APYAccount NameCredit Union/Bank
1.50%High-Yield Savings ($2.5k min/$1m max)Ivy Bank
1.50%Bask Interest Savings (no min)Bask Bank
1.35%Money Market Account ($1k min)mph.bank
1.27%Agility Online Savings ($1k min)CIBC Bank USA
1.26%High Yield Savings ($1 min)TAB Bank

The above information and rates are accurate as of 6/17/2022.

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

  |     |   Comment #1
Opened this last week and was one of the easiest accounts I have ever opened. I don't mind doing the instant verification since I just change that accounts password after. Like that they have high transfer in rates. Once I opened account I was able to transfer in $250k, that is daily max with a 1 million per month max. But there transfer out max is only $25k, called to ask about that and was told it's starts at that for new customers and after 4 months goes up. I know I could pull money out but seems most banks have lowered their limits on transfers and the highest of any of my banks is just $10k. Do have one way to get large amounts out, I have Usalliance and they allow you to call in and request an ACH transfer. I asked Ivy if I could do larger amounts over phone and they said no, but you can request a check for any amount or a wire but has a $25 fee
  |     |   Comment #16
Be aware by granting access to your financial institution or providing your login for ACH verification, a third-party, if used, can download all your account transactions, among whatever they might have access. All they need is to login once!

I'll stick to the trial deposit method. I've been burned by a "trusted" third party at a Credit Union.
  |     |   Comment #19
I would suggest that as an extra security measure that after using a service such as Plaid, that you change your login password.
  |     |   Comment #20
I fully agree with that, Rickny, but my concern is that both times I've had to use "Plaid", it failed to find or validate my external account (which in every single case HAS been validated when using the time-honored trial deposit method). In 1 of these cases I was allowed to use the old method as a backup; in the other I simply gave up.

I did change my password every time I even ATTEMPTED to use Plaid, by the way. That's a good practice.
  |     |   Comment #2
Going to move my funds from T Mobile. The extra .5% makes it worth while
  |     |   Comment #10
I get the impression that T Mobile is not going to raise its rates. They may remain fixed at 1%
  |     |   Comment #3
And this bank allows for joint ownership and up to 2 beneficiaries.
  |     |   Comment #4
Account got declined because they do a soft pull and I have a security note on my Experian report that my SS has been reported on the dark web. If it gets declined because you have credit security note it's dead because they won't do a manual review if you get declined. Application was easy and they were very nice on the phone. While I was talking to them I received an email from First Foundation that their rates just went up to 1.65% so it looks like Ivy Bank did me a favor.
  |     |   Comment #6
Hey 1.65% for liquid FDIC insured funds is the top rate you should do a post on that. Nice find!
  |     |   Comment #7
Agree. And they also allow joint and beneficiaries.
  |     |   Comment #9
There's a problem with withdrawals at FFB. $20,000/day. $100,000/mos.
  |     |   Comment #5
Nice another FDIC insured account with a top yield. Maybe this will pressure my demand note accounts to boost their rates. If not I may start shifting funds back to FDIC insured accounts again. Just watching for now to see which banks keep up with the FED hikes before making any moves.
  |     |   Comment #8
Rates certainly do seem to be popping up lately. Hard to decide whether to jump in or wait a wee bit longer.
  |     |   Comment #11
GM Financial Right Notes just increased their rate to 2.25% APR - 2.28% APY. I will stick with them - it's 0.78% difference...
  |     |   Comment #14
They did? It's not even listed on their website yet. Must be slated for Monday. Thank you for the info dzilber!
  |     |   Comment #15
The old rate (1.75%) is listed still - but since I have an account with them once I log in the new rate (2.25%) shows. You are welcome deplorable_1
  |     |   Comment #17
Thank you! I logged in today and saw the same. I just did a post on this today too. This is the best rate for liquid funds I have seen FDIC insured or not.
  |     |   Comment #21
I completed application last week and got this email today.The requirement for a color copy and proof of where funds are coming from is what really gets me.Think i am going to wait.

Please send us a copy of the following documents (all documents must be in color):

Current ID (front & back)
Valid Social Security Card
Proof of Phone Number
Proof of Funding (must be statement from funding Financial Institution)
Proof of Address (cannot be a wireless phone bill)
  |     |   Comment #22
Money Laundering 101.  And they will most likely file SAR with treasury 
  |     |   Comment #23
Wow that's even worse than the run around I got opening the H-E-B debit card 6% savings accounts! What's next hair from first born child? Sheesh it's a bank account not a loan application. Some of these FI's really need to get a grip. We are lending them our money.
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.


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

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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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Ivy Bank Is Cambridge Savings Bank's New Internet Division
Deal Summary: High-Yield Savings, 0.61% APY on balances of ≥$2.5k, $100 minimum/$1m maximum deposit.

Availability: Internet bank, nationally available except in California.

You may have noticed a “New to Summary” nationally available 5-year CD offered by Ivy Bank in this week’s CD Rates Summary. Ivy Bank is not a well-known bank and for good reason: it’s the brand-new digital division of Cambridge Savings Bank. (I discuss Ivy Bank’s debut in the Availability and Bank Overview sections below.)

Ivy Bank is currently offering a limited product line, which...

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