Ivy Bank Ups High-Yield Savings Rate And Adds Rate Guarantee

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Update 10/19/23: The High-Yield Savings rate increased to 5.30% APY. Everything else remains the same including the rate guarantee through June 30, 2024. This post was first published on 10/6/23.

Deal Summary: High-Yield Savings, 5.00% APY on balances of $2.5k+, $2.5k min/$1m max deposit, rate guaranteed through June 30, 2024

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

Massachusetts-based Ivy Bank (digital division of Cambridge Savings Bank) started the month by increasing the rate on its High-Yield Savings (HYS) account to 5.00% APY and guaranteeing that APY through June 30, 2024. Balances between $10 and $2,499.99 earn only 0.05% APY. The minimum opening deposit is $2.5k and total deposits are capped at $1 million.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.30*%$2.5k$1mIvy BankHigh-Yield Savings
OTHER TIERS: 0.05% $10 - $2.5k
Rates as of December 9, 2023.

In a Forum post this week, DA reader, evol97, noted the rate increase; DA reader, Phart, highlighted the rate guarantee; and DA reader, Hooked, confirmed that existing HYS customers qualify for this rate guarantee. Thank you for the Forum post and the comments!

As stated in the HYS Truth-in-Savings document,

RATE INFORMATION – APY of 5.00% for balances greater or equal to $2,500 is guaranteed through June 30, 2024, after which will pay a variable rate that is subject to change.

FREQUENCY OF RATE CHANGES – We may change the interest rate on your account at any time after June 30, 2024.

THIS OFFER TO OPEN NEW ACCOUNTS AT THE GUARANTEED RATE MAY BE WITHDRAWN AT ANY TIME – The guaranteed rate will apply to all current accounts through June 30, 2024.

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.

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 stopped accepting applications for its Indexed Savings Account some months ago and provides no information on its website about the Indexed Savings Account. DA reader, freebird, noted in a recent Forum post that Ivy Bank had upped the rate on its Indexed Savings Account to 5.685% APY. 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 (5.57% as of October 5, 2023).

Many thanks to the DA readers who have shared Indexed Savings Account rate information. Your posts are greatly appreciated.

Availability and Account Opening

Headquartered in Cambridge, Massachusetts, Ivy Bank is the “digital-only division” of Cambridge Savings Bank, the seventh largest bank headquartered in Massachusetts. Ivy Bank opened its virtual doors for business in July 2021, offering two accounts – the High-Yield Savings and a 5-year High-Yield CD.

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 four accounts currently offered by Ivy Bank (High-Yield Savings and three CDs) 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 2.70% (excellent) based on June 30, 2023 data. In the past year, the Bank has increased its total non-brokered deposits by $258.45 million, an excellent annual growth rate of 5.87%. 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 $6.6 billion, Cambridge Savings Bank is currently the seventh largest bank headquartered in Massachusetts and the 212th largest bank in the country.

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 5.00% APY isn’t that impressive. Although more than 47 financial institutions are currently offering a higher rate, the rate guarantee through the end of June 2024 significantly increases the intrinsic value of the 5.00% APY. The following is a sampling of rates offered by online banks.

The above information and rates are accurate as of 10/6/2023.

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
Tamilan
  |     |   Comment #1
Transfers always takes 3 days in or out
Rickny
  |     |   Comment #2
If you do a pull or push from an external account dies the same 3 day delay take place?
Hooked
  |     |   Comment #3
Ally to pull/push and it’s one day for me.
P_D
  |     |   Comment #4
But Ally has this really weird policy regarding ACH transfers. Not everyone will get the one day transfers. They have some kind of convoluted top secret set of requirements for you to qualify for that. Weirdest policy about it I've ever seen.
Tamilan
  |     |   Comment #5
Discover PUSH is 1 day and PULL is 3 days
Ivy Bank Ups High-Yield Savings Rate
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Availability: Internet bank, accounts offered nationwide except in California.

In the last twelve 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 last week. With a total of 395 bps added since May 2022, the High-Yield Savings account currently earns 4.80% APY on balances of $2.5k to $1 million. Balances of less than...

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Availability: Internet bank, available nationwide except in California.

Although I’ve written about the High Yield Savings account offered by Ivy Bank (internet division of Cambridge Savings Bank) several times in the past year, I haven’t written about the CD product line since Ivy Bank opened its virtual doors in August 2021. Following a substantial 185 bps increase this week, the 1-year CD currently earns 4.85% APY. The minimum opening deposit is $1k, with a...

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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....

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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
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Availability: Internet bank, nationally available except in California.

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

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