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Ivy Bank Review: Solid High-Interest Savings

Review Updated
Matt Frankel, CFP®
Author: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®

Matt Frankel, CFP, has been a contributing writer, analyst, and personal finance expert for The Motley Fool since 2012.

Prior to The Motley Fool, Matt was a mathematics professor and high school math teacher.

He holds a B.S. in Physics from University of South Carolina; a M.S. in Mathematics from Nova Southeastern University; and a Graduate Certificate in Financial Planning from Florida State University.

See Full Bio

| 1 other [ + ]
Eric McWhinnie
Fact Checked: Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

Ivy Bank

Bottom Line

Ivy Bank is a digital-only bank that offers competitive savings accounts and CDs, although it doesn't offer checking accounts, loans, or any other banking products. It can be a smart choice for savers who want maximum yield and don't mind maintaining an account at a separate bank.

Pros
  • High savings APY
  • Competitive CD rates
  • Highly rated mobile app
Cons
  • No checking accounts
  • No money market accounts
  • High minimum balance requirements
  • Online-only, no branch access

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Savings accounts

Ivy Bank was created to provide high-yield online savings account products, and its flagship offering is the bank's high-yield savings account.

Ivy Bank High-Yield Savings Account

The Ivy Bank High-Yield Savings Account offers a high APY of up to 4.25% that is among the best in the industry, an easy-to-use mobile app, and an easy application process. The main drawback is that you need a relatively high $2,500 minimum to open an account, and while there isn't a minimum ongoing balance, you'll need to maintain this level of funds to earn the top APY.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of January 31, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

In addition to its savings account, Ivy Bank also offers high-yield certificates of deposit, or CDs. The bank offers competitive interest rates, especially on its 1-year CDs, and has a quick and easy application process.

However, there are some drawbacks to consider. Ivy Bank CDs have a $1,000 minimum opening balance, which can make them not the best fit for newer savers. Plus, the CDs only come in three term lengths (1, 3, and 5 years), so they aren't the best choice for those who want to construct a CD ladder.

Compare CD rates

Rates as of Jan. 30, 2025
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.35% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Is Ivy Bank FDIC insured?

Yes, Ivy Bank is the digital banking division of Cambridge Savings Bank, an FDIC-member Massachusetts chartered savings bank. Accounts are FDIC insured to the limits of $250,000 per person, per institution, per ownership category.

However, it's worth mentioning that Ivy Bank and Cambridge Savings Bank are considered to be the same bank for the purposes of FDIC insurance. So be aware that if you have accounts at both, the FDIC limit applies to your combined balances.

Customer experience

Ivy Bank refers to itself as a "digital bank with a personal touch." Therefore, it has several different ways to get in touch if you need assistance, and customer service is a priority.

Customer reviews

Ivy Bank is a relatively new digital bank, so there are limited customer reviews available online.

  • Better Business Bureau rating: N/A
  • Trustpilot rating: 3.4 out of 5 (but very few reviews)

Customer service

Ivy Bank has limited reviews, since it is a relatively new digital bank (launched in 2021), there are relatively few customer reviews available. With app reviews, most of the negative comments have to do with the speed of external transfers, so if you want a bank where money can be moved into your account quickly, it might not be for you.

Ivy Bank can be contacted by phone from 9 a.m. to 6 p.m. EDT on weekdays, and 10 a.m. to 2 p.m. EDT on Saturdays. There is also live chat support available during these same hours, and non-sensitive inquiries can be handled via email.

Mobile app

In addition to its online portal, Ivy Bank offers a mobile app on both the App Store and Google Play. The app allows users to deposit checks, transfer money between internal and external accounts, and access several other tools to help manage your accounts and overall financial life.

  • App Store rating: 4.8/5
  • Google Play rating: 3.6/5

Relationship benefits

Ivy Bank only offers two main products -- savings accounts and CDs. It doesn't offer loan accounts, or have a customer rewards or loyalty program.

Alternatives to Ivy Bank

Ivy Bank can be a good choice for high-yield savings accounts and CDs, but it isn't right for everyone. Here are a couple of alternatives you might want to consider.

Ally Bank

Ally Bank could be a good alternative if you're looking for more of an all-in-one banking relationship. In addition to offering high-yield savings accounts and CDs, Ally also offers checking accounts, auto loans, and much more. Like Ivy Bank, it is a fully online banking experience.

Capital One

Capital One Bank combines many of the top features of online banks, such as fee-free accounts and high interest rates, with the convenience of branch-based banking. Capital One's savings and CD rates aren't exactly the highest in the industry, but are far more impressive than most traditional banks. Plus, with a full range of deposit account and loan products, not to mention its broad credit card portfolio, Capital One is designed to be an all-in-one banking solution.

Is Ivy Bank right for you?

Ivy Bank may be a good option for you if:

  • You want a high-yield savings account or CD.
  • You don't mind using a different bank for your checking and savings accounts.
  • You have at least $2,500 to get started ($1,000 for a CD)

Other products by Ivy Bank

Ivy Bank is a purely digital bank that only offers high-yield savings accounts and CDs. However, it's worth noting that Ivy Bank is a subsidiary of Cambridge Savings Bank, which offers a variety of other banking products including:

  • Checking accounts
  • Money market accounts
  • Mortgages
  • Auto loans
  • Personal loans
  • Credit cards
  • Investments
  • Small business banking services

However, Cambridge isn't designed to be an online bank and is a rather small regional bank with a few branches in Massachusetts. Plus, the interest rates paid by Cambridge's deposit products are more in-line with what you'd expect from a branch-based bank, not an online financial institution like Ivy Bank.

FAQs

  • Yes, Ivy Bank is a wholly owned subsidiary of an FDIC-insured financial institution called Cambridge Savings Bank. Deposits are protected in the event of bank failure, up to a maximum of $250,000 per person, per bank, per ownership category.

  • Ivy Bank is a subsidiary of regional financial institution Cambridge Savings Bank, which has more than $6 billion in assets and has been around since 1834 in the Boston area. This makes it a smaller regional bank.

  • Ivy Bank's parent company, Cambridge Savings Bank, maintains its headquarters in Cambridge, Massachusetts. It operates several branches in the greater Boston area, but Ivy Bank is a digital bank and is operated exclusively online (although it shares the Cambridge headquarters).