Ivy Bank is an online-only bank backed by Massachusetts-based Cambridge Savings Bank, established in 1834. Ivy Bank isn’t a full-service bank. It instead focuses on offering high-interest savings accounts—and some of the best certificates of deposit (CDs) in terms of return rates.
Here’s what you need to know if you’re considering doing business with Ivy Bank.
All rates and fees are current as of Sept 26, 2025, and are subject to change.
Ivy Bank
Ivy Bank
| Savings account | Earn up to 4.25% |
| Certificates of Deposit | Up to 4.35% |
at MoneyLion
- Year Founded: 1834
- Company Headquarters: Cambridge, MA
- CEO: Ryan Bailey
Who is Ivy Bank good for?
Because Ivy Bank has no in-person branches, it’s best for those who prefer to do their banking online. The robust online and mobile banking features let you access your account whenever necessary. There’s also a convenient mobile check deposit, so you don’t have to visit an ATM or send a check in the mail.
Also, Ivy Bank currently has some of the highest APYs on the market. If you’re looking to maximize your return on excess funds, Ivy Bank may be just what you’re looking for.
Who shouldn’t use Ivy Bank?
Ivy Bank only has two account options—high-yield savings and CDs. It’s not a good fit for someone in need of a checking account, money market account (MMA), or investment account. It’s also not a viable option for residents of California and U.S. territories, as the bank restricts folks in those places from opening an account.
Also note that you can’t make transfers to external accounts you don’t own. If you’re in the habit of paying a monthly bill or two with your savings account, Ivy Bank isn’t a good choice.
Pros
- Competitive return rates for savings and CDs
- No monthly fees
- Customer service available on the weekend
Cons
- Minimum balance required to earn savings APY
- No checking account or MMA options
- Not everyone is eligible for an Ivy Bank account
Ivy Bank rates and products
Again, Ivy Bank offers just two account types: high-yield savings and CDs. The earning rates are near top-of-market, and the accounts come with no monthly maintenance fees to eat away at your earnings.
| Account type | APY |
|---|---|
| Savings account | 0.05%–4.25% |
| CDs | 2.50%–4.35% |
| Savings account | |
|---|---|
| APY | 0.05%–4.25% |
| CDs | |
| APY | 2.50%–4.35% |
Bank details checked Sept. 26, 2025
High-yield savings account
Ivy Bank’s high-yield savings account offers a return of 4.25% APY for balances of $2,500 or more. Balances from $10 to $2,499.99 earn just 0.05% APY—and balances below $10 earn nothing.
Similar to many other financial institutions, Ivy Bank only allows six transfers per calendar month. Withdrawals can only be made via electronic transfer, domestic wire transfer, or cashier’s check.
Bank details checked Sept. 26, 2025
Certificates of deposit
Ivy Bank sticks to the straightforward when it comes to CDs. There are no specialty options, such as bump-up, flex, or IRA CDs to choose from.
The minimum deposit to open an Ivy Bank CD is a reasonable $1,000. Some banks don’t enforce any minimum deposit—but among those that do, this is a reasonable threshold.
Interest for an Ivy Bank CD is compounded monthly. Once your account matures, you have a 10-day grace period to move your money without an early withdrawal penalty before the CD renews.
Bank details checked Sept. 26, 2025
Ivy Bank CD rates
| Term length | APY |
|---|---|
| 3 months | 4.35% |
| 6 months | 4.00% |
| 1 year | 3.75% |
| 2 years | 3.25% |
| 3 years | 3.00% |
| 5 years | 2.50% |
| 3 months | |
|---|---|
| APY | 4.35% |
| 6 months | |
| APY | 4.00% |
| 1 year | |
| APY | 3.75% |
| 2 years | |
| APY | 3.25% |
| 3 years | |
| APY | 3.00% |
| 5 years | |
| APY | 2.50% |
Bank details checked Sept. 26, 2025
Other services Ivy Bank offers
Ivy Bank’s additional services are limited. In addition to savings and CDs, it offers a helpful credit score tool that allows users to monitor the health of your score and obtain reports. The program also notifies users when changes are detected, such as a new account being opened or a change of personal information including address or employer.
Ivy Bank platform and customer support
Ivy Bank offers a solid online banking platform and a mobile app with 4.7 stars on the Apple AppStore. With online banking, you can check balances, obtain copies of statements, view account history, and transfer funds. The Ivy Bank mobile app can also be used to deposit checks.
The bank’s mobile and online platforms also feature a money management tool that allows users to create and manage their budget and track spending. In addition, the money management tool provides a visualization of a user’s net worth over time.
You can reach Ivy Bank customer service representatives via phone at 855-489-2265 between 9 a.m. and 6 p.m. Monday through Friday and 10 a.m. to 2 p.m. Eastern Time on Saturday. You can also reach out via chat and email. Chat representatives are available during the same business hours as phone agents. If you’re already an Ivy Bank customer, you can send secure emails within your account.
Is Ivy Bank secure?
Ivy Bank is as secure as you can expect a financial institution to be. It comes with the security of its parent Cambridge Savings Bank and implements bank-level encryption. It also offers a library of educational materials to help you keep yourself safe.
And, Ivy Bank is also insured by the FDIC up to the standard $250,000, per account holder per ownership category.
Ivy Bank user reviews
Ivy Bank user reviews are mixed. Keeping in mind that online reviews typically skew negative, users lament long hold times when trying to reach customer service, as well as occasional poor service.
Positive reviews found on forums like Reddit focus on the high return rates offered by Ivy Bank and the fact that Ivy will automatically increase your HYSA APY when rates increase—without you needing to prompt it.
Compare Ivy Bank alternatives
Two institutions worth considering if you need account types Ivy Bank does not offer are Alliant Credit Union and Quontic Bank.
Ivy Bank |  Alliant Credit Union |  Quontic Bank |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 4.25% | 3.10% | 3.75% |
| Top checking APY | Top checking APY | Top checking APY |
| N/A | 0.25% | 1.10% |
| Top CD APY | Top CD APY | Top CD APY |
| 4.35% | 4.10% | 3.85% |
| View offer at MoneyLion | View offer at MoneyLion | View offer at Quontic |
Bank details checked Sept. 26, 2025.
Is Ivy Bank right for you?
Ivy Bank is ideal for someone who has a large emergency fund they’d like to store at a bank with a high APY to earn interest. Ivy Bank’s $2,500 minimum savings balance requirement is a higher requirement than you’ll find with many banks, but it’s a great option if you can swing it.
That said, if you need an account you can use to pay bills, write checks, or make ATM withdrawals—or if you simply prefer in-person banking—Ivy Bank is not the right pick for you.
Frequently asked questions
What is the maximum balance allowed in an Ivy Bank savings account?
The maximum balance allowed in an Ivy Bank savings account is $1 million.
Who is eligible to open an Ivy Bank account?
Any U.S. resident age 18 or older can apply for an account with Ivy Bank. The only exception is California residents and those in U.S. territories (aside from the District of Columbia), who are not eligible.
What is the minimum deposit required to open an Ivy Bank savings account?
The minimum deposit to open an Ivy Bank savings account is $2,500.
Can I withdraw cash from ATMs with my Ivy Bank account?
No, you can only access your savings via an eTransfer, domestic wire, or cashier’s check.
Is Ivy Bank FDIC insured?
Yes, Ivy Bank is insured up to $250,000 per account holder per ownership category.