Ivy Bank CDs And Savings
CD APY Range
Minimum Deposit
Our Rating
Savings APY
Ivy Bank CDs And Savings
CD APY Range
Minimum Deposit
Our Rating
Savings APY
Ivy Bank Certificates (CDs) Rates
In general, the Ivy CD rates offered by this bank may not be considered attractive compared to rates offered by other banks and credit unions. The only CD term that stands out as competitive is the 12-month CD option, which offers a competitive APY compared to the market average. However, the remaining CD terms provide lower APYs compared to industry standards.
A significant drawback is the limited number of CD terms available. With only three terms to choose from, and two of them being long-term options, it poses a challenge for investors seeking shorter-term CD options, such as six months or 18 months, which currently offer higher APYs across various CD terms.
Furthermore, investors who utilize CD strategies like CD laddering may find their options limited due to the bank's low variety of terms offered. This lack of flexibility can restrict investors from effectively implementing their CD investment strategies.
Term | APY |
|---|---|
12 Months | 4.00% |
3 Years | 3.25% |
5 Years | 2.60% |
High Yield Savings Account
In contrast to CDs, the high yield savings account provided by Ivy Bank offers a highly competitive interest rate of 4.25%, as of February 2025. This is high even compared to the top savings accounts. While the minimum deposit required may not be exceptionally low, it remains reasonable for the majority of customers.
APY | Minimum Deposit |
|---|---|
4.25% | $2,500 |
One of the drawbacks of a high-yield savings account is that customers are allowed a maximum of six transfers or withdrawals per calendar month. Any withdrawals or transfers from the account can only be made payable to the account owners.
To fund the Ivy Bank Savings account, customers have the option to use Plaid for authentication or manually enter their external bank's routing and account numbers. Deposits to the account can be made through eTransfer, Mobile Deposit, domestic wire transfer, or mail deposit.
When it comes to withdrawing money from the Ivy Bank Savings account, customers can use eTransfer, domestic wire transfer, or request a Treasurer's Check. Similar to transfers, withdrawals can only be made payable to one or more of the account owners.
Online (Mobile) Checking Account
The Ivy Bank mobile checking account offers several convenient features. With Mobile Deposit, customers can easily deposit checks by taking a picture using their Apple device (iPhone or iPad) or an Android smartphone through the Ivy Mobile Banking app. Using this method, they can deposit up to $50,000 per day and a total of $100,000 within a 30-day period.
Ivy Bank provides a powerful money management feature called Money Management. It allows customers to view all their accounts in one central dashboard, including accounts from other financial institutions.
Customers can visualize their spending by category across all accounts, set and manage budgets, uncover trends in their spending over time, manage debts, view their net worth, access their credit score and report, and receive alerts and monitoring for their credit position.
Customers can make transfers from their external accounts into their Ivy Bank account within Online and Mobile Banking. The maximum transfer limit is $250,000 per transaction and up to $1,000,000 per month. Wire funds can be transferred from domestic external accounts to the Ivy Bank account, with a maximum balance limit of $1,000,000.
About Ivy Bank
Ivy Bank is an online bank that combines the stability and security of a traditional bank with the competitive higher-interest rate products offered by digital banks. While their headquarters are located in Cambridge, Massachusetts, they provide a user-friendly digital banking experience accessible nationwide.
Ivy Bank is a division of Cambridge Savings Bank, a well-established Massachusetts state-chartered bank and Member FDIC that has been serving customers since 1834. With over $6 billion in assets, Ivy Bank was created to extend the same level of service to customers across the country.
Individuals who are 18 years or older and residents of the United States (excluding California) are eligible to apply for an Ivy Bank account.
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Savings Account Reviews Methodology
The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:
- Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
- Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
- Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for savers.
- Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.
By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.
