May 1, 2024

Ivy Bank High Yield Savings

Read more about Ivy Bank
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Ivy Bank offers an impressive, guaranteed rate on their high-yield savings account. Read on for all the must-know details.

5-point scale (the higher, the better)

Pros and Cons

  • High APY
  • No monthly fees
  • No physical locations or ATMs
  • Large opening deposit requirement

Bottom Line

Online savings account with an impressive rate on certain balances

Ivy Bank is the online division of Cambridge Savings Bank. It offers a High-Yield Savings Account with a guaranteed, competitive rate.

But, there's a catch - the guaranteed rate is a limited-time offer. And, you must keep a minimum balance to qualify.

Continue reading for more details on the Ivy Bank High-Yield Savings Account.

What is Ivy Bank High-Yield Savings Account

Ivy Bank High-Yield Savings Account boasts an impressive APY of up to 5.30%, so it's a good choice to maximize interest earnings and grow your funds. You can earn 5.30% APY on balances of $2,500 or more; 0.05% APY on balances of $10 to $2,499.99.

However, this guaranteed rate is offered to new accounts only. And, it is an limited time offer which means it may change after that.

Additionally, you need an opening deposit of at least $2,500 which is rather high compared to other high-yield savings accounts.

How important is the interest rate when opening a high-yield savings account?

How Much Can You Earn?

Here's a calculator you can use to see how much your money can grow with the Ivy Bank High-Yield Savings Account:

Savings Calculator

Fees to Look Out For

Ivy Bank's High-Yield Savings Account comes with no monthly maintenance fees. But, there is a $25 charge for each outgoing domestic wire transfer and a $6 fee for Treasurer's Checks.[1]

You are also limited to only 6 transfers and withdrawals per month.[2]

Pros and Cons


  • Fixed, high rate
  • No monthly fees
  • Mobile check deposit
  • Highly-rated mobile app
  • Money management tools
  • FDIC-insured


  • High APY is limited
  • $2,500 opening deposit requirement
  • $2,500 minimum balance to earn high APY
  • Very low APY for balances under $2,500
  • Only 6 transfers/withdrawals per month
  • No physical locations or ATM network

How Does Ivy Bank Compare

How to Open an Account

You can easily open an Ivy Bank savings account through their website, just follow these steps:

  1. Go to Savings and click Apply For an Account.
  2. Answer the application by providing your basic information.
  3. Submit and fund your account with at least $2,500.

Remember to prepare the usual requirements such as your legal name, address, date of birth, contact details, Social Security or Tax Identification number, and valid government ID.

How to Deposit Money to Your Account

Here are the different ways you can deposit money into your Ivy Bank account:[3]

  • eTransfer
  • Mobile deposit
  • Domestic wire transfer
  • Mail deposit to Ivy Bank, PO Box 540047 Waltham, MA 02454

If you're doing a mail deposit, make sure to endorse the check properly by putting "For Deposit Only".

How to Withdraw Money from Your Account

There are only three ways you can withdraw money from your account:

  • eTransfer
  • Domestic wire transfer
  • Treasurer's check

Just remember that there is a $25 fee per outgoing domestic wire transfer.

Who Is It Best For?

Ivy Bank's High-Yield Savings is best for those who can make at least a $2,500 opening deposit and maintain a $2,500 minimum balance to earn the limited fixed rate.

It's also perfect for those who like online banking because they have a top-rated mobile app that comes with handy money management tools.

But, if you need quick access to your money through physical locations and ATMs, this may not be the ideal option for you.

Have you ever had a high-yield savings account with an online bank like Ivy Bank?

Is Ivy Bank Legitimate?

Yes, Ivy Bank is legitimate. It is an online bank backed by Cambridge Savings Bank which is FDIC-insured (Cert #17870).

This means deposits are protected up to $250,000 per depositor for each ownership category. Your money is safe even if the bank goes under.

Bottom Line

Ivy Bank's High-Yield Savings Account stands out from others because it offers a solid, fixed rate for a limited time. However, you do need to maintain a balance of at least $2,500 to earn the highest APY.

If you have enough money and want to grow your savings, it's a good option to consider. Just keep in mind that Ivy Bank is an online bank, so most transactions are digital.

Would you consider opening a high-yield savings account with Ivy Bank?


  1. ^ Ivy Bank. Personal Account Fee Schedule, Retrieved 03/03/2024
  2. ^ Ivy Bank. Understanding Your Personal Deposit Account, Retrieved 03/03/2024
  3. ^ Ivy Bank. FAQ: How can I deposit funds to my Ivy Bank Savings Account?, Retrieved 05/03/2024
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Bank of America
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Discover Bank
Member FDIC

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CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
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  • $100 minimum opening deposit
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  • Member FDIC

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
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Banking services provided by Coastal Community Bank, Member FDIC

Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at Follow us on Twitter and Facebook for our latest posts.

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