Ivy Bank High Yield Savings
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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.
Overall Score | 3.6 | ||
Savings | 3.5 | ||
Fees | 4.0 | ||
Mobile App | 4.0 | ||
Customer Service | 3.0 | ||
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 Much Can You Earn?
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Here's a calculator you can use to see how much your money can grow with the Ivy Bank High-Yield Savings Account:
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
Pros
- Fixed, high rate
- No monthly fees
- Mobile check deposit
- Highly-rated mobile app
- Money management tools
- FDIC-insured
Cons
- 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
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.35% APY
- 4.35% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
High-Yield CD Rates - Up to 4.50% APY
- No fees
- $1 minimum deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 3 Month | 4.50% APY |
| 5 Month | 4.40% APY |
| 6 Month | 4.40% APY |
| 9 Month | 4.35% APY |
| 12 Month | 4.25% APY |
12-Month No-Penalty CD - 4.25% APY
- $1 minimum deposit
- 24/7 online access
- Federally insured by NCUA
CIT Bank Term CDs - Up to 3.50% APY
- Up to 3.50% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 6 Month | 3.00% APY |
| 1 Year | 0.30% APY |
| 13 Month | 3.50% APY |
| 18 Month | 3.00% APY |
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
How to Open an Account
You can easily open an Ivy Bank savings account through their website, just follow these steps:
- Go to Savings and click Apply For an Account.
- Answer the application by providing your basic information.
- 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.
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.
References
- ^ Ivy Bank. Personal Account Fee Schedule, Retrieved 03/03/2024
- ^ Ivy Bank. Understanding Your Personal Deposit Account, Retrieved 03/03/2024
- ^ Ivy Bank. FAQ: How can I deposit funds to my Ivy Bank Savings Account?, Retrieved 05/03/2024
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
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- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
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- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
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Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.35% APY
- 4.35% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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