Ivy Bank Review 2026: Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Ivy Bank is an online-only bank that offers savings accounts and certificates of deposit but no checking account. Its savings rates are strong and the accounts don’t charge monthly fees, but the minimum opening deposit requirements are high. The bank is a division of Cambridge Savings Bank, which is based in Cambridge, Massachusetts. Note that California residents are not eligible to open an account at Ivy Bank.
Competitive rates on savings accounts and some CDs.
No monthly fees on savings accounts.
Extended phone customer service hours.
High minimum opening deposit for savings accounts.
High minimum balance to earn a strong savings rate.
No cash deposit or withdrawal.
No checking account offered.
Product reviews
Savings
High APY, but there’s a minimum to earn the best rate. Ivy Bank’s High-Yield Savings Account earns a highly competitive rate. It has a minimum opening balance of $2,500, which is high compared with that of other online savings accounts with similarly competitive rates. There is no monthly fee, but if your balance drops below $2,500, you only earn a 0.05% annual percentage yield. A balance below $10 earns no interest.
Limited withdrawal options. Ivy Bank doesn’t offer access to an ATM network, so cash withdrawals and deposits aren’t possible. And you can’t make the same-day, peer-to-peer transfers available on the Zelle network. To withdraw your money, you’ll need to set up a transfer to a linked external account. The bank also imposes a limit of six withdrawals per month, and international transactions are not available.
Ivy Bank High-Yield Savings Account
Certificates of deposit
Solid APYs, low minimum. Ivy Bank offers fewer CD options than many online banks, but terms cover short- to long-term CDs. Rates tend to be solid, though not the highest. The $1,000 minimum opening deposit is relatively low for CDs.
Full List of Reviewed CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 3.85% | $1,000 |
| 6 months | 3.75% | $1,000 |
| 1 year | 3.50% | $1,000 |
| 3 years | 2.75% | $1,000 |
| 5 years | 2.50% | $1,000 |
Ivy Bank CD
Customer experience & overdraft fees
Customer experience
Multiple support channels You can reach customer service via phone, live chat and email. Representatives are available from 9 a.m. to 6 p.m. ET Monday through Friday and from 10 a.m. to 2 p.m. ET on Saturday. In addition, the bank offers mobile apps that let you do basic banking activities, such as online money transfers and mobile check deposits.
Free budgeting and savings tools. Ivy Bank lets you view your credit score for free and use an online money management tool that lets you see all your accounts in one place, even if they are at other banks. The tool also enables you to set budgets, track income, track spending, and see your net worth.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.