Ivy Bank Review: Solid High-Interest Savings
Review
Updated
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Ivy Bank is a digital-only bank that offers competitive savings accounts and CDs, although it doesn't offer checking accounts, loans, or any other banking products. It can be a smart choice for savers who want maximum yield and don't mind maintaining an account at a separate bank.
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Ivy Bank was created to provide high-yield online savings account products, and its flagship offering is the bank's high-yield savings account.
The Ivy Bank High-Yield Savings Account offers a high APY of up to 4.25% that is among the best in the industry, an easy-to-use mobile app, and an easy application process. The main drawback is that you need a relatively high $2,500 minimum to open an account, and while there isn't a minimum ongoing balance, you'll need to maintain this level of funds to earn the top APY.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 17, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
In addition to its savings account, Ivy Bank also offers high-yield certificates of deposit, or CDs. The bank offers competitive interest rates, especially on its 1-year CDs, and has a quick and easy application process.
However, there are some drawbacks to consider. Ivy Bank CDs have a $1,000 minimum opening balance, which can make them not the best fit for newer savers. Plus, the CDs only come in three term lengths (1, 3, and 5 years), so they aren't the best choice for those who want to construct a CD ladder.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.00%
|
Term:
10 Months
|
Min. Deposit:
$500
|
Open Account for LendingClub CD
On LendingClub's Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
Yes, Ivy Bank is the digital banking division of Cambridge Savings Bank, an FDIC-member Massachusetts chartered savings bank. Accounts are FDIC insured to the limits of $250,000 per person, per institution, per ownership category.
However, it's worth mentioning that Ivy Bank and Cambridge Savings Bank are considered to be the same bank for the purposes of FDIC insurance. So be aware that if you have accounts at both, the FDIC limit applies to your combined balances.
Ivy Bank refers to itself as a "digital bank with a personal touch." Therefore, it has several different ways to get in touch if you need assistance, and customer service is a priority.
Ivy Bank is a relatively new digital bank, so there are limited customer reviews available online.
Ivy Bank has limited reviews, since it is a relatively new digital bank (launched in 2021), there are relatively few customer reviews available. With app reviews, most of the negative comments have to do with the speed of external transfers, so if you want a bank where money can be moved into your account quickly, it might not be for you.
Ivy Bank can be contacted by phone from 9 a.m. to 6 p.m. EDT on weekdays, and 10 a.m. to 2 p.m. EDT on Saturdays. There is also live chat support available during these same hours, and non-sensitive inquiries can be handled via email.
In addition to its online portal, Ivy Bank offers a mobile app on both the App Store and Google Play. The app allows users to deposit checks, transfer money between internal and external accounts, and access several other tools to help manage your accounts and overall financial life.
Ivy Bank only offers two main products -- savings accounts and CDs. It doesn't offer loan accounts, or have a customer rewards or loyalty program.
Ivy Bank can be a good choice for high-yield savings accounts and CDs, but it isn't right for everyone. Here are a couple of alternatives you might want to consider.
Ally Bank could be a good alternative if you're looking for more of an all-in-one banking relationship. In addition to offering high-yield savings accounts and CDs, Ally also offers checking accounts, auto loans, and much more. Like Ivy Bank, it is a fully online banking experience.
Capital One Bank combines many of the top features of online banks, such as fee-free accounts and high interest rates, with the convenience of branch-based banking. Capital One's savings and CD rates aren't exactly the highest in the industry, but are far more impressive than most traditional banks. Plus, with a full range of deposit account and loan products, not to mention its broad credit card portfolio, Capital One is designed to be an all-in-one banking solution.
Ivy Bank may be a good option for you if:
Ivy Bank is a purely digital bank that only offers high-yield savings accounts and CDs. However, it's worth noting that Ivy Bank is a subsidiary of Cambridge Savings Bank, which offers a variety of other banking products including:
However, Cambridge isn't designed to be an online bank and is a rather small regional bank with a few branches in Massachusetts. Plus, the interest rates paid by Cambridge's deposit products are more in-line with what you'd expect from a branch-based bank, not an online financial institution like Ivy Bank.
Yes, Ivy Bank is a wholly owned subsidiary of an FDIC-insured financial institution called Cambridge Savings Bank. Deposits are protected in the event of bank failure, up to a maximum of $250,000 per person, per bank, per ownership category.
Ivy Bank is a subsidiary of regional financial institution Cambridge Savings Bank, which has more than $6 billion in assets and has been around since 1834 in the Boston area. This makes it a smaller regional bank.
Ivy Bank's parent company, Cambridge Savings Bank, maintains its headquarters in Cambridge, Massachusetts. It operates several branches in the greater Boston area, but Ivy Bank is a digital bank and is operated exclusively online (although it shares the Cambridge headquarters).
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
