CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, is pleased to announce the launch of Ivy Bank (Ivy), a digital-only division of CSB that offers user-friendly, high-interest rate products, exceptional digital experiences, and personalized service. Backed by CSB, an FDIC insured1 financial institution with a 187-year history of financial stability and success, Ivy provides competitive rates for online savings accounts and certificates of deposit (CDs), and human-centric customer support to help consumers work towards reaching their financial goals.
Ivy customers can manage accounts, deposit checks and transfer funds2 using its online and mobile banking platforms. In addition, Ivy delivers a seamless customer experience by providing:
- A focus on financial wellbeing and education: Ivy’s sophisticated Money Management tool enables customers to view all bank accounts in one place, including those held at other financial institutions, visualize spending by category, set and manage budgets, manage debt, view net worth and more.
- An industry-leading account opening process: New customer account-openings take an average of five minutes and provide customers with the ability to gain immediate access to online and mobile banking.
- A customer-centric experience: Concierge-style customer service via the bank’s support team provides assistance and addresses customer needs via chat, email and phone.
“Ivy was born out of our desire to meet customers where they are in this changing market environment and provide an opportunity for us to deliver a relationship-centric digital bank with the backing of our historic financial institution,” said Wayne Patenaude, President and CEO, Cambridge Savings Bank. “At Cambridge Savings Bank, we take great pride in helping our customers strengthen their financial well-being through our traditional distribution channels – and we are thrilled to be able to broadly extend that service model through the launch of our digital division, Ivy.”
Ivy's top-of-market rates and first-class digital experience offers consumers a frictionless, secure digital bank that empowers customers to improve their financial futures. The bank’s High-Yield Savings Account (0.61% APY3) and 5-Year CD (1.00% APY4) both offer current market-leading rates, in addition to its several other competitive savings products. Its Money Management tool enables customers to gain powerful insights on their financial lives by providing customers the ability to view all their accounts in one central dashboard.
“For us at Cambridge Savings Bank, it’s simple; our customers always come first,” said Katie Catlender, Chief Customer Officer, Cambridge Savings Bank. “To that end, Ivy’s offerings are designed to better educate consumers about their financial lives, promote inclusive banking and provide a trusted digital platform with the security of a traditional bank.”
Ivy’s Mobile Banking app is available for both iOS and Android users, in addition to its online banking environment. For those interested in opening an Ivy account or learning more about its savings products and financial lifecycle dashboard, please visit ivybank.com or follow on Twitter, Facebook and Instagram.
About Ivy Bank
Ivy Bank is a digital-only division of Cambridge Savings Bank, a well-established community bank with $5 billion in assets that has been helping customers improve their financial well-being since 1834 throughout the Greater Boston area. Ivy was created to bring that same approach to customers outside of CSB’s traditional market area and enable consumers to interact with their finances in a meaningful way. With headquarters located in Cambridge, Massachusetts, CSB is immersed in one of the top technology-driven cities in the US, leading to an innovative and user-friendly digital banking experience through Ivy Bank. CSB takes pride in providing through Ivy the security of a traditional bank, while offering the higher-interest rates of a digital bank. Visit us at ivybank.com.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Greater Boston-based branch network and through digital banking solutions for commercial, small business and consumer customers. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship.
1Ivy Bank is a digital banking division of Cambridge Savings Bank which is a Massachusetts state-chartered bank and Member FDIC. Deposits at Ivy Bank and Cambridge Savings Bank are combined for the purpose of calculating FDIC insurance limits (FDIC certificate #17870) and are not separately insured.
2Transfers and withdrawals from Ivy Bank Savings accounts are limited to a total of six per calendar month. Withdrawals and transfers shall only be made payable to one or more of the owners of the account.
3Rates effective as of 7/12/2021. Minimum opening deposit of $100. The minimum balance to obtain the 0.61% Annual Percentage Yield (APY) is $2,500. If your balance is between $10 - $2,499.99, the interest rate is 0.05% and the APY is 0.05%. The maximum account balance to receive the 0.61% APY is $1,000,000. This is a variable rate account and rates may change after account is opened. Fees may reduce earnings.
4Rates effective as of 7/12/2021 and are subject to change without notice. Minimum opening deposit of $1,000. The Annual Percentage Yield (APY) is based on monthly compounding with funds held to maturity. $10 minimum daily balance required to earn APY. Additional deposits are not permitted. Substantial penalties for early withdrawal may be imposed. Fees may reduce earnings. For more information, please refer to our disclosures.