CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Savings Bank (CSB), a nearly two-century-old, full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that after two years in business its digital banking division, Ivy Bank (“Ivy”), has exceeded $530 million in deposits and added over 6,600 customers nationally. Ivy, which offers access to higher-interest savings products, has become known for its user-friendly digital experiences, fast onboarding, and personalized service. In addition, its sophisticated resources allow customers to easily create and manage personal budgets, monitor credit, and more.
“Our mission has always been to treat every customer like our only customer, and with Ivy Bank, we’ve extended that approach to consumers nationwide,” said Katie Catlender, Executive Vice President and Chief Customer Officer, Cambridge Savings Bank. “In today's landscape, consumers seek an enhanced banking experience that prioritizes convenience, security, and the opportunity to optimize their earnings. At CSB, we augment these capabilities with a compassionate team of professionals who genuinely care and offer invaluable advice and guidance, especially during times of uncertainty. We take great pride in our top NerdWallet ratings, as well as our industry-leading Net Promoter Score (NPS) scores, reflecting our continued commitment to delivering exceptional service and experiences that matter.”
Since its official launch in July 2021, Ivy Bank has experienced nearly 6X greater deposit growth than CSB’s brick-and-mortar locations, while deposit numbers exceeded Ivy’s annual goal for 2022 by 64%. Backed by CSB, an FDIC-insured1 financial institution with a 189-year history of financial stability and success, Ivy offers competitive rates for online savings2 and certificates of deposit (CDs)3, as well as human customer support to help consumers work towards reaching their financial goals. As an extension of CSB, Ivy has upheld the mutual bank’s commitment to enhancing the financial well-being of its customers while expanding its footprint to 49 states across the country.
To continually enhance the user experience, Ivy utilizes customer feedback to bolster its offerings and has incorporated regular updates to its financial literacy resources over the last two years. With a strong focus on customer satisfaction and a people-first approach, CSB was recently recognized by Forbes as one of America’s Best Small Employers 2023.
“The Ivy Bank experience was informed by extensive planning and customer design, and we’re pleased to report that its success to date has exceeded our ambitious expectations,” added Wayne Patenaude, President and CEO, Cambridge Savings Bank. “Building on Cambridge Savings Bank’s strong track record, we’ve established a modern brand to meet customers where they are and offer unparalleled convenience—including an account opening process that takes less than five minutes. We look forward to scaling further so we can continue to support the needs of existing and future customers across the country.”
As of 2022, the vast majority of consumers in the United States prefer to conduct their banking digitally as opposed to in branch. Cambridge Savings Bank, including Ivy, is well positioned to meet the needs of these consumers, with popular features such as a secure five-minute account opening process, intuitive money management capabilities, credit score monitoring, and more. Please visit ivybank.com to learn more.
About Ivy Bank
Ivy Bank is a digital-only division of Cambridge Savings Bank, a well-established community bank with over $6 billion in assets that has been helping customers throughout the Greater Boston area improve their financial well-being since 1834. 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 digital banking experience that people want, backed by people. Visit us at ivybank.com. Member FDIC1.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $6 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 and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Melrose, Newton, Somerville, and Watertown, and also offer digital solutions for our customers. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, stop by one of our branches. Member FDIC1. Equal Housing Lender.
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.
2 High-Yield Savings rates effective as of 8/1/2023 and are subject to change without notice. Minimum opening deposit of $2,500. The minimum balance to obtain 4.80% 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 4.80% APY is $1,000,000. This is a variable rate account and rates may change after account is opened. Fees may reduce earnings.
31-Year Certificate of Deposit rates effective as of 8/1/2023 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 Ivy Bank disclosures.