Is Ivy Bank Legit? Safety, Rates and What to Know
Ivy Bank is the online division of Cambridge Savings Bank, founded in 1834. Here is how your deposits are insured, what Ivy pays and the rules to know before you open an account.
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Yes. Ivy Bank is the online division of Cambridge Savings Bank, an FDIC insured bank in Cambridge, Massachusetts, founded in 1834 (FDIC certificate 17870). Deposits at Ivy Bank and Cambridge Savings Bank are combined for FDIC coverage of up to $250,000 per depositor, per ownership category. Ivy pays 4.00% APY on savings balances of $2,500 or more and up to 4.25% APY on CDs (rates effective Sep 22, 2026).
Ivy Bank’s savings rate often shows up near the top of comparison lists, and the name is not as well known as the big online banks. The bank behind it is nearly two centuries old. Here is who stands behind your money and what to check before you open an account.
Who is Ivy Bank?
Ivy Bank is the digital bank of Cambridge Savings Bank, a community bank in the greater Boston area. Ivy says Cambridge Savings Bank started it to offer its higher rate savings products to customers across the United States. FDIC records show Cambridge Savings Bank was established on April 2, 1834, with about $7.0 billion in total assets as of June 30, 2026. We confirmed its certificate, 17870, in the FDIC BankFind database on Oct 16, 2026.
Is my money FDIC insured at Ivy Bank?
Yes, up to $250,000 per depositor, per ownership category. Ivy says deposits at Ivy Bank and Cambridge Savings Bank are combined for FDIC limits and are not separately insured. So if you already bank with Cambridge Savings Bank, add those balances together. For example, $200,000 at Ivy plus $100,000 at Cambridge Savings Bank in your own name is $300,000 at one bank, and $50,000 would be over the limit. See how to insure more than $250,000.
What does Ivy Bank pay?
| Account | APY |
|---|---|
| Savings, balances of $2,500 to $1,000,000 | 4.00% |
| Savings, balances of $10 to $2,499.99 | 0.05% |
| 3 month CD | 4.25% |
| 6 month CD | 4.25% |
| 1 year CD | 4.05% |
| 2 year CD | 3.00% |
| 3 year CD | 2.75% |
| 5 year CD | 2.50% |
Rates effective as of Sep 22, 2026, from Ivy Bank’s website, checked Oct 16, 2026. Savings rates are variable. CDs need $1,000 to open.
The savings rate compares well: the FDIC national average savings rate is 0.38% (as of Oct 19, 2026). Its short CDs are strong too, while its 2 to 5 year CDs pay well below the leaders on our best CD rates page.
What to watch for
- The $2,500 threshold. You need $2,500 to open the savings account, and if your balance falls below $2,500 the rate drops to 0.05%.
- Not available everywhere. Ivy accepts residents of the US who are 18 or older, except residents of California and US territories (the District of Columbia is eligible).
- Transfer limit. Ivy limits transfers and withdrawals from savings to six per calendar month.
- No international transfers. You can send domestic wires, but not international ones.
- CDs are locked. You cannot add money to an Ivy CD after opening, and Ivy does not publish its early withdrawal penalty amounts online.
Does Ivy Bank have an app?
Yes. After you enroll in online banking, you can download the Ivy Bank mobile app from the Apple App Store or Google Play.
How to check you are dealing with the real Ivy Bank
- Type ivybank.com into your browser instead of clicking links in texts or emails.
- Search FDIC BankFind for certificate 17870 and confirm the name Cambridge Savings Bank.
- Never share a password or one time code with someone who contacts you.
How it compares
See Ivy Bank vs. Always.bank, our best high yield savings accounts and the best FDIC insured savings accounts. If your balance is under $2,500, an account with no minimum such as Always.bank pays 4.10% on any balance.
Our verdict
Ivy Bank is legitimate: an online division of an FDIC insured bank founded in 1834. Its savings account pays a strong rate if you can keep $2,500 or more in it, and its short term CDs are among the better ones we track. The trade offs are the $2,500 threshold, the six transfer monthly limit and no service in California. Read our full Ivy Bank savings review and Ivy Bank CD review.
Frequently asked questions
Is Ivy Bank a real bank?
Yes. Ivy Bank is the online division of Cambridge Savings Bank, an FDIC insured bank in Cambridge, Massachusetts (certificate 17870), founded in 1834.
Is Ivy Bank FDIC insured?
Yes, up to $250,000 per depositor, per ownership category. Deposits at Ivy Bank and Cambridge Savings Bank are combined for that limit.
What is Ivy Bank’s savings rate?
4.00% APY on balances of $2,500 or more, and 0.05% below $2,500, effective Sep 22, 2026.
Can I open an Ivy Bank account in California?
No. Ivy accepts US residents 18 or older except residents of California and US territories. District of Columbia residents are eligible.
How many withdrawals does Ivy Bank allow?
Six transfers and withdrawals from savings per calendar month.
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