Ivy Bank High-Yield Savings Account

Ivy Bank High-Yield Savings Account Review

Ivy Bank High-Yield Savings Account is offered by Ivy Bank, a bank founded in 1834 and based in Cambridge, MA. Ivy Bank High-Yield Savings Account are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 3.10%, which is much higher than the average interest rate for a savings account.
• Large minimum initial deposit. You need a minimum deposit of $2,500 to open an account. This is a relatively large minimum initial deposit when compared to the other accounts that we track.

Ivy Bank Savings Account Pros & Cons

Pros	Cons
Available in all 50 states. High variable APY.	No signup bonus. Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card Not FDIC-insured.

Ivy Bank Savings Account FAQ

Are savings accounts from Ivy Bank federally insured?

No, your Ivy Bank savings accounts are not insured by a federal insurance agency. This means that if Ivy Bank were to fall into financial difficulties, your deposits are not covered by a government-backed insurance fund like the FDIC or NCUSIF.

Does Ivy Bank offer a signup bonus?

Ivy Bank Savings Account doesn't offer a signup bonus.

What is the minimum initial deposit for Ivy Bank Savings Account?

The minimum deposit to open a Ivy Bank Savings Account is $2,500.

Ivy Bank High-Yield Savings Account Minimums

Description
Minimum Opening Deposit	$2,500

What APY does Ivy Bank High-Yield Savings Account offer?

Ivy Bank Savings Account offers an APY of 3.10% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Ivy Bank Savings Account charge?

Ivy Bank Savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

Can you set up a direct deposit to Ivy Bank Savings Account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Ivy Bank Savings Account?

The customer support email for Ivy Bank Savings Account is ivyinfo@ivybank.com.