Our 2022 Ivy Bank review

Opening an account with Ivy could also be difficult for some customers, as its minimal stability necessities for financial savings is a steep $2,500, whereas the minimal for CDs is $1,000.

Ivy has no native branches however its hours of operation are 9 a.m. to six p.m. EST Monday by means of Friday and 10 a.m. till 2 p.m. ET on Saturday. All charges and costs are present as of December 6, 2022 and are topic to alter. 

Ivy Financial institution choices 

Ivy Financial institution presents two kinds of financial savings accounts: a high-yield financial savings and an listed financial savings account. It additionally presents CDs with APYs that vary from 2.6% to three.25%.

Checking and financial savings accounts 

Listed Financial savings Account

• APY: 3.84% with a stability of $2,500 or extra; APY for balances of $10 to $2,499 is 0.5% 
• Charges:
  • Month-to-month upkeep price: $0
  • Outgoing home wire: $25
  • Incoming home wire: $0
  • Copy of paperwork: $3
  • Deposited merchandise returned unpaid: $7.10
  • Inadequate funds: $35
  • Cease fee: $30
  • Treasurer’s verify: $6
• Minimal opening deposit: $2,500

The speed on this account resets every calendar month and is listed to the one-month treasury yield. Account holders are restricted to a complete of six transfers and withdrawals per calendar month. Withdrawals can solely be made through digital switch, home wire switch, or treasurer’s verify.

Excessive-yield financial savings account

• APY: 3.50%; APY for balances of $10 to $2,499 is 0.5% 
• Charges:
  • Month-to-month upkeep price: $0
  • Outgoing home wire: $25
  • Incoming home wire: $0
  • Copy of paperwork: $3
  • Deposited merchandise returned unpaid: $7.10
  • Inadequate funds: $35
  • Cease fee: $30
  • Treasurer’s verify: $6
• Minimal opening deposit: $2,500

Much like the Listed Financial savings Account, there’s a restrict of six whole transfers and withdrawals per calendar month with this account. Withdrawals can solely be made through digital switch, home wire switch or treasurer’s verify.

Certificates of deposit

Excessive-yield certificates of deposit

• APY: 
  • 1-year: 3.0%
  • 3-year: 3.25%
  • 5-year: 2.6%
• Charges:
  • Month-to-month upkeep price: $0
• Early withdrawal penalty: Varies based mostly on CD time period
  • 1-year: 90 days’ easy curiosity
  • 3-year: 180 days’ easy curiosity
  • 5-year: 270 days’ easy curiosity
• Minimal opening deposit: $1,000

The utmost stability for CD accounts is $1 million. Account holders could not make further deposits to a CD till it reaches maturity.

Different providers Ivy Financial institution presents 

Ivy Financial institution’s further providers are restricted. Along with the account sorts already talked about, it presents a complete credit score rating program that permits customers to remain abreast of their credit score rating and procure studies, amongst different options. This system additionally notifies customers when modifications are detected resembling a brand new account being opened or a change of private data together with deal with or employer.

The Ivy Financial institution platform and buyer assist 

Ivy Financial institution presents spectacular on-line banking and cellular app platforms that permit prospects to financial institution 24/7. Utilizing both possibility, prospects can verify balances, acquire copies of statements, view account historical past, and switch funds. The Ivy Financial institution cellular app will also be used to deposit checks. 

The financial institution’s cellular and on-line platforms additionally function a cash administration instrument that permits customers to create and handle their finances and monitor spending. As well as, the cash administration instrument gives a visualization of a person’s internet value over time.

Customer support representatives for Ivy Financial institution may be reached through telephone, chat, and electronic mail. The telephone service hours are 9 a.m. to six p.m. EST Monday by means of Friday and 10 a.m. till 2 p.m. EST on Saturday. Chat representatives can be found throughout the identical enterprise hours as properly. As well as, Ivy Financial institution prospects enrolled in on-line banking can submit safe emails through the banking platform. 

Execs and cons of Ivy Financial institution

Like each monetary establishment, there are execs and cons when banking with Ivy.

Professional: Aggressive APYs on all Ivy accounts. The APYs on Ivy Financial institution accounts vary from 2.6% to three.84%. 

Professional: In depth suite of monetary administration instruments through app and on-line platform. The Ivy Financial institution cellular and on-line platform contains instruments to assist finances, monitor your internet value, and visualize your spending patterns.

Professional: Number of customer support choices. Ivy Financial institution representatives can simply be reached through chat, telephone, and electronic mail.

Con: Excessive opening stability necessities for financial savings accounts. To ascertain a financial savings account with Ivy Financial institution you have to a minimal opening deposit of $2,500.

Con: No checking or cash market accounts. Ivy Financial institution’s choices are restricted to financial savings and CD accounts. This can be difficult for these looking for a broader vary of banking providers resembling checking and cash market accounts.

Ceaselessly requested questions

Is Ivy Financial institution professional?

Sure. Ivy Financial institution is a division of Cambridge Financial savings Financial institution, which is a Massachusetts state-chartered financial institution and FDIC member that was established in 1834. 

How do I arrange an Ivy Checking account?

Ivy Financial institution accounts may be opened by finishing an internet software, which takes only a few minutes.

Is Ivy Financial institution an internet financial institution?

Sure, Ivy Financial institution is an online-only financial institution.