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Multiple roadblocks trying to set up a savings account with Ivy Bank and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and credits scores that have never been outside the 800s. I took my business elsewhere.
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Looks like indexed savings is now at 5.31%. Down, but it still beats anything else here. Why aren't you highlighting this for your readers?
JayT | Sep 6, 2023
It is something like 5.68% APY right now for September. Just cannot be beat by anything else on this site, unless you want to lock into a CD.
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How Is The Rate Being Calculated ???
So Ivy indexed has been a great option so far, BUT I am unsure how they calculate the rate.
Last month Feb 28 One-Month U.S. Treasury Yield was 4.65%/ APY 4.75%, the same as the interest rate/APY
March 01, 2023 4.67%
February 28, 2023 4.65%
This month you can see the rates
April 03, 2023 4.70%
March 31, 2023 4.74%
March 30, 2023 4.74%
They announced the month's rate as 4.23 %/APY 4.32%, and I am really wondering how they calculate the rates. Hope to hear from them soon!KGS1234 | Apr 10, 2023
The Indexed Account is set each month based on the what the One Month Treasury rate is on the 15th of the preceeding month. If you look at the advertisement small print it explains how it is determined.
Ivy Bank | Apr 11, 2023
Hi Supersaver1. You can find details on how the interest rate is calculated on the Indexed Savings Account Truth in Savings Disclosure page on our website under the ‘Determination of Rate’ section (https://www.ivybank.com/indexedtis). If you have further questions, please give us a call at 855.489.2265 or send us a private message with the best number to reach you at and a member of our team will reach out to you.
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Great experience with Ivy Bank! They are constantly updating their rate to stay competitive. Since I've opened my account they've increased my rate 4 or 5 times. It's easy to apply and open and have had no issues. Solid bank with a well-known and long established bank brand backing them (Cambridge Savings Bank out of Massachusetts). Would love to see some higher CD offers from them though.
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They will not open a high yield savings account. No reason is given. This is what they say "Unfortunately, we cannot open your Ivy Bank account at this time. A review of the information submitted determined that your application did not meet our account opening criteria." When I call customer service, they say just try again, there is nothing we can do.
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I too was denied the ability to open an online
Savings account. My credit score is over 800 and I was moving money from accounts that paid little or no interest into the banks savings account. When I called and asked for an explanation I was told by two horribly rude people that they couldn’t tell me on the phone and that I had to wait for a letter that so far never came. I used to be a customer of their mother bank Cambridge Savings when I lived in Cambridge. This online bank should be boycotted by all. They simply don’t deserve the customers they’ve gotten do far online. Since their rejection I’ve opened an account at Bask Bank which pays 1.61% interest. Try them instead. -
Had a question about money being moved from my account. Called Ivy Bank and rep (Erma) said she would call me back. She never did. Called back when more money was removed without explanation from my account. Called the 800# and got Erma - again. Said she'd call me back, and never did. Now they've closed out my account - with neither my request nor consent - and sent me my balance. They honestly did me a favor. Stay away.
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I have experienced trouble making transfers from external banks into my Ivy Bank account. The funds were transferred into the account and then immediately rejected. I am still waiting for the funds to be deposited into the account from which they have been withdrawn. After making several calls to the customer service, I have received absolutely no explanation. In fact, I was finally told my my account was being closed, and these funds would all be returned to the original bank from which they came. When I asked them for the reason, I was told it was simply a bank decision. This is totally unacceptable. I am truly hoping they do return my money. Please be aware of this bank!
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Perfect credit and I was denied opening an account with NO explanation. Is this bank legitimate or some sort of scam?
Ivy Bank | Apr 11, 2022
Reviews are extremely important to us and our business, so it is important for us to respond to your comment regarding the legitimacy of Ivy Bank. Ivy Bank is proudly backed by Cambridge Savings Bank, a well-established, FDIC insured community bank with 188+ years of financial strength and stability. We take great pride in providing our customers with a trusted digital platform with the security and longevity of a traditional bank.
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Easy opening and a nice rate. No complaints. As a Mass resident, I like Mass backs because of the flexibility of DIF, but Cambridge, the parent, is leaving so I would caution similarly-minded folks to bear this in mind and stay within FDIC limits. I might have appreciated better guidance on this during account opening.
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I opened a savings account two months ago. When I initiated a scheduled, recurrent external transfer, the amount was deducted twice from my funding account. This problem was solved a couple of days afterwards. When I wanted to initiate an external transfer from a (previously) linked bank account, I was unable to do so because somehow there was no account linked to my savings account with IvyBank anymore. After a conversation with an agent, I am waiting for the problem to be resolved...
Ivy Bank | Oct 13, 2021
Hi Drak123,
We are so sorry to hear about your experience. Please give us a call at 855.489.2265 or email us at ivyinfo@ivybank.com with the best number to reach you and we will give you a call and work to get this resolved. We look forward to hearing from you. -
I was lured in by the rate, but totally disgusted by the service, or lack thereof. Opened an account on 9/7, it finally showed in my balance on 9/11, but it's still not available on 9/12. Also on 9/11 I received a notice of hold for seven business days on that same deposit since they're "unable to verify funds at this time." Meanwhile, I transferred more $$ from an outside bank and received an email that the request has been scheduled but here it is, 5 days later and that transfer doesn't show anywhere on my Ivy account. I'm going to close this account - as soon as I can talk to a human! PS Their phone service has been down since I opened the account on 9/7. This is not reassuring for an internet bank!
Ivy Bank | Sep 24, 2021
Hi JRS,
We are so sorry to hear that we haven’t met your expectations. We’ve been experiencing higher than normal call volume and an increase in demand and completely understand your concern and the frustration this has caused. We are back to our normal service levels and would love to help address any outstanding issues you’re having. Please give us a call at 855.489.2265 or email us at ivyinfo@ivybank.com with the best number to reach you and we will give you a call. We look forward to hearing from you. -
I opened an account with them because of the higher interest rates. I never had any trouble reaching someone on the phone when I was opening the account. Now, only a couple of weeks later, I can't speak to a real person. All calls go straight to email and no one calls back. I requested to close my account through their online chat yesterday and still money in my account so that obviously didn't happen. HORRIBLE customer service.
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One of the best APRs out there, but not worth the hassle. They have some issues to work out in their system still, so I would not open any accounts with them until they can work those issues out. Poor follow-up on said issues as well.
Ivy Bank | Sep 24, 2021
Hi WintersK,
We sincerely apologize for any service-related issues you’ve experienced with us recently. We’ve been experiencing higher than normal call volume and an increase in demand and completely understand your concern and the frustration this has caused. We are back to our normal service levels and would love to help address any outstanding issues you’re having. Please give us a call at 855.489.2265 or email us at ivyinfo@ivybank.com with the best number to reach you and we will give you a call.
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Nothing but problems since I opened my account less than a month ago. Calls to the bank go straight to VM which is very concerning. Avoid at all costs and go with Ally!
Ivy Bank | Sep 24, 2021
Hi LK735,
We are so sorry to hear that you’ve had a difficult time reaching us. We have been experiencing higher than normal call volumes and an increase in demand and understand this has inconvenienced our customers. We are now back to normal service levels and would love the opportunity to address any outstanding issues you may have. Give us a call at 855.489.2265 or email us at ivyinfo@ivybank.com with the best number to reach you and we will give you a call. -
No complaints. Site is easy to use and it is worthwhile to get the extra incremental savings. There are transfer limits ($45k per day and $75k per month, I believe) and transfer delays. Those can be defeated by initiating transfers from an outside bank. Purepoint, CitizensAccess, Amex, Marcus all will do this. Alternatively, the bank offered to reimburse wire fees on a one-time basis during funding. I would recommend, but I would also emphasize that you should stay within FDIC limits since the bank is moving off of Massachusetts' DIF insurance in October.
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lrcbob
Jul 26, 2024 |