FAQs

Ivy Bank is an online bank providing the stability and security of a traditional bank while offering the competitive higher-interest rate products of a digital bank. With our headquarters located in Cambridge, Massachusetts, we are immersed in one of the top technology-driven and innovative cities in the US, allowing us to create a user-friendly digital banking experience for you. We take pride in providing the security of a traditional bank, while offering the higher-interest rates of a digital bank.

Ivy Bank is a digital banking division of Cambridge Savings Bank which is a well-established Massachusetts state-chartered bank and Member FDIC that has been helping customers since 1834. The over $6 billion financial institution started Ivy Bank to bring the same level of service to customers nationwide.

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. 

You can bank with both Ivy Bank and Cambridge Savings Bank; however, you will not be able to access Ivy Bank accounts using Cambridge Savings Bank's Online or Mobile Banking platforms and vice versa. 

Yes, Ivy Bank^SM  is a division of Cambridge Savings Bank^®, Member FDIC. Ivy Bank and Cambridge Savings Bank are treated as the same entity for the purpose of calculating FDIC insurance limits.

All 18+ residents of the United States, excluding residents of California and U.S. Territories (except District of Columbia), are eligible to apply for an Ivy Bank account. 

As a security measure, Ivy Bank obtains a consumer report on all applicants. This inquiry does not impact your credit score. If you have any precautions in place, we will not be able to run the necessary verifications to evaluate your application and open your account.

You can access your Ivy Bank account via our Online Banking platform and Mobile Banking app. To log into Online Banking, visit ivybank.com and log in using the credentials you selected at account opening. Once you've enrolled in Online Banking, you can download the Ivy Bank Mobile Banking app on the Apple App Store or get it on Google Play. Once you download the app, use your same Online Banking credentials you selected at account opening to log into Mobile Banking. 

If you forget or want to change your password, reset your password using the Forgot username and/or password link on the login box which is located on the right side of the page at ivybank.com.

The current supported browsers are:

• Microsoft Edge
• Mozilla Firefox 
• Google Chrome
• Apple Safari 

In order to ensure the best possible experience, please make sure you are using the most up to date versions of the browsers listed above.

In Online Banking, select the account under the Accounts header. Then, select Account Details to display the account number.

In Mobile Banking, select the account under the Accounts header and then select Details to display the account number. 

International transactions are not available. See the Ivy Bank Understanding Your Account Handbook for details.

• Check balances
• Transfer between eligible Ivy Bank accounts and deposit accounts at other financial institutions*
• View statements and notices
• Manage account alerts and notifications
• Contact us using secure chat and email
• Access Money Management, our sophisticated digital Personal Financial Management tool 
• Schedule a domestic wire transfer
• Add and remove account beneficiaries

* Transfers and withdrawals from Ivy Bank Savings accounts are limited to a total of six per calendar month. Withdrawals and transfers made from your account shall only be made payable to one or more of the owners of the account form which the withdrawal or transfer was made. See the Ivy Bank Understanding Your Deposit Account Handbook for details.

• Check balances
• Transfer between eligible Ivy Bank accounts*
• View statements and notices
• Manage account alerts and notifications
• Contact us using secure chat and email
• Access Money Management, our sophisticated digital Personal Financial Management tool 

* Transfers and withdrawals from Ivy Bank Savings accounts are limited to a total of six per calendar month. Withdrawals and transfers made from your account shall only be made payable to one or more of the owners of the account form which the withdrawal or transfer was made. See the Ivy Bank Understanding Your Deposit Account Handbook for details.

Once you have been approved for an Ivy Bank account, you can register for Online Banking here.

You can view the status of your application by logging in here.

You can complete your application by logging in here.

You may add a joint signer to your account once your application has been approved. To add a joint signer, sign in here, then click Accounts and Set Up on the corresponding account. Next, scroll down and click Add Joint Owner, then enter the first name and email of the person you want to add to your account and click Invite. Your joint signer will then receive an email with instructions to join your account.

Transfers and withdrawals from Ivy Bank Savings accounts may be limited to a total of six per calendar month. Withdrawals and transfers made from your account shall only be made payable to one or more of the owners of the account form which the withdrawal or transfer was made. See the Ivy Bank Understanding Your Deposit Account Handbook for details.

In Online Banking, select the account under the Accounts header. Then, select Account Details to display the account rate and Annual Percentage Yield.

In Mobile Banking, select the account under the Accounts header and then select Details to display the account rate and Annual Percentage Yield.

Please see our Funds Availability Policy.

You can fund your account via:

• Plaid– Authentication
• Manual entry of your external bank routing and account numbers

You can make deposits to your account via: 

• eTransfer
• Mobile Deposit
• Domestic wire transfer
• Mail deposit

See the Ivy Bank Understanding Your Deposit Account Handbook for details.

You can withdraw money from your account via eTransfer, Domestic Wire Transfer or Treasurer’s Check. Withdrawals and transfers made from your account shall only be made payable to one or more of the owners of the account from which the withdrawal or transfer was made. See the Ivy Bank Understanding Your Deposit Account Handbook for details.

Interest will be credited to your account monthly.

You must deposit at least $2,500 to open a savings account.

Generally Ivy Bank transfer limits* are:

Inbound Transfers:

Online Banking eTransfer: $250,000 limit per transfer/day and up to $1,000,000 limit per calendar month

Mobile Deposit: $50,000 per item limit and $100,000.00 rolling 30-day limit

Wire Transfer: Up to maximum account balance ($1,000,000.00)

Outbound Transfers:

Online Banking eTransfer: Log in to Online Banking to view your outbound limits.

Domestic Wire Transfer: $250,000 per wire

*Transfers and withdrawals from Ivy Bank Savings accounts are limited to a total of six per calendar month. Withdrawals and transfers made from your account shall only be made payable to one or more of the owners of the account form which the withdrawal or transfer was made. See the Ivy Bank Understanding Your Deposit Account Handbook for details.

Interest begins to accrue on the business day you deposit items.

For assistance with closing your account, please call us or send us a secure email through our Online Banking platform or Mobile Banking app.

We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

A maximum of $1,000,000 per account.

APY-E (annual percentage yield earned) is an annualized rate that reflects the total amount of dividends (or interest) earned for the dividend (or interest) period and stated as a percent based on the actual average daily balance in the account. Unlike APY, which assumes no deposits or withdrawals are made over a 12-month period, APY-E is impacted by both deposits and withdrawals made during the period reflected on the periodic statements. On leap years, the APY-E listed in January and February statements may differ as calculations are based on 366 days.

You will be paid the disclosed rate until first maturity.

In Online Banking, select the account under the Accounts header. Then, select Account Details to display the CD maturity date.

In Mobile Banking, select the account under the Accounts header and then select Details to display the CD maturity date.

You will receive a confirmation of certificate renewal.

APY-E (annual percentage yield earned) is an annualized rate that reflects the total amount of dividends (or interest) earned for the dividend (or interest) period and stated as a percent based on the actual average daily balance in the account. Unlike APY, which assumes no deposits or withdrawals are made over a 12-month period, APY-E is impacted by both deposits and withdrawals made during the period reflected on the periodic statements. On leap years, the APY-E listed in January and February statements may differ as calculations are based on 366 days.

Your CD will automatically renew at maturity, and you will have 10 calendar days once it matures to make changes to your account. The renewal term will be the same as your current term, except for CD Specials. CD Specials will renew for the closest shorter term to your current term. The renewal will be at the standard interest rate and Annual Percentage Yield (APY) in effect at maturity.

You may make changes using one of the following methods: 

1. Using our CD Management tool in Online or Mobile Banking:

   In Online Banking, select Account Services, then CD Management. 

   In the Mobile App, select More, then CD Management.

    

2. Notifying us of changes through secure email within Online or Mobile Banking.
3. Call us at 855.489.2265
4. Completing the Certificate of Deposit Authorization to Change form which is mailed 45 days in advance of your CD maturity. 

Forms can be mailed to:

Ivy Bank

PO Box 540047

Waltham, MA 02454

Once your CD reaches maturity, you will have 10 calendar days to make changes to your account.

You may make changes using one of the following methods: 

1. Using our CD Management tool in Online or Mobile Banking:

   In Online Banking, select Account Services, then CD Management. 

   In the Mobile App, select More, then CD Management.

    

2. Notifying us of changes through secure email within Online or Mobile Banking.
3. Call us at 855.489.2265
4. Completing the Certificate of Deposit Authorization to Change form which is mailed 45 days in advance of your CD maturity. 

Forms can be mailed to:

Ivy Bank

PO Box 540047

Waltham, MA 02454

You can download the Ivy Bank Mobile app from the App Store or Google Play.

Apple, the Apple logo, iPhone and iPad, are trademarks of Apple Inc., registered in the U.S. and other countries.

Google Play is a trademark of Google Inc.

Once you download the Ivy Bank Mobile app, use the same credentials you selected at account opening to log in to Mobile Banking.

You can transfer funds¹ between your eligible Ivy Bank accounts through the mobile app.

¹Transfers and withdrawals from Ivy Bank Savings accounts are limited to a total of six per calendar month. Withdrawals and transfers shall only be made payable to one or more of the owners of the account.

Quick Balance provides the ability for you to see your account balance and your last 5 transactions without having to log into online banking. This functionality is available with the most recent versions of Apple and Android devices.

To enable Quick Balance:

1. Go to Settings > Quick Balance > Current Device
2. Swipe the Quick Balance feature to the On position

Mobile deposit is a way to electronically deposit checks through your Apple device (iPhone or iPad) and/or Android-supported smartphone or tablet (including a Kindle tablet) with a functioning camera device using the Ivy Bank Mobile Banking app.

Please see our Funds Availability Policy 

Important Notes:

• Please do not dispose of your check or attempt to process at another institution or through another channel (ATM or in-branch)
• You should hold onto your check for 91 days and then destroy or shred it

Make sure you have downloaded the Ivy Bank Mobile Banking app for your Apple device (iPhone or iPad) or Android-supported device (smartphone or tablet, including a Kindle tablet).

1. Sign into the Ivy Bank Mobile Banking app
2. Choose Check Deposit
3. Read and accept the Mobile Deposit Service Agreement disclosure and agreement 
4. Select the account into which you want to deposit the check
5. Enter the amount of your check
6. Endorse the back of your check with your signature and "For Mobile Deposit Only"
7. Snap pictures of the front and back of your check
8. Submit the check for deposit
9. You will receive onscreen confirmation that your check was received.

Check deposits made through the Ivy Bank Mobile Banking app are protected using financial industry security standards.

Click here to view or download the Mobile Deposit Account Agreement. 

Mobile deposit in the Ivy app supports Android Talkback and iOS Voiceover automatically. The largest accessibility text size supported is Medium.

The current supported browsers are:

• Microsoft Edge
• Mozilla Firefox 
• Google Chrome
• Apple Safari 

In order to ensure the best possible experience, please make sure you are using the most up to date versions of the browsers listed above.

To access Online Banking, visit the ivybank.com homepage and either login via the login box or use the login button at the top of any page of the site.

If you forget or want to change your password, reset your password using the Forgot username and/or password link on the login box, which is located on the right side of the page at ivybank.com.

To move money between your Ivy Bank accounts in Online Banking, select Move Money and then Transfer Between my Ivy Accounts¹.

To move money between your accounts at Ivy Bank and accounts you have at another financial institution, select Move Money and then eTransfer with my External Accounts¹.

¹Transfers and withdrawals from Ivy Bank Savings accounts are limited to a total of six per calendar month. Withdrawals and transfers shall only be made payable to one or more of the owners of the account.

Check out our Security Hub page for resources and best practices for protecting yourself and your personal information online. 

Contact us through secure chat, secure email or call us at 855.489.2265.

In Online Banking, select Statements and Notices from the Account Management dropdown menu.

In Mobile Banking, select Statements and Notices from the More menu button.

Sending a Wire

Please log in to Online Banking to initiate a domestic wire transfer.

In Online Banking, select 'Account Services' then 'Domestic Wire Transfer Request' to start a request.

Please note: requests must be submitted by 3:00pm ET on business days to be verified on the same day.

Receiving a Wire

To receive a Domestic wire at Ivy Bank, the sending bank will need to know:

• Wire address: 81 Wyman St, Waltham, MA 02451
• Routing number: 011303084
• Your Ivy Bank account number
• Your name and address as shown on your Ivy Bank account

Domestic Wire Transfer Fees

• Outgoing (per wire transfer): $25
• Incoming (per wire transfer): $0

Ivy Bank is a digital-only bank that requires customer to have an Online Banking profile. If you wish to close an account, call 855.489.2265, send a Secure Email in Online Banking, or send a live chat message. Please remember you should never submit account and personal information through regular email.

It’s a comprehensive Credit Score program that helps you stay on top of your credit. You get your latest credit score and report, an understanding of key factors that impact the score, and can see the most up to date offers that can help reduce your interest costs or lower your monthly payments. With this program, you always know where you stand with your credit and how your financial institution can help save you money.

Credit Score also monitors your credit report daily and informs you through online banking and by email if there are any big changes detected such as: a new account being opened, change in address or employment, a delinquency has been reported or an inquiry has been made. Monitoring helps users keep an eye out for identity theft.

Log in to Online Banking to enroll and get started!

Your Credit Report will provide you all the information you would find on your credit file, including a list of current or previous loans, accounts and credit inquiries.  You will also be able to see details on your payment history, credit utilization and public records that show up on your account. When you check your credit report, there will be no impact to your score.

The Score Simulator is an interactive tool that allows you to select various actions you may take and see how your score could be affected. Different actions, like paying off a credit card balance might make your score move up or down. Just like checking your credit score and report, using our simulator does not affect your actual credit score.

No. Access to your credit score and report is entirely free, and no credit card information is required to enroll. Simply log in to Online or Mobile Banking to enroll and get started!

As long as you regularly access online banking, your credit score will be updated every 7-days and displayed within your online banking screen. You also have the ability to refresh your credit score and full credit report every 24-hours by clicking “Refresh Score” by navigating to the detailed Credit Score Dashboard from within online banking.

Our Credit Score tool pulls your credit profile from TransUnion, one of the three major credit reporting bureaus, and uses VantageScore 3.0, a credit scoring model developed collaboratively by the three major credit bureaus: Equifax, Experian, and TransUnion. This model seeks to make score information more uniform between the three bureaus to provide consumers a better picture of their credit health.

There are three major credit-reporting bureaus—Equifax, Experian and Transunion—and two scoring models—FICO or VantageScore—that determine credit scores. Financial institutions use different bureaus, as well as their own scoring models. Over 200 factors of a credit report may be considered when calculating a score and each model may weigh credit factors differently, so no scoring model is completely identical but should directionally be similar.

No, Ivy Bank does not have access to your credit file unless you choose to share with them. However, if you would like to share your credit report with your financial institution or any trusted party, you can easily download your credit report by navigating to the “Credit Report” tab and clicking “Download Report”.

The Credit Score tool uses bank level encryption and security measures to keep your data safe and secure. Your personal information is never shared with or sold to a third party.

The Credit Score tool makes its best effort to show you the most relevant information from your credit report. If you think that some of the information is wrong or inaccurate, we encourage you to take advantage of obtaining free credit reports from www.annualcreditreport.com, and then pursuing with each bureau individually. Each bureau has its own process for correcting inaccurate information but every user can “File a Dispute” by clicking on the “Dispute” link within their Credit Report. However, The Consumer Financial Protection Bureau website offers step-by-step instructions on how to contact the bureaus and correct errors.

No. Checking your credit score or report using this tool is always a “soft inquiry”, which does not affect your credit score. Typically, lenders use ‘hard inquiries’ to make decisions about your credit worthiness when you apply for loans.

Yes. After you have enrolled in Credit Score for the first time, your report will be monitored and you'll receive email alerts when there’s been a change to your credit profile. When applicable, you can also find these monitoring alerts within your online or mobile banking account.

Yes, you can easily choose when and how you're contacted. Navigate to the “Resources” tab and then under “Profile Settings” you can choose which email notifications you receive. The Credit Score tool sends out three types of emails: Credit Monitoring Alerts, General Messages and Monthly Notices. You will be automatically enrolled in all email communications and can easily unselect the specific email types you wish to not receive.

Sending a Wire

Please log in to Online Banking to initiate a domestic wire transfer.

In Online Banking, select 'Account Services' then 'Domestic Wire Transfer Request' to start a request.

Please note: requests must be submitted by 3:00pm ET on business days to be verified on the same day.

Receiving a Wire

To receive a Domestic wire at Ivy Bank, the sending bank will need to know:

• Wire address: 81 Wyman St, Waltham, MA 02451
• Routing number: 011303084
• Your Ivy Bank account number
• Your name and address as shown on your Ivy Bank account

Domestic Wire Transfer Fees

• Outgoing (per wire transfer): $25
• Incoming (per wire transfer): $0

• The cutoff to create a transfer is 1 AM ET. For example, if a transfer is created before 1 AM ET on Tuesday, it will be considered created on Monday (if both days are business days).
• Funds are withdrawn and delivered before business hours on the day listed. 
• Ivy Bank may delay the delivery date for some customers. We will email you if this happens.
• Transfers created on a holiday will follow the same timeline as the next business day.

* 'In Process' refers to funds that have been initiated in a transfer and are currently pending withdrawal or delivery. Since transfers take 3-4 business days to process, customers who transfer the maximum amount of funds allowed must wait until after this period to initiate another transfer (meaning transfers in pending status will impact your available Daily Limit). For example, if you initiate a $10,000 outbound transfer within days 1-90, your daily limit will be reduced to $15,000 the next day and until the initial transfer is complete ($25,000 Daily Limit - $10,000 Transfer In Process = $15,000). A subsequent $15,000 transfer the next day would prevent you from being able to initiate another transfer until the first $10,000 transfer has processed ($25,000 Daily Limit - $25,000 Transfers In Process = $0).