Cambridge Savings Bank launches new digital-only division, Ivy Bank

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CAMBRIDGE, Mass .– (COMMERCIAL THREAD) –Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-centric approach and over $ 5 billion in assets, is pleased to announce the launch of Ivy bank (Ivy), a digital-only division of CSB that offers user-friendly, high-interest products, great digital experiences and personalized service. Supported by CSB, an FDIC insured1 A financial institution with an 187-year history of financial stability and success, Ivy offers competitive rates for savings accounts and certificates of deposit (CDs) online, as well as human-centric customer service to help consumers achieve their financial goals.

Ivy customers can manage accounts, deposit checks and transfer funds2 using its online and mobile banking platforms. Additionally, Ivy delivers a seamless customer experience by providing:

  • A focus on financial well-being and education: Ivy’s sophisticated money management tool allows customers to view all bank accounts in one place, including those held at other financial institutions, view expenses by category, and establish and manage budgets, manage debt, show net worth and more.
  • An industry-leading account opening process: Opening a new customer account takes an average of five minutes and gives customers the ability to immediately access online and mobile banking.
  • A customer-centric experience: Concierge-style customer service through the bank’s support team provides assistance and responds to customer needs via chat, email and phone.

“Ivy was born out of our desire to meet clients where they are in this changing market environment and to provide us with the opportunity to deliver a relationship-centric digital bank with the backing of our historic financial institution,” said declared Wayne Patenaude, President and CEO, Cambridge Savings Bank. “At Cambridge Savings Bank, we are very proud to help our clients strengthen their financial well-being through our traditional distribution channels – and we are delighted to be able to extend this service model widely with the launch of our digital division, Ivy.

The industry’s highest rates and Ivy’s first-class digital experience provide consumers with a secure, frictionless digital banking that enables customers to improve their financial futures. The bank’s high yield savings account (0.61% APY3) and 5-year CD (1.00% APY4) both offer the best current market rates, in addition to several other competitive savings products. Its money management tool enables clients to gain powerful insights into their financial lives by offering clients the ability to view all of their accounts in a central dashboard.

“For us at Cambridge Savings Bank, it’s simple; our customers always come first, ”said Katie catlender, Director of Clientele, Cambridge Savings Bank. “To that end, Ivy’s offerings are designed to better educate consumers about their financial lives, promote inclusive banking, and provide a trusted digital platform with the security of a traditional bank.

Ivy’s Mobile Banking app is available for iOS and Android users, in addition to its online banking environment. For those interested in opening an Ivy account or learning more about its savings products and financial lifecycle dashboard, please visit ivybank.com or follow Twitter, Facebook and Instagram.

About Ivy Bank

Ivy Bank is a digital-only division of Cambridge Savings Bank, a well-established community bank with $ 5 billion in assets that has been helping clients improve their financial well-being since 1834 across the greater Boston area. Ivy was created to bring this same approach to customers outside of the traditional CSB marketplace and empower consumers to engage with their finances in meaningful ways. With its headquarters in Cambridge, Massachusetts, CSB is immersed in one of the most technological cities in the United States, leading to an innovative and user-friendly digital banking experience through Ivy Bank. CSB is proud to provide through Ivy the security of a traditional bank, while offering the higher interest rates of a digital bank. Visit us at ivybank.com.

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service banking institution with over $ 5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, our customers and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full range of personal and business banking services through a strong branch network based in Greater Boston and through digital banking solutions for individuals and businesses. commercial customers, small businesses and consumers. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you get the most out of your banking relationship.

Disclosures

1Ivy Bank is a digital banking division of Cambridge Savings Bank, a Massachusetts state chartered bank and member of the FDIC. 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.

2Transfers and withdrawals from Ivy Bank savings accounts are limited to a total of six per calendar month. Withdrawals and transfers will only be made to the order of one or more account holders.

3Rates in effect on 12/7/2021. Minimum opening deposit of $ 100. The minimum balance to achieve the 0.61% Annual Percentage Return (APR) is $ 2,500. If your balance is between $ 10 and $ 2,499.99, the interest rate is 0.05% and the APY is 0.05%. The maximum account balance to receive the APY of 0.61% is $ 1,000,000. This is a variable rate account and the rates may change after opening the account. Fees can reduce income.

4Rates in effect on 12/7/2021 and subject to change without notice. Minimum opening deposit of $ 1,000. The annual percentage return (APY) is based on a monthly composition of the funds held to maturity. Minimum daily balance of $ 10 required to earn APY. Additional deposits are not allowed. Significant penalties for early withdrawal may be imposed. Fees can reduce income. For more information, please refer to our disclosures.





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