Ivy Bank Surpasses $1 Billion In Deposits

Backed by the strength and stability of a 190-year-old bank, Ivy’s tech-forward, customer-centric approach has driven rapid expansion since its launch in 2021

Cambridge Savings Bank (CSB), a 190-year-old, full-service community mutual bank with a customer-first approach and over $7 billion in assets, today announced that its digital banking division, Ivy Bank (“Ivy”), has exceeded $1 billion in deposits and added over 14,000 customers nationally. Ivy, which offers digital access to savings products, has become known for its user-friendly digital experiences, efficient onboarding, and outstanding customer service. In addition, its bespoke financial empowerment tools allow customers to easily create and manage budgets, monitor credit, and more.

“Consumers today want a frictionless banking experience that prioritizes convenience, security, and the opportunity to optimize their financial well-being,” said Ryan Bailey, President and Chief Executive Officer at Cambridge Savings Bank. “Ivy Bank offers our customers the convenience of our mobile-first digital experience with security and human-backed service excellence.”

With a strong focus on customer satisfaction, Ivy received a 4.5-star rating from NerdWallet for its banking experience in 2023 and was named one of the “Best Online Banks for 2024” by Buy Side, a media property of The Wall Street Journal. Additionally, the bank has consistently earned industry leading Net Promoter Scores (NPS), reflecting the bank’s commitment to delivering exceptional service, tailored experiences, and innovative solutions that meet its customers’ evolving needs.

Since its launch in July 2021, Ivy Bank has rapidly expanded its footprint across 49 states, achieving nearly 15X greater deposit growth than traditional banks. The digital bank has also attracted a growing base of younger customers, who are particularly focused on building their net worth and improving their financial health through innovative tools and seamless banking solutions.

“I am so proud of the exceptional digital experience and supporting financial tools we have built for Ivy Bank’s customers,” added Kim Strout, First Vice President at Cambridge Savings Bank. “Ivy’s success has been built through dynamic growth and scaling, while maintaining best-in-class customer service. As we look ahead, we’re excited to not only continue our growth trajectory, but also to evolve and expand our digital product suite. By enhancing our customers’ toolkit of resources, we aim to further empower them on their financial journey, prioritizing their financial well-being and long-term success.”

Just last year, the American Banking Association conducted a survey that found 71 percent of consumers prefer to use mobile or online banking methods. This trend highlights the heightened demand for convenient and accessible banking solutions. CSB and Ivy are meeting this demand by offering a range of sought-after features designed to enhance the banking experience. These include a secure five-minute account opening process, intuitive money management tools, credit score monitoring, and personalized financial insights. Please visit ivybank.com to learn more.

About Ivy Bank

Ivy Bank is a digital-only division of Cambridge Savings Bank (CSB), a well-established community bank with over $7 billion in assets that has been helping customers throughout the Greater Boston area improve their financial well-being since 1834. Ivy was created to bring that same approach to customers outside of CSB’s traditional market area and enable consumers to interact with their finances in a meaningful way. With headquarters located in Cambridge, Massachusetts, CSB is immersed in one of the top technology-driven areas in the US, leading to an innovative and user-friendly digital banking experience through Ivy Bank. Ivy Bank offers the security of a traditional bank, with the digital banking experience that people want, backed by people. Visit us at ivybank.com. Member FDIC¹.

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service banking institution with over $7 billion in assets. As a community mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Melrose, Newton, Somerville, and Watertown, and also offer digital solutions for our customers. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, stop by one of our branches. Member FDIC¹. Equal Housing Lender.

Disclosures

¹Ivy Bank is a digital banking division of Cambridge Savings Bank which is a Massachusetts state-chartered bank and Member 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.

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