Cambridge Savings Bank announces new digital banking division, Ivy Bank

By Pavithra R

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 bn in assets, has announced the launch of Ivy Bank (Ivy), a digital-only division of CSB that offers user-friendly, high-interest rate products, digital experiences, and personalized service.

Backed by CSB, an FDIC insure1 financial institution, Ivy provides competitive rates for online savings accounts and certificates of deposit (CDs) and human-centric customer support to help consumers reach their financial goals.

“Ivy was born out of our desire to meet customers where they are in this changing market environment and provide an opportunity for us to deliver a relationship-centric digital bank with the backing of our historic financial institution. At Cambridge Savings Bank, we take great pride in helping our customers strengthen their financial well-being through our traditional distribution channels – and we are thrilled to be able to broadly extend that service model through the launch of our digital division, Ivy,” said Wayne Patenaude, President and CEO, Cambridge Savings Bank.

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

• A focus on financial wellbeing and education: Ivy’s sophisticated Money Management tool enables customers to view all bank accounts in one place, including those held at other FIs, visualize spending by category, set and manage budgets, manage debt, view net worth and more.
• Leading account opening process: Swift customer account openings and provides customers immediate access to online and mobile banking.
• A customer-centric experience: Concierge-style customer service via the bank’s support team provides assistance and addresses customer needs via chat, email and phone. Besides, Ivy’s Mobile Banking app is available for both iOS and Android users.

“For us at Cambridge Savings Bank, it’s simple; our customers always come first. 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,” said Katie Catlender, Chief Customer Officer, Cambridge Savings Bank.