Compound Interest Calculator
Savings Account from Ivy Bank, a division of Cambridge Savings Bank with 5.30% APY and $2,500 minimum deposit



Use or Change These Amounts and Rates

The product Savings Account from Ivy Bank, a division of Cambridge Savings Bank with 5.30% APY and $2,500 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $33,521. The interest earned would be $13,521 and the tax amount on the interest earned would be approximately $4,056.

Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for Ivy Bank, a division of Cambridge Savings Bank

Savings Boost of
$9,158 over 10 years
Cash Savings $20,000
Average Interest Earned $307

 
Ivy Bank, a division of Cambridge Savings Bank Interest Earned $9,465

 

 

See comparison detail table

This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.

Comparison Detail Table Close X

Average Rate Scenario

Rate:
0.22%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 43 30
2 20,043 43 30
3 20,087 44 31
4 20,130 44 31
5 20,174 44 31
6 20,218 44 31
7 20,262 44 31
8 20,306 44 31
9 20,350 44 31
10 20,394 44 31
TOTAL: $438 $307

Ivy Bank, a division of Cambridge Savings Bank Scenario

Rate:
5.30%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 1,060 742
2 21,060 1,116 781
3 22,176 1,175 823
4 23,352 1,238 866
5 24,589 1,303 912
6 25,892 1,372 961
7 27,265 1,445 1,012
8 28,710 1,522 1,065
9 30,231 1,602 1,122
10 31,834 1,687 1,181
TOTAL: $13,521 $9,465

Take Action

The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.


Recent Rate Changes



Date APY
October 19, 2023 5.30%
October 3, 2023 5.00%


Featured CD Rates

ONLINE BANKS APY? MIN?

5 Month CD Special. Must be linked to a standard consumer or business checking account in which 12.6% of the total combined balance is maintained. Otherwise APY is 5.25%.

Last change: ↓0.15% on May 13.
3 Month CD.

Last change: ↑0.09% on March 12.
6 Month Jumbo CD.

Last change: ↓0.05% on May 9.

Last change: ↓0.36% on March 12.
Early Withdrawal Penalty is 3 months interest.



Customer Reviews for Ivy Bank, a division of Cambridge Savings Bank (32)


  • July 9, 2023 | | Replies 1

    Online Savings Rates

    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 | May 23, 2024

    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.

  • June 10, 2023 |

    Online Savings Rates

    i just checked and I could believe it but the indexed savings is now 5.80%. Wow! (I cannot imagine why this isn't being advertised here and Nerdwallet?)

  • May 1, 2023

    Online Savings Rates

    Was rejected for account because I live in California. Is this another case of thinking CA is Canada?

  • April 4, 2023 | Replies 2

    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 | May 23, 2024

    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 | May 23, 2024

    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.

  • March 9, 2023 |

    Savings Rates

    I am a big fan of this one. The rate is now 4.25% on the online savings product, but 4.75% on the indexed product. While they don't allow a product switch, you can open the indexed with 4.75% then move all your cash. I think indexed is better.


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