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Cambridge Savings Bank launches digital-only subsidiary

Source: Cambridge Savings Bank

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $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 rate products, exceptional digital experiences, and personalized service.

Backed by CSB, an FDIC insured1 financial institution with a 187-year history of financial stability and success, Ivy provides competitive rates for online savings accounts and certificates of deposit (CDs), and human-centric customer support to help consumers work towards reaching their financial goals.

Ivy customers can manage accounts, deposit checks and transfer funds2 using its online and mobile banking platforms. In addition, 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 financial institutions, visualize spending by category, set and manage budgets, manage debt, view net worth and more.

· An industry-leading account opening process: New customer account-openings take an average of five minutes and provide customers with the ability to gain 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.

“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,” said Wayne Patenaude, President and CEO, Cambridge Savings Bank. “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.”

Ivy's top-of-market rates and first-class digital experience offers consumers a frictionless, secure digital bank that empowers 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 current market-leading rates, in addition to its several other competitive savings products. Its Money Management tool enables customers to gain powerful insights on their financial lives by providing customers the ability to view all their accounts in one central dashboard.

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

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