The $5 billion-asset mutual
bank said in a press release that it had created Ivy Bank to provide competitive
rates for online savings accounts and CD, along with “human-centric customer
support to help consumers work towards reaching their financial goals.”
The digital-only bank
includes a money management tool that lets customers view all of their bank accounts
in one place, including those at other financial institutions. New account
openings take, on average, five minutes.
“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,” Wayne Petenaude, Cambridge Savings’ president and CEO,
said in the release.
“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,” he added.
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