Cambridge Savings Bank in Boston has created a digital-only bank.
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.