Carver Bank: Savings Accounts & Rates

Savings rates updated: 8/15/2025

Mission statement: Banksparency aims to make Carver Bank's savings accounts transparent and comparable to those of other banks. Learn more about Banksparency.

Note: Interest rates below are reported as APY, or Annual Percentage Yield

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Savings Overview

High Yield Savings: 4.00% APY(Rank 49 out of 81 tracked HYSAs)

Minimum Deposit: $5,000 | Online Only

National Savings Interest Rate: 0.38% (as of 7/21/2025)

Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.

(Source: FDIC)

Bank Overview

Location: New York, New York

Founded: 1948

Deposit Insurance: FDIC Cert # 30394

BBB Rating: A+

App Store Rating: 4.7/5

Google Play Rating: 4.5/5

Website: Visit Carver Bank

Our Take on Carver Bank

Highlights

Current APY of 4.00%, unchanged from 30 days ago.
No maintenance fee if minimum balance is met.
A+ BBB rating indicating strong trustworthiness.
High App Store rating of 4.7.

Considerations

Minimum deposit and balance requirement of $5,000.
Online-only account may limit access for some users.
Maintenance fee of $6 if balance requirement is not met.
No direct deposit requirement may deter some users.

Summary: Carver Bank offers a competitive high-yield savings account with a 4.00% APY and no maintenance fees if the minimum balance is maintained. The bank has an A+ BBB rating and strong app ratings, indicating reliability. However, the $5,000 minimum deposit and balance requirements may be a barrier for some savers. Additionally, being an online-only bank could limit accessibility for those who prefer in-person banking.

Savings Account: In-Depth View

Savings Account Offered by Carver Bank

Feature	High Yield Savings
APY	4.00% (as of 8/15/2025)
APY Trend	Stable for the last quarter
Minimum Deposit	$5,000
Minimum Balance for APY	$5,000
FDIC-insured	Yes
Online Only	Yes
Bundled Account	No
Direct Deposit Required	No
Compound Frequency	Daily
Maintenance Fee	$0, of minimum balance requirement met. Otherwise $6.
Eligibility	United States
Sponsored Link
No deposit agreement summary available for this bank.

Calculate Savings for Carver Bank

All calculations are based on APY.

Savings Product:

High Yield Savings (APY: 4.00%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $2,434.7 (11.91%)
Total contributions: $13,000 (63.62%)
Initial deposit: $5,000 (24.47%)

Your total balance

$20,434.70

Effective APY: 4.00% (based on your deposit and contributions)

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Carver Bank Savings Rates Over Time

Historical APY Insights

Metric	High Yield Savings
Latest APY	4.00 %
Trend	Sideways
Slope (bps/mo)	-3.0
Rate Changes / Mo	0.15
Days Since Last Change	166
High (-7 m)	4.25 %
Low (-7 m)	4.00 %
Draw-down from High	-5.9 %
Volatility (CV)	0.023

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 7 months (regression slope).
Slope (bps/mo): Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo: Typical number of APY moves per month.
Days Since Last Change: Recency of the latest APY adjustment.
High (-7 m): Highest APY in the last 200 days.
Low (-7 m): Lowest APY in the last 200 days.
Draw-down from High: How far today sits below the 7-month peak.
Volatility (CV): Coefficient of variation = stdev ÷ mean.

Why Track Savings-Account APYs?

See how quickly a bank reacts to Fed moves or competition.
Gauge “twitchiness” - frequent moves can annoy savers.
Spot if you're buying near a peak (draw-down) or riding a rise.
Slope (bps/mo) shows speed of change.
Volatility (CV) scales jumps by average level.

Compare Carver Bank's Savings Account

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Feature	Carver Bank	Select a bank...
Product	High Yield Savings	N/A
APY	4.00% (as of 8/15/2025)	N/A
Bundled Account	No	N/A
FDIC-insured	Yes	N/A
Online Only	Yes	N/A
Compound Frequency	Daily	N/A
Minimum Deposit	$5,000	N/A
Minimum Balance for APY	$5,000	N/A
Maintenance Fee	$0, of minimum balance requirement met. Otherwise $6.	N/A
Direct Deposit Required	No	N/A