Carver Bank: Savings Account & Rates
Mission: Banksparency aims to make Carver Bank's savings account transparent and comparable to the market.
Analysis of Carver Bank
Our verdict
Carver Bank offers High Yield Savings, a high-yield savings account paying 4.00% APY with a $5,000 minimum deposit. A minimum balance of $5,000 is required to earn this rate.
At 4.00% APY, Carver Bank pays 10x the national average (0.39%). Ranks in the top tier of 99+ accounts tracked.
Ideal User Profile
- Best for: earning a top rate with no strings attached, banking without needing a branch, and quick transfers with Zelle.
Key Differentiators
- Stands out with top-rated iOS app (4.7), A+ BBB rating, Zelle for instant transfers.
Savings Overview
High Yield Savings
| Min. Deposit | $5,000 |
| Min. Balance | $5,000 |
| Maintenance Fee | $0, of minimum balance requirement met. Otherwise $6. |
Market Reality Check
This bank offers rates below the current top tier. The best rates we track are currently above 4.15% APY.
Bank Overview
- HQ LocationNew York, New York
- Founded1948
- Ratings & Trust
- Zelle® SupportAvailableFull native integration in digital banking.
- Deposit InsuranceFDIC Insured(Cert: 30394)
Top Market Contenders
Savings Account: In-Depth View
Savings Account Offered by Carver Bank
| Feature | High Yield Savings |
|---|---|
APY | 4.00%Verified: 2/21/2026 |
APY Trend | Very StableNo rate changes in last 90 days |
Min. Deposit | $5,000 |
Min. Balance | $5,000 |
Monthly Fee | $0, of minimum balance requirement met. Otherwise $6. |
Direct Deposit | None |
Checking Bundle | No |
Branch Access | None |
Compounding | Daily |
FDIC Insured | Yes |
Eligibility | United States |
| Next Steps | - |
Calculate Savings for Carver Bank
Savings Breakdown
- Interest Earned+$2,434.70(11.9%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,434.70
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
Last 12 Months| Metric | High Yield Savings |
|---|---|
Latest APY | 4.00% |
Trend | Sideways |
Slope (bps/mo) | -0.3 |
Rate Changes / Mo | 0.08 |
Days Since Last Change | 354 |
High (-12m) | 4.25% |
Low (-12m) | 4.00% |
Draw-down | -5.9% |
Volatility (CV) | 0.010 |
How to read these metrics▼
Trends & Velocity
- Trend
- The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
- Slope (bps/mo)
- Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
- Rate Changes / Mo
- "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.
Risk & Range
- High/Low
- The absolute ceiling and floor of the rate during the 365-day window.
- Volatility Score
- Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
- Days Since Change
- If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.
Why track this? Understanding volatility helps you avoid "bait-and-switch" rates. A steady, rising slope is ideal; high volatility often signals a temporary teaser rate.
Compare with Carver Bank
| Feature | Current View Carver Bank | Empty Slot |
|---|---|---|
| Product | High Yield Savings | - |
APY | 4.00%Verified: 2/21/2026 | - |
APY Trend | Very StableNo rate changes in last 90 days | - |
| Min. Deposit | $5,000 | - |
| Monthly Fee | $0, of minimum balance requirement met. Otherwise $6. | - |
Direct Deposit | No | - |
Checking Bundle | No | - |
| Branch Access | None | - |
| Eligibility | United States | - |
Compounding | Daily | - |
FDIC Insured | Yes | - |
| Next Steps | - | - |
Bank-to-Bank Comparisons
Compare Carver Bank's APY of 4.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Carver Bank vs Ally Bank | 3.20% | $0 |
| Carver Bank vs American Express | 3.30% | $0 |
| Carver Bank vs Axos Bank | 4.21% | $0 |
| Carver Bank vs Bank of America | 0.01% | $100 |
| Carver Bank vs Barclays | 3.85% | $0 |
| Carver Bank vs Capital One | 3.30% | $0 |
| Carver Bank vs Chase Bank | 0.01% | $0 |
| Carver Bank vs Chime | 3.00% | $0 |
| Carver Bank vs CIT Bank | 3.75% | $100 |
| Carver Bank vs Citibank | 3.20% | $0 |
| Carver Bank vs Discover Bank | 3.30% | $0 |
| Carver Bank vs EverBank | 3.90% | $0 |
| Carver Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Carver Bank vs Newtek Bank | 4.20% | $0.01 |
| Carver Bank vs Openbank | 4.09% | $500 |
| Carver Bank vs Pibank | 4.60% | $0 |
| Carver Bank vs SoFi Bank | 4.00% | $0 |
| Carver Bank vs Synchrony Bank | 3.50% | $0 |
| Carver Bank vs Varo Bank | 5.00% | $0 |
| Carver Bank vs Wealthfront | 3.95% | $0 |
| Carver Bank vs Wells Fargo | 0.05% | $25 |
Alternatives to Carver Bank
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
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Cash Account: 3.95% APY
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Newtek Bank
Personal High Yield Savings: 4.20% APY
Minimum Deposit: $0.01
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