Carver Bank savings and CD rates, reviewed
Carver Bank advertises 4.00% APY on its High Yield Savings account. That is 362 basis points above the national savings average of 0.38% (FDIC, Aug 2026).
Ranked #17 of 337 tracked savings rates. It was #18 three months ago. The advertised rate has not changed in the 30 weeks since Banksparency began tracking it.
Carver Bank at a glance
| Top savings APY | 4.00% · High Yield Savings |
|---|---|
| Top CD APY | 3.69% · 3 months |
| Top money market APY | 0.50% |
| Minimum deposit | $5,000 |
| FDIC certificate | 30394 · New York, NY |
| Website | www.carverbank.com |
| Branches | 7 branches in NY |
| Availability | Nationally available |
Carver Bank savings and CD rates
Rates are APY. The national savings average is 0.38% (FDIC, Aug 2026). The top tracked savings rate on Banksparency is 5.00%.
IRA savings
Carver Bank CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| 3 months | 3.69% | $2,500 | 91 Day CD |
| 6 months | 3.59% | $2,500 | 182 Day CD |
| 11 months | 3.59% | $2,500 | 11 Month CD |
| 12 months | 3.43% | $2,500 | 12 Month CD |
| 18 months | 3.43% | $2,500 | 18 Month HI-Rise CD |
| 18 months | 3.17% | $1,000 | 18 Month CD |
| 24 months | 3.17% | $1,000 | 24 Month CD |
| 36 months | 3.17% | $1,000 | 36 Month CD |
| 48 months | 3.17% | $1,000 | 48 Month CD |
| 60 months | 3.17% | $1,000 | 60 Month CD |
Interactive Tool
Calculate Savings for Carver Bank
All calculations are based on APY.
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.
What Carver Bank pays on deposits
ℹ️ Carver Bank deposits are held at CARVER FEDERAL SAVINGS BANK; the figures below cover that legal entity's entire deposit base.
In Q1 2026, Carver Bank paid a higher average rate than 35% of U.S. banks (all-bank median 2.27%).
- Carver Bank, avg rate paid
- All-bank median
Average annualized rate paid on interest-bearing deposits, quarterly. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated.
So what is the catch?
| Product | Min to open | Min to earn | Monthly fee | Direct deposit | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|
| Youth Savings | $10 | $0 | not stated | not stated | Variable | |
| Carver Savings | $100 | $0 | not stated | not stated | Variable | |
| High Yield Savings | $5,000 | $0 | $0, of minimum balance requirement met. Otherwise $6. | Not required | Variable | |
| Relationship Savings | $250 | $0 | not stated | not stated | Variable | |
| Money Market | $250 | $0 | not stated | not stated | Variable |
The 12-month trend shows the highest advertised rate observed each day and includes promotional tiers where one applied.
Opening and using the account
| Availability | Nationally available |
|---|---|
| Footprint | 7 branches in NY |
| App ratings | 4.7 iOS · 4.5 Android |
| Zelle | Available |
| Eligibility | not stated |
How Carver Bank behaves over time
Every observation of the advertised High Yield Savings rate in the last 12 months was 4.00% (observed through Aug 21, 2026). The series includes promotional tiers where one applied.
Carver Bank has not changed its advertised savings rate in the 30 weeks since Banksparency began tracking it.
Carver Bank CD rates over time
Who is Carver Bank?
| Headquarters | New York, NY |
|---|---|
| Scale | $676M assets · $590M deposits (Q1 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 30394 |
Financial detail is in What Carver Bank pays on deposits above.
Common questions about Carver Bank
Is Carver Bank FDIC insured?
Yes. Carver Bank is FDIC insured under certificate 30394, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at Carver Bank?
Carver Bank requires a minimum deposit of $5,000 to open its High Yield Savings account, as observed on Aug 21, 2026. Check the bank's current terms before you open an account.
Does Carver Bank have branches?
Yes. Carver Bank operates 7 branches according to FDIC branch records, in addition to its website and mobile apps.
Carver Bank against its closest alternatives
| Bank | Savings APY | Rate paid (Q1 2026) | Min deposit | Branches |
|---|---|---|---|---|
| Carver Bank | 4.00% | 2.03% | $5,000 | 7 branches in NY |
| Betterment | 4.00% | not stated | $0 | not stated |
| First Bank | 4.00% | 2.41% | $5 | 76 branches in CA, IL, KS, MO |
| First County Bank | 4.00% | 2.69% | $1 | 14 branches in CT |
Alternatives are the three tracked banks whose best savings APY is closest to Carver Bank's.
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