Skip to main content

Carver Bank savings and CD rates, reviewed

By Aviel FahlFDIC insured · Cert 30394Assets $676M (Q1 2026)Last observed Aug 21, 2026

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.

Estimate your earnings·What Carver Bank actually pays

Key facts

Carver Bank at a glance

Top savings APY4.00% · High Yield Savings
Top CD APY3.69% · 3 months
Top money market APY0.50%
Minimum deposit$5,000
FDIC certificate30394 · New York, NY
Websitewww.carverbank.com
Branches7 branches in NY
AvailabilityNationally available
Q1 · Rates

Carver Bank savings and CD rates

4.00% APY
High Yield Savings
$5,000 minimum
Observed on the bank's site, Aug 21, 2026
3.69% APY
Best CD · 3 months
$2,500 minimum
Observed on the bank's site, Aug 21, 2026
0.50% APY
Money Market
Observed on the bank's site, Aug 21, 2026

Rates are . The national savings average is 0.38% (FDIC, Aug 2026). The top tracked savings rate on Banksparency is 5.00%.

IRA savings

0.10% APY
Savings Liquit IRA
$100 minimum
Observed on the bank's site, Aug 21, 2026

Carver Bank CD rates

TermAPYMinimumProduct
3 months3.69%$2,50091 Day CD
6 months3.59%$2,500182 Day CD
11 months3.59%$2,50011 Month CD
12 months3.43%$2,50012 Month CD
18 months3.43%$2,50018 Month HI-Rise CD
18 months3.17%$1,00018 Month CD
24 months3.17%$1,00024 Month CD
36 months3.17%$1,00036 Month CD
48 months3.17%$1,00048 Month CD
60 months3.17%$1,00060 Month CD

Interactive Tool

Calculate Savings for Carver Bank

All calculations are based on APY.

$
$
Frequency

Savings Breakdown

  • Interest Earned
    +$2,434.70(11.9%)
  • Total Contributions
    $13,000
  • Initial Deposit
    $5,000

Projected Balance

$20,434.70

Effective APY
4.00%

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

FDIC financials

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.

2.03%
Average rate paid on interest-bearing deposits
Q1 2026 · FDIC call report
4.00% APY
Advertised savings rate
As observed Aug 21, 2026

In Q1 2026, Carver Bank paid a higher average rate than 35% of U.S. banks (all-bank median 2.27%).

$590M
Total deposits
Q1 2026
17.1%
Non-interest-bearing share of deposits
Q1 2026
$676M
Total assets
Q1 2026
  • Carver Bank, avg rate paid
  • All-bank median
Average annualized rate paid on interest-bearing deposits, quarterly, Q3 2024Q1 2026. A suppressed quarter breaks the line; nothing is interpolated.

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.

Q2 · Fine print

So what is the catch?

ProductMin to openMin to earnMonthly feeDirect depositRate type12-mo trend
Youth Savings$10$0not statednot statedVariable
Carver Savings$100$0not statednot statedVariable
High Yield Savings$5,000$0$0, of minimum balance requirement met. Otherwise $6.Not requiredVariable
Relationship Savings$250$0not statednot statedVariable
Money Market$250$0not statednot statedVariable

The 12-month trend shows the highest advertised rate observed each day and includes promotional tiers where one applied.

Q3 · Practicalities

Opening and using the account

AvailabilityNationally available
Footprint7 branches in NY
App ratings4.7 iOS · 4.5 Android
ZelleAvailable
Eligibilitynot stated
Q4 · Behavior

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

Q5 · Identity

Who is Carver Bank?

HeadquartersNew York, NY
Scale$676M assets · $590M deposits (Q1 2026, FDIC)
Deposit insuranceFDIC insured · Certificate 30394

Financial detail is in What Carver Bank pays on deposits above.

FAQ

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.

Compare

Carver Bank against its closest alternatives

BankSavings APYRate paid (Q1 2026)Min depositBranches
Carver Bank4.00%2.03%$5,0007 branches in NY
Betterment4.00%not stated$0not stated
First Bank4.00%2.41%$576 branches in CA, IL, KS, MO
First County Bank4.00%2.69%$114 branches in CT

Alternatives are the three tracked banks whose best savings APY is closest to Carver Bank's.

Explore

Similar banks and rate hubs

Banks in the same rate band with the same product mix:

Rate hubs: today's best savings rates, CD rates by term, and money market rates.

Rate data is for informational purposes. Banksparency records rates as observed on each bank's website; a change may have occurred before the date it was observed. Verify current rates with the bank before you open an account. FDIC figures come from quarterly call reports, as reported; they may be amended. Banksparency applies identical methodology to affiliate and non-affiliate banks. How Banksparency tracks rates