Carver Bank
Last Updated: 6/20/2025
Note: Interest rates below are reported as APY, or Annual Percentage YieldQuick Views
High Yield Savings: 4.00% APY(Rank 46 out of 74 tracked HYSAs)
Minimum Deposit: $5,000 | Online Only
National Savings Interest Rate: 0.42% (as of 5/19/2025)
Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.
(Source: FDIC)Bank Overview
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
- High Yield Savings account offers 4.00% APY.
- No maintenance fee if minimum balance of $5,000 is maintained.
- A+ BBB rating indicates strong trustworthiness.
- App Store rating is 4.7, indicating user satisfaction.
Considerations
- Minimum deposit and balance of $5,000 required.
- Maintenance fee of $6 applies if minimum balance is not met.
- No branch locations available for in-person support.
- Direct deposit is not required but may limit some users.
Summary: Carver Bank offers a competitive High Yield Savings account with a 4.00% APY, appealing to savers who can maintain a minimum balance of $5,000. The bank has an A+ BBB rating, reflecting its reliability. However, the requirement for a higher minimum deposit and the absence of branch locations may deter some customers. With a solid app rating of 4.7, it provides a good online banking experience.
Savings Account
Savings Account Offered by Carver Bank
| Feature | High Yield Savings |
|---|---|
| APY | 4.00% (as of 6/20/2025) |
| APY Trend | Stable for the last month |
| 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 |
No deposit agreement summary available for this bank. | |
Calculate Savings for Carver Bank
All calculations are based on APY.
High Yield Savings (APY: 4.00%)
Deposit Frequency:
Total savings breakdown:
- Interest earned: $200 (3.85%)
- Total contributions: $0 (0.00%)
- Initial deposit: $5,000 (96.15%)
Your total balance
$5,200.00
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 | Falling |
| Slope (bps/mo) | -5.5 |
| Rate Changes / Mo | 0.21 |
| Days Since Last Change | 110 |
| High (-5 m) | 4.25 % |
| Low (-5 m) | 4.00 % |
| Draw-down from High | -5.9 % |
| Volatility (CV) | 0.026 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 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 (-5 m)
- Highest APY in the last 143 days.
- Low (-5 m)
- Lowest APY in the last 143 days.
- Draw-down from High
- How far today sits below the 5-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.
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| Feature | Carver Bank | Select a bank... |
|---|---|---|
| Product | High Yield Savings | N/A |
| APY | 4.00% (as of 6/20/2025) | 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 |