Carver Bank

Last Updated: 7/1/2025

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

Quick Views

High Yield Savings: 4.00% APY(Rank 47 out of 76 tracked HYSAs)

Minimum Deposit: $5,000 | Online Only

National Savings Interest Rate: 0.38% (as of 6/16/2025)

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 with $5,000 minimum deposit.
  • No maintenance fees if minimum balance is maintained.
  • A+ BBB rating indicates strong trustworthiness.
  • App Store rating of 4.7 and Google Play rating of 4.5.

Considerations

  • Minimum balance of $5,000 required to open the account.
  • Maintenance fee of $6 applies if minimum balance is not met.
  • Online-only bank may lack physical branch support.
  • No direct deposit requirement may limit account features.
Summary: Carver Bank offers a competitive High Yield Savings account with a 4.00% APY, provided users maintain a $5,000 minimum balance to avoid fees. With an A+ BBB rating and strong app ratings, it shows reliability. However, the online-only model could deter those preferring in-person banking, and the minimum balance requirement may be a barrier for some savers. Overall, it's a solid option for those meeting the deposit criteria.

Savings Account

Savings Account Offered by Carver Bank

FeatureHigh Yield Savings
APY
4.00% (as of 7/1/2025)
APY TrendStable for the last month
Minimum Deposit$5,000
Minimum Balance for APY$5,000
FDIC-insured
Yes
Online OnlyYes
Bundled Account
No
Direct Deposit Required
No
Compound Frequency
Daily
Maintenance Fee$0, of minimum balance requirement met. Otherwise $6.
EligibilityUnited 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

MetricHigh Yield Savings
Latest APY4.00 %
TrendSideways
Slope (bps/mo)-4.8
Rate Changes / Mo0.20
Days Since Last Change119
High (-5 m)4.25 %
Low (-5 m)4.00 %
Draw-down from High-5.9 %
Volatility (CV)0.025
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 153 days.
Low (-5 m)
Lowest APY in the last 153 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.

Compare Carver Bank's Savings Account

  • Affirm - 3.85% APY
  • All America Bank - 1.50-3.25% APY
  • Ally Bank - 3.50% APY
  • Amalgamated Bank - 2.25% APY
  • American Express - 3.60% APY
  • Axos Bank - 4.66% APY
  • Bank5 Connect - 4.05% APY
  • Bank of America - 0.01% APY
  • Barclays - 3.90-4.10% APY
  • Bask Bank - 4.20% APY
  • Betterment - 4.00% APY
  • BMO Alto - 3.60% APY
  • Bread Savings - 4.30% APY
  • BrioDirect - 4.30% APY
  • Capital One - 3.50% APY
  • Charles Schwab Bank - 0.15% APY
  • Chase Bank - 0.01% APY
  • Chime - 1.25-3.75% APY
  • CIBC Bank USA - 4.11% APY
  • CIT Bank - 0.25-4.00% APY
  • Citibank - 3.60% APY
  • Citizens Access™ - 3.70% APY
  • Colorado Federal Savings Bank - 4.25% APY
  • ConnectOne Bank - 4.00% APY
  • Customers Bank - 4.23% APY
  • Discover Bank - 3.50% APY
  • E*TRADE from Morgan Stanley - 4.00% APY
  • EverBank - 4.30% APY
  • Evergreen Bank Group - 4.25% APY
  • First Foundation Bank - 4.25% APY
  • Fitness Bank - 5.00% APY
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  • FVCbank - 4.35% APY
  • High Plains Bank - 0.23-3.82% APY
  • Jenius Bank - 4.20% APY
  • LendingClub - 3.40-4.40% APY
  • Live Oak Bank - 4.10% APY
  • Marcus by Goldman Sachs - 3.65% APY
  • My Banking Direct - 4.30% APY
  • MySavingsDirect - 3.75% APY
  • Neighbors Bank - 4.60% APY
  • Newtek Bank - 4.35% APY
  • OMB Bank - 1.00% APY
  • Openbank - 4.30% APY
  • Peak Bank - 4.44% APY
  • Pibank - 4.60% APY
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  • Popular Direct - 4.05% APY
  • Presidential Bank - 4.00-4.50% APY
  • Prime Alliance Bank - 4.05% APY
  • Primis Bank - 4.35% APY
  • Quontic Bank - 3.75% APY
  • RBMAX - 4.15% APY
  • Rising Bank - 4.30% APY
  • ROGER - 4.65% APY
  • Salem Five Direct - 4.01% APY
  • Sallie Mae Bank - 3.90% APY
  • Santander Bank - 0.03% APY
  • SoFi Bank - 3.80% APY
  • Synchrony Bank - 3.80% APY
  • TAB Bank - 4.15% APY
  • TD Bank - 0.05-3.00% APY
  • The State Exchange Bank - 1.90% APY
  • TIMBR - 4.40% APY
  • UFB Direct - 4.01-4.21% APY
  • Upgrade - 4.02% APY
  • Valley Direct - 4.20% APY
  • Varo Bank - 2.50-5.00% APY
  • Western Alliance Bank - 4.30% APY
  • Zynlo Bank - 4.35% APY
FeatureCarver BankSelect a bank...
ProductHigh Yield SavingsN/A
APY
4.00% (as of 7/1/2025)N/A
Bundled Account
NoN/A
FDIC-insured
YesN/A
Online OnlyYesN/A
Compound Frequency
DailyN/A
Minimum Deposit$5,000N/A
Minimum Balance for APY$5,000N/A
Maintenance Fee$0, of minimum balance requirement met. Otherwise $6.N/A
Direct Deposit Required
NoN/A