Carver Bank

Last Updated: 6/20/2025

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

Quick 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

FeatureHigh Yield Savings
APY
4.00% (as of 6/20/2025)
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 %
TrendFalling
Slope (bps/mo)-5.5
Rate Changes / Mo0.21
Days Since Last Change110
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.

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 - 3.60% 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 - 3.60% 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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  • Forbright Bank - 4.25% APY
  • 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
  • PNC - 3.95% APY
  • Poppy Bank - 4.25% APY
  • 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 - 3.85% 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 - 4.26% 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 6/20/2025)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