Ivy Bank vs. Openbank
Comparing Ivy Bank and Openbank for high-yield savings: Ivy Bank's High-Yield Savings Account pays 3.85% APY while Openbank's High-Yield Savings Account pays 4.00% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Openbank pays $15 more than Ivy Bank annually ($400 vs $385).
Choose Ivy Bank if mobile app quality matters, or choose Openbank if getting the best rate matters most.
| Metric | Ivy BankHigh-Yield Savings Account Apr 7, 2026 | OpenbankHigh-Yield Savings Account Apr 7, 2026 |
|---|---|---|
| APY | 0.05% - 3.85% | 4.00% |
Est. Earnings | $5,000+$193 $10,000+$385 $25,000+$963 | $5,000+$200 $10,000+$400 $25,000+$1,000 |
Min Deposit | $2,500 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredMod. MinimumGreat iOS AppDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Executive Summary
Openbank offers a High-Yield Savings Account with a competitive APY of 4.00%, making it the better option compared to Ivy Bank's 3.85% APY. Openbank's account requires a minimum deposit of only $500 and has no maintenance fees or minimum balance requirements, while Ivy Bank requires a minimum deposit and balance of $2,500. Both accounts are online-only and do not require direct deposit. However, Ivy Bank's eligibility is restricted to residents of California and U.S. Territories, excluding the District of Columbia. For those seeking higher returns with lower initial deposits, Openbank stands out as the winner.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Ivy Bank?
- ✓Higher rated iOS app (4.6 vs 3.1)
Why Openbank?
- ✓Higher potential APY (4.00% vs 3.85%) on all balances
- ✓No checking account or direct deposit required
- ✓Available Nationwide
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $400 vs $385/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1000 vs $963/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.00% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $15 more interest on a $10,000 balance than Ivy Bank's High-Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Ivy Bank vs. Openbank Savings Calculator
You earn $15 more with Openbank than Ivy Bank on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Ivy Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$385.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,385.00
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $384 per year in interest.
Both Ivy Bank and Openbank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Ivy Bank | Openbank |
|---|---|---|
| APY | 3.85% Range: 0.05% - 3.85% Verified: 4/7/2026 ↘︎ 0.25%90d Change | 4.00% Verified: 4/7/2026 ↘︎ 0.20%90d Change |
| Product Name | High-Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $2,500 | $500 |
| Min. Balance for APY | $2,500 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Monthly |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Not Supported |
| BBB Rating | A- | Not Rated |
| Next Steps | Visit SiteVerify at Ivy Bank Non-sponsored link to official site | Visit SiteVerify at Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Ivy Bank | Openbank |
|---|---|---|
| High-Yield Savings Account | High-Yield Savings Account | |
Current APY | 3.85% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -10.4 | -3.9 |
Days Since Change | 48 | 7 |
5-Month High | 4.25% | 4.20% |
5-Month Low | 3.85% | 4.00% |
Adjustments / Mo | 0.62 | 0.41 |
Volatility Score | 0.038 | 0.015 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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More Comparisons
Compare Ivy Bank's APY of 3.85% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Ivy Bank vs Ally Bank | 3.20% | $0 |
| Ivy Bank vs American Express | 3.20% | $0 |
| Ivy Bank vs Axos Bank | 4.21% | $0 |
| Ivy Bank vs Barclays | 3.85% | $0 |
| Ivy Bank vs Capital One | 3.20% | $0 |
| Ivy Bank vs Chime | 3.00% | $0 |
| Ivy Bank vs CIT Bank | 3.75% | $100 |
| Ivy Bank vs Discover Bank | 3.30% | $0 |
| Ivy Bank vs EverBank | 3.90% | $0 |
| Ivy Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Ivy Bank vs Newtek Bank | 4.20% | $0.01 |
| Ivy Bank vs Pibank | 4.60% | $0 |
| Ivy Bank vs SoFi Bank | 4.00% | $0 |
| Ivy Bank vs Synchrony Bank | 3.50% | $0 |
| Ivy Bank vs Varo Bank | 5.00% | $0 |
| Ivy Bank vs Wealthfront | 4.20% | $0 |