Cambridge Savings Bank (CSB), a full-service mutual bank with more than $5bn in assets, has launched its new digital-only division, Ivy Bank.

The digital lender offers user-friendly digital experience and personalised service, in addition to high-interest rate products.

Customers can use Ivy Bank’s online and mobile banking platform to perform transactions and manage accounts.

Furthermore, Ivy Bank’s Money Management tool will give insights related to bank accounts in one place.

Customers can also use it to manage funds, track expenses, set budget among other things, the lender said.

The digital bank offers quick account opening and customer support via various channels.

Both android and iOS users can download Ivy Bank’s mobile banking app.

Cambridge Savings Bank CEO and president Wayne Patenaude said: “Ivy was born out of our desire to meet customers where they are in this changing market environment and provide an opportunity for us to deliver a relationship-centric digital bank with the backing of our historic financial institution.

“At Cambridge Savings Bank, we take great pride in helping our customers strengthen their financial well-being through our traditional distribution channels – and we are thrilled to be able to broadly extend that service model through the launch of our digital division, Ivy.”

Established in 1834, CSB offers consumer banking, commercial banking, mortgages, home equity, online banking, mobile banking, and investing services.

In a separate digital banking development, Dubai-based Mashreqbank announced its plans to go digital-only.