A woman uses the Ivy Bank app in this handout photo illustration. Image courtesy of Cambridge Savings Bank

It’s only been open for three years and already Cambridge Savings Bank’s digital arm Ivy Bank has hit a milestone it usually takes brand-new banks decades to hit: $1 billion in deposits.

Ivy Bank currently has about 14,000 customers in total across 49 states, CSB announced Tuesday morning, many of which are younger and “focused on building their net worth and improving their financial health,” the bank said.

“Consumers today want a frictionless banking experience that prioritizes convenience, security, and the opportunity to optimize their financial well-being,” CSB President and CEO Ryan Bailey said in a statement. “Ivy Bank offers our customers the convenience of our mobile-first digital experience with security and human-backed service excellence.”

The bank reported around $530 million in Ivy Bank deposits just last August. While several Massachusetts community banks have digital bank arms that are separately branded, historically many have used them as a “faucet” to generate deposits for their main lending operations that’s turned on and off as needed instead of building them up as independent brands.

This pace of deposit growth is about 15 times faster that of traditional retail banks, CSB said in its announcement, touting its high ratings from personal finance websites NerdWallet and from the Wall Street Journal’s Buy Side as big differentiators in the race to grab deposit share among customers looking for a range of money management and personalized financial advice tools.

In an interview this spring, CSB’s chief customer officer Kevin McGuire told Banker & Tradesman that Ivy Bank is still adding features after initially launching with a relatively lean suite of tools for customers.

“I am so proud of the exceptional digital experience and supporting financial tools we have built for Ivy Bank’s customers,” CSB First Vice President Kim Strout said in a statement. “Ivy’s success has been built through dynamic growth and scaling, while maintaining best-in-class customer service. As we look ahead, we’re excited to not only continue our growth trajectory, but also to evolve and expand our digital product suite. By enhancing our customers’ toolkit of resources, we aim to further empower them on their financial journey, prioritizing their financial well-being and long-term success.”