The 22 year old was most recently on loan with Leeds United, where he appeared on six occasions, and has featured sixteen times for his parent club.
Ipswich boss Paul Jewell spoke to the club's official website about the capture, "We tried for him in the summer but Reading wouldn't sell him because they think he is going to become a top class 'keeper."
McCarthy has enjoyed a series of loan spells with Aldershot Town, Yeovil Town, Brentford, Woking and Cambridge United.
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