Ridgewood Savings Bank Review 2024
Written by
Edited by
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Ridgewood Savings Bank is a good option for New Yorkers looking to stow away their savings at a high rate or open an eco-friendly checking account. It offers a wide variety of products that come with helpful digital features.
Highlights
- Digital Leader
- Free Checking
- High APY
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Ridgewood Savings Bank offers the personal attention of a community bank combined with an impressive lineup of digital banking tools and services. Customers have access to competitive savings rates and an extensive network of 90,000 surcharge-free ATMs worldwide in the Allpoint and MoneyPass networks. While there are competitive yields on the bank’s savings account and CDs, the yield offered on its money market account is low.
Pros
-
APYs are competitive for savings and CDs.
-
Convenient digital banking tools are available, such as Alexa Voice Banking, Money Management for budgeting and the transfer service Zelle.
-
The Free Green Checking account charges no monthly fee and has an eco-friendly focus.
Cons
-
The PowerFlex Money Market account has a high monthly fee and mediocre APYs.
-
Customers outside of the New York City area don’t have access to in-person banking, and only residents of New York state are able to open accounts at a branch.
Ridgewood Savings Bank banking products
Ridgewood Savings Bank savings overview
Statement and Passbook Savings accounts, which offer lower rates, are also available and provide some added convenience for customers who also want to bank in person or over the phone.
Pros
-
The online-only account offers a very solid rate.
-
The online-only account has no monthly service fee.
-
There’s no minimum deposit requirement to open.
Cons
-
Higher rates can be found elsewhere.
-
Balances of $250,000 or more earn a much lower APY for the online-only account.
-
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Ridgewood Savings BankAPYAPYNational average APYHow do we get this data?
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $30 |
| Non-sufficient funds fee | $30 |
| Monthly maintenance fees | $0 - $15 |
| Out-of-network ATM fee | $1.50 |
| Excessive transaction fee | None |
About Ridgewood Savings Bank
Ridgewood Savings Bank is the largest mutual savings bank in New York state and operates 38 branches in the New York City metropolitan area. Chartered as The Savings Bank of Ridgewood in 1921, it first operated out of a converted taproom. The bank offers a variety of deposit products, including checking and savings accounts, CDs, a money market account, and even a Vacation and Holiday Club Savings account.
It also offers mortgages, credit cards and personal loans. Customers can schedule appointments with financial specialists to consult about wealth management and investments.
Customer experience
Customer support. Customer service is available by phone seven days a week: Monday through Friday, 7 a.m. to 7 p.m., and Saturday and Sunday, 8 a.m. to 2 p.m., ET. Inquiries can also be made using the bank’s website.
Digital experience. Ridgewood Savings Bank gets high marks for customer experience, providing many tools and services to help clients manage money more efficiently. From Zelle to Mobile Wallet to online bill pay, the bank offers as many money-moving services as most big banks. Its app is highly rated in both the Apple App Store and Google Play Store.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
Thank you for sharing your experience with Bankrate
