Ridgewood Savings Bank Review 2022
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Ridgewood Savings Bank is a good option for savers in the New York City area. It offers competitive rates and a wide variety of products and services that often come with attractive perks and helpful digital features.
Highlights
- Digital Leader
- High APY
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 55,000 surcharge-free ATMs worldwide in the AllPoint Network.
Pros
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APYs are competitive across the board, with the Smart Move Online Savings account offering top-tier rates.
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Convenient digital banking tools are available, such as Alexa Voice Banking and Money Management for budgeting.
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Debit card users can take advantage of two free rewards programs to get cash back or other offers, such as gift cards.
Cons
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Many accounts charge monthly service fees that aren’t easily waived.
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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 bank products
Ridgewood Savings Bank savings overview
Pros
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The online-only account offers a top-tier rate.
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The online-only account has no monthly service fee, while other savings accounts have a low $2 fee, which can be easily waived with a qualifying balance.
Cons
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Expedited outgoing external transfers cost $6.95 each occurence.
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Higher rates can be found elsewhere.
Bank 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 Billpay, 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.
Customer service is available by phone six days a week: Monday through Friday, 7 a.m. to 7 p.m., and Saturday, 8 a.m. to 3 p.m., Eastern time. Inquiries can also be made using the bank’s website.
The bank also offers an automated service called “Multiply the Change” that rounds up debit card purchases and automatically transfers the amount to a savings account to help customers grow their nest eggs.
About Ridgewood Savings Bank
Ridgewood Savings Bank is the largest mutual savings bank in New York state and operates 35 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 also have access to wealth management and investment services.
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.
