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Ridgewood Savings Bank Review 2022

Published January 2022 by Karen Bennett

AT A GLANCE
4.5

Bankrate Score

bank-logo

Digital Leader

High APYs

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.

  • CDs
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    4.5
  • Savings
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    5.0
  • Checking
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    4.6
  • MMAs
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    3.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Overall

    4.5

    Bankrate Score

    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.

    What we like

    • APYs are competitive across the board, with the Smart Move Online Savings account offering top-tier rates.

    • Convenient digital banking tools are available, such as Alexa Voice Banking and Money Management for budgeting.

    • Debit card users can take advantage of two free rewards programs to get cash back or other offers, such as gift cards.

    What we don't

    • Many accounts charge monthly service fees that aren’t easily waived.

    • 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.

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Ridgewood Savings Bank offers CDs with a wide variety of terms ranging from three months to seven years that require just $100 to open. Yields are competitive, yet some online banks and credit unions offer higher rates.

    What we like

    • A broad range of CD terms are available ranging from three months to seven years.

    • APYs are attractive across terms, with only a single rate tier.

    • Just $100 is required to open an account.

    What we don't

    • Early withdrawal penalties are on the high side. For example, a withdrawal from a CD before the maturity date will lead to a penalty of 270 days' interest, if the term is between one and two years.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Ridgewood Savings Bank offers a variety of savings accounts. The SmartMove Online Savings account offers customers a high rate with no monthly service fees. 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.

    What we like

    • The online-only account offers a top-tier rate.

    • 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.

    What we don't

    • Expedited outgoing external transfers cost $6.95 each occurence.

    • Higher rates can be found elsewhere.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Ridgewood Savings offers several checking account options. Its Ridgewood Good account charges a $3 monthly fee, but it’s easily waived by signing up for electronic statements or with a monthly direct deposit of at least $300.

    Two interest-bearing accounts offering competitive rates and some added benefits are also available, though the monthly fees are higher and the amounts required to waive them are steeper.

    Checking account features include debit card rewards, a free order of checks and some helpful card controls (including the ability to turn your debit card on or off as needed).

    What we like

    • The Ridgewood Good account monthly fee is easy to avoid.

    • Customers get fee-free access to 55,000 ATMs worldwide in the AllPoint Network.

    • Robust digital banking tools for managing money and a mobile wallet are available.

    • All checking accounts feature low minimums to open.

    What we don't

    • Monthly service fees for either interest-bearing checking account is high at $10-$15.

    • To earn the highest rate, a balance of at least $50,000 is required.

    Money market accounts

    3.4

    Bankrate Score

    Ridgewood Savings' PowerFlex Money Market account offers three balance tiers, and though rates are decent, they fall short compared to the APYs for the online savings account. The account also requires at least $1,000 to open and a balance of at least $25,000 to earn the highest rate. What’s more, if the balance falls below $1,000, expect to be hit with a $15 monthly maintenance charge.

    What we like

    • Free in-person withdrawals are available at any branch.

    • Supersavers can take advantage of a higher yield on larger balances while maintaining liquidity.

    • Check-writing privileges are available.

    What we don't

    • The $15 monthly maintenance fee is hefty in an otherwise low rate environment.

    • Rates are a bit underwhelming, especially when compared to the online savings account.

    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.

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Karen brings decades of writing and reporting experience to the table, including the roles of credit cards writer for travel website Million Mile Secrets and money and career writer for The Cheat Sheet. Her work has also appeared in USA Today, Illinois Legal Times, and several Chicago, Milwaukee, and Washington, D.C. newspapers. In addition, she’s worked in the areas of marketing and business development, and she was product manager for a consumer money-saving website. When she’s not writing Bankrate articles, she can often be found cheering her kids on at soccer games, cooking and reading up on saving for retirement and other personal finance topics.