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Ridgewood Savings Bank Review 2022

Updated December 2, 2022
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At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 5 stars out of 5

MMA

Rating: 3.4 stars out of 5

About Bankrate Score

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Overview

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
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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

  • Checkmark

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

  • Checkmark

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

  • Checkmark

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

Cons

  • 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.

Ridgewood Savings Bank bank products

5.0
Rating: 5 stars out of 5
Bankrate Score

Ridgewood Savings Bank savings overview

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.

Pros

  • Checkmark

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

  • Checkmark

    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

  • Expedited outgoing external transfers cost $6.95 each occurence.

  • Higher rates can be found elsewhere.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.5 stars out of 5
InfoHover for more
$0
Min balance for APY

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

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.