Ridgewood Savings Bank Review
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
Overview
New York State-based Ridgewood Savings Bank is a good option for anyone looking to stow away their savings in an online account 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:
High APY Digital Leader Free CheckingHighlights:
CDs
Checking
Savings
MMA
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
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 Savings rating = 5/5
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 Savings rating = 4.4/5
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 Savings rating = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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 across most of its products, the yield offered on its CDs and checking accounts can easily be bested by other banks.
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 peer-to-peer 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 metro 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
Pros
-
The online-only account offers a very solid rate.
-
The online-only account has no monthly service fee.
-
The minimum deposit requirement to open an account is very accessible.
Cons
-
Higher rates can be found elsewhere.
-
Balances of $250,000 or more earn a much lower APY for the online-only account.
Ridgewood Savings Bank CD overview
Pros
-
A broad range of CD terms are available ranging from three months to seven years.
-
APYs are attractive and earned for any balance that meets the minimum.
-
Just $100 is required to open an account.
Cons
-
Early withdrawal penalties are on the high side.
Ridgewood Savings Bank money market overview
Pros
-
Check-writing privileges are available.
-
Unlimited deposits and withdrawals.
Cons
-
Rates are underwhelming, especially when compared to the online savings account.
-
The $15 monthly maintenance fee is hefty in an otherwise low rate environment.
Ridgewood Savings Bank checking overview
Pros
-
The Free Green Checking charges no monthly fee.
-
Customers get fee-free access to about 90,000 ATMs worldwide in the Allpoint and MoneyPass networks.
-
Robust digital banking tools for managing money and a mobile wallet are available.
-
Most checking accounts feature low minimums to open.
-
The Free Green Checking account is environmentally friendly.
Cons
-
Paper statements and free checks are not available for the Free Green Checking account.
-
For customers who want to earn interest on their checking, they’ll have to pay a high monthly fee or meet a high minimum balance requirement.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $30 |
| Non-sufficient funds fee | $30 |
| Monthly maintenance fees | $0 - $15 |
| Out-of-network ATM fee | $1.00 (first 4 free) |
| Excessive transaction fee | None |
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.
We want to know what you think about Ridgewood Savings Bank
Do you have experience with Ridgewood Savings Bank? Let us know your thoughts.
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.
