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Ridgewood Savings Bank Review 2024

Updated February 6, 2024
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At a glance

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

CDs

Rating: 4.7 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 4.5 stars out of 5

MMA

Rating: 3.8 stars out of 5

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

  • High APY
  • Digital Leader
  • Free Checking
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.40
%
APY
APY
Info
As of 7/14/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.05
%
APY
APY
Info
As of 7/14/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 7/14/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

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

  • Checkmark

    APYs are competitive for savings and CDs.

  • Checkmark

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

  • Checkmark

    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 logo

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Ridgewood Savings Bank banking products

4.5
Rating: 4.5 stars out of 5
Bankrate Score

Ridgewood Savings Bank savings overview

Ridgewood Savings Bank offers a variety of savings accounts. The account considered for this review is the Smart Move Online Savings, an online-only savings account with no monthly fee. It offers a competitive rate on balances under $250,000, though there are higher-yielding accounts available elsewhere. Balances above that threshold earn a much lower rate. There’s no minimum deposit requirement to open this account.

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 very solid rate.

  • Checkmark

    The online-only account has no monthly service fee.

  • Checkmark

    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.

  • Ridgewood Savings Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.40
%
APY
APY
Info
As of 7/14/2024
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
Promoted offer:

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

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.