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Ridgewood Savings Bank Review

Updated April 29, 2025
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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 Checking
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Info Icon

CDs

Rating: 4.4 stars out of 5
4.4 /5

Checking

Rating: 4.5 stars out of 5
4.5 /5

Savings

Rating: 4.5 stars out of 5
4.5 /5

MMA

Rating: 3.8 stars out of 5
3.8 /5
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info Icon
As of 6/18/2025
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money
Bank logo
Member FDIC
Savings Account
3.60
%
APY
APY
Info Icon
As of 6/18/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info Icon
As of 6/18/2025
Rating: 4.6 stars out of 5
$5,000
Min. balance for APY
View offer Arrow Right Icon
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 across most of its products, the yield offered on its CDs and checking accounts can easily be bested by other banks.

Pros

  • Checkmark Icon

    APYs are competitive for savings and CDs.

  • Checkmark Icon

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

  • Checkmark Icon

    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

4.5
/5
Rating: 4.5 stars out of 5

Pros

  • Checkmark Icon

    The online-only account offers a very solid rate.

  • Checkmark Icon

    The online-only account has no monthly service fee.

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    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

4.4
/5
Rating: 4.4 stars out of 5

Pros

  • Checkmark Icon

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

  • Checkmark Icon

    APYs are attractive and earned for any balance that meets the minimum.

  • Checkmark Icon

    Just $100 is required to open an account.

Cons

  • Early withdrawal penalties are on the high side.

Ridgewood Savings Bank money market overview

3.8
/5
Rating: 3.8 stars out of 5

Pros

  • Checkmark Icon

    Check-writing privileges are available.

  • Checkmark Icon

    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

4.5
/5
Rating: 4.5 stars out of 5

Pros

  • Checkmark Icon

    The Free Green Checking charges no monthly fee.

  • Checkmark Icon

    Customers get fee-free access to about 90,000 ATMs worldwide in the Allpoint and MoneyPass networks.

  • Checkmark Icon

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

  • Checkmark Icon

    Most checking accounts feature low minimums to open.

  • Checkmark Icon

    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.

Ridgewood Savings Bank logo

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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.