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Ridgewood Savings Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Ridgewood Savings Bank Savings
0.30% APY

Overview

Our Rating: 4.5/5 How we calculated this rating

Ridgewood Savings Bank first started operating in 1921 and has its headquarters in Ridgewood, New York. Ridgewood Savings Bank manages $5 billion in assets as well as $4 billion in deposits, ranking it as a large bank. Ridgewood Savings Bank does not have the customer service bells and whistles of other banks. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. Coming in at a commendable 4.5 out of 5 stars, Ridgewood Savings Bank proves it is among the top banks, and should be given serious consideration. 

Ridgewood Savings Bank provides customers with a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. Ridgewood Savings Bank's savings account earns an average APY, making it a suitable option if you need a place to stash your money. The bank's standard checking account carries a $3.00 monthly fee, which is acceptable compared to other U.S. banks. Why use checking and savings accounts with the same bank? Quick transferring of funds between both accounts means you can still get better interest rates in your savings account but still have access to your money from your checking.

Service Quality

Ridgewood Savings Bank is a brick-and-mortar bank, with 38 total bank locations in New York. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 8:00 p.m. ET; Saturday, 8:00 a.m. to 5:00 p.m. ET. 

Ridgewood Savings Bank's online and mobile banking services get great ratings from customers: with 650 ratings across Apple and Android platforms, the Ridgewood Savings Bank mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). You can utilize Ridgewood Savings Bank's mobile app to control your funds by checking monthly statements, sending and receiving funds and reaching support representatives. Ridgewood Savings Bank gets an outstanding consumer satisfaction rating based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 2.15% APY
  • 24 Month: 2.50% APY
  • 36 Month: 2.60% APY
  • 48 Month: 2.70% APY
  • 60 Month: 2.80% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.25% APY
  • 25K tier: 0.65% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.17% APY $100 Compare Offers

Ridgewood Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Ridgewood Savings Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Ridgewood Savings Bank's CD rates are excellent as compared against the national average.

Rates

With a savings rate of 0.30%, Ridgewood Savings Bank ranks around the mean in comparison to other U.S. banks. Its one-year CD has a rate of 2.15% and the five-year CD has a rate of 2.85%, while its highest-yielding money market account has an APY of 0.65%. With a moderate APY, Ridgewood Savings Bank's savings account can be used to save towards a crucial landmark such as paying off loans.

Compare Ridgewood Savings Bank to Other Competitive Offers

Fees

Ridgewood Savings Bank charges customers extremely low fees compared to the national average. Its checking account has a monthly fee of $3.00, ranking it average for anyone looking for a simple account. For those who will need cash in a pinch, Ridgewood Savings Bank is ideal because it offers no ATM fees. Also, at $30, Ridgewood Savings Bank's overdraft fee is considerably lower than that of other U.S. banks. Ridgewood Savings Bank reimburses their ATM fees (with conditions), which means convenient access to cash at any time.

Financial Health

Ridgewood Savings Bank is currently a large bank with assets totaling $5 billion and $4 billion in deposits. Its Texas Ratio is 4.59%, denoting that Ridgewood Savings Bank is in outstanding financial health and exceedingly improbable to fail. Additionally, Ridgewood Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Ridgewood Savings Bank Near Me

Ridgewood Savings Bank has 38 branches across the U.S.

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