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Ridgewood Savings Bank is New York’s largest mutual savings bank with 35 branches in and around New York City. The bank has various savings and checking accounts, including several options for children and teenagers. Interest rates aren’t the best, but Ridgewood Bank charges fewer fees.
Am I eligible?
To open an account at Ridgewood Savings Bank, you must meet these requirements:
At least 18 years or older
Valid New York address
Valid Social Security number or Individual Taxpayer Identification Number (ITIN)
Driver’s license, state ID, military ID or passport
What banking products does Ridgewood Savings Bank offer?
Ridgewood Savings Bank offers four checking accounts and eight savings products, including:
Checking
Ridgewood Good. You’ll need $25 to open the account, but there’s a $3 monthly fee that you can waive if you sign up for e-statements or meet certain deposit or balance requirements.
Checking with Interest. You’ll need to make an opening deposit of at least $100 to open this account with tiered interest rates ranging from 0.10% to 0.25% APY.
Premier Checking. Earn up to 0.30% APY with this account that requires a $250 opening deposit.
Student Advantage. You’ll need $25 to open this account. There’s no minimum balance or maintenance fees and it includes eight waived ATM fees a month and one waived overdraft fee a year.
Savings
Statement Savings. This standard account requires an initial deposit of at least $100 and earns 0.25% APY.
Passbook Savings. Similar to the Statement Savings, but it’s designed to limit spending by only allowing you to withdraw money at a branch.
Smart Move Online Savings. This online-only savings account has no monthly fees or minimum initial deposit and earns 0.65% APY.
Kids Club. Children under 17 years old can open this 1.0% APY account that accepts deposits as low as $0.25.
School Passbook. Kids who attend participating schools can regularly deposit funds into this account.
Vacation and Holiday Club Savings. Save for vacations, holidays or other events with this account earning 0.25% APY. This account automatically transfers funds from your checking account on a weekly, biweekly or monthly basis.
PowerFlex Money Market account. Requires a minimum of $1,000 to open and earns tiered APYs from 0.20% to 0.40%.
Certificates of deposit. Terms span from three months to seven years and APYs range from 0.35% to 0.9%
Other Products
Mortgages. Ridgewood Savings Bank offers three different Mastercards tailored to meet your financial needs. Compare more than 400 credit cards to find the best one for you.
How does Ridgewood Savings Bank compare to other banks?
Ridgewood Savings Bank accounts have several attractive features, but there are also some drawbacks to keep in mind.
Savings accounts
Pros
High balances earn decent interest. With the Smart Move Online Savings account, you can earn 0.65% APY on balances up to $250,000.
Innovative approach. Passbook Savings accounts can help you get your spending under control by restricting your ability to access funds.
Kids banking options. Ridgewood Savings Bank offers several ways to help kids save.
Cons
Mediocre APYs. While the rates aren’t the lowest, they are also not the highest. You could find higher rates at other banks.
Initial deposit. The Statement Savings and Passbook Savings accounts each require an initial deposit of at least $100, which is high compared to competitors.
Checking accounts
Pros
Variety of accounts. Ridgewood Savings Bank offers four types of checking accounts, allowing you to find one that best fits your spending needs.
Cons
No benefits for seniors. Other banks offer older adults additional checking account benefits, but Ridgewood Savings Bank doesn’t.
Identity protection is extra. Identity-theft protection is included for free with Premier Checking accounts, but it otherwise costs $4.99 per month.
Monthly fees. Almost all of Ridgewood Savings Bank’s checking accounts include a monthly fee. You can find free checking accounts at other banks.
CDs
Pros
Terms. Ridgewood Savings Bank’s CD terms range from three months to seven years, giving you more options to choose from.
Competitive APYs. Ridgewood Savings Bank offers above-average APYs, but you could find higher ones at other banks depending on the term length
Cons
Minimum deposit. While its $500 opening deposit isn’t the highest we’ve seen, it’s not the lowest. For example, Consumers Credit Union has a $250 opening deposit.
Overall banking
Pros
Variety of accounts. Ridgewood Savings Bank offers a more extensive selection of financial products and services than many other banks. But it’s missing products for seniors.
Online chat support. You can chat with a representative via the bank’s website during business hours.
Cons
Not the most modern website. Other banks have websites that are more polished and easier to navigate.
Limited locations. Ridgewood Savings Bank has 35 branches in the New York Metropolitan Area, but it doesn’t have locations anywhere else.
Compared to larger banks and credit unions, Ridgewood Savings Bank has relatively few customer reviews, making it difficult to determine the quality of this company’s service. However, the bank is accredited by the Better Busines Bureau (BBB) and has an A+ rating with only eight complaints in the past three years.
Ridgewood Savings Bank customer service
Contact Ridgewood Savings Bank customer support in four ways:
Call 718-240-4778 on weekdays from 7 a.m. to 7 p.m. and Saturdays from 8 a.m. to 3 p.m. ET.
Fill out the online contact form.
Chat with a representative via the bank’s website.
Visit a branch in person.
Bottom line
Ridgewood Savings Bank is a reputable mutual bank offering several accounts and services you won’t find with corporate banks. Banking with Ridgewood makes sense if you live in NYC and prefer to keep all your money with one institution, but if you want your money to grow as fast as possible, explore other bank accounts.
Frequently asked questions
Ridgewood Savings Bank’s routing number is 226071033.
Yes, Ridgewood Savings Bank has apps for Android and iOS devices.
Visit a branch or call the bank’s 24/7 hotline at 800-472-3272.
Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.
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