Review: Smart Move Online Savings by Ridgewood Savings Bank


Ridgewood Savings Bank is a physical bank that services the Bronx, Manhattan, Kings County (Brooklyn), Queens County, Nassau County, Staten Island, Suffolk County, and Westchester County. You must live or work in one of these communities to be eligible for Ridgewood Savings Bank products, including the Smart Move Online Savings.
As of November 27, 2017, the account offers 1.25% APY, requires no minimum deposit to open, no monthly fees with $100 monthly balance, and access to your money via phone, internet, or ATM.
How To Open An Account
Opening the Smart Move Online Savings account only take about 10 minutes. In order to be prepared, you will need:

Valid Identification: Driver’s License, Passport, Military ID, or State ID
Social Security number
If no Social Security Number, must have proof of valid citizenship in the form of Resident Alien Status
External account information, if you wish to fund the account from an external account

Funding the Account
Deposits to the account can be made via mail, ATM, or by electronic transfer from an external account. There are no fees for deposits, no matter how you make them, and there are no limits to the number of deposits you can make per statement cycle.
The Fine Print
Interest on the Smart Move Online Savings Account is compounded daily and credited monthly on the last business day of the month. If the interest accrued at the end of the period is $25.00 or greater, you can request a check be mailed to you by submitting a mailed request at least 10 days before the end of the period.
The 1.25% APY is the current rate offer, but is subject to change at any time. Additionally, the 1.25% APY is only valid for balances up to 250,000.00. Balances of 250,000.01 or greater will be subject to the current Ridgewood Savings Bank Savings Account APY, which is 0.25% at the time of writing.
Because of federal regulations regarding savings accounts, you are limited to 6 free withdrawals per statement cycle. Withdrawals or transfers beyond 6 are charged a $10 fee.
Ridgewood Savings Bank also charges a $2.00 monthly account maintenance fee on all of its savings accounts, including the Smart Move Online Savings, which is waived with a $100 minimum balance.
Finally, Ridgewood Bank charges a $30 fee for each withdrawal or transfer initiated against insufficient funds. This includes transfers made online, by phone, by ATM, or by wire transfer.
Pros

Competitive, 1.25% APY
Can fund the account for free from an external account, mail, or wire transfer
No minimum deposit to open
No monthly fee with $100 balance
Interest compounded daily
Support by phone Monday – Friday: 7am to 7pm (ET), and Saturday: 9am to 3pm (ET)

Cons

$2.00 monthly account maintenance fee if balance is not $100 or greater
$10 fee for withdrawals or transfers over 6 per statement cycle
$30 insufficient funds fee
1.25% APY is valid on balances up to $250,000.00 and subject to change at any time
Balances of $250,000.01 and greater are subject to 0.25% APY
Interest is credited monthly, even though it is compounded daily

Who It’s Best For
Even though the Ridgewood Bank Smart Move Savings Account is online it’s similar to a credit union in that it only services a select area.
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How It Stacks Up
Even though the interest rate on the Smart Move Online Savings is competitive at 1.25%, there are other online accounts that offer higher APYs and lower, less complicated fees.
You can find rates as high as 1.50% by visiting our best savings account page .
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