Ridgewood Savings Bank, Great NY CD Rates

A bank CD’s fixed rate makes it an investment that is immune to market fluctuations.  Once an investor is confident that the stability and returns provided by a bank CD is the right choice, the next step may be to select the right bank to hold the CD funds.  Deciding where to put hard earned savings and choosing a bank to invest a CD with is a big decision.  Looking over the many banks of New York for the best CD rates there is bank serving Metro New York that offers some of the highest CD rates and personal service.

Ridgewood Savings Bank is a bank that provides services to southern New York’s Kings and Queens counties, as well as Brooklyn, the Bronx, Manhattan, Nassau, Suffolk, and Westchester.  Ridgewood Savings Bank was chartered in 1921; it is the largest mutual savings bank in New York State, with 4.1 billion dollars in assets serving customers throughout the New York area.  Ridgewood Savings Bank offers a complete selection of banking services that includes FDIC insured checking, savings, retirement plans and certificate of deposit accounts plus diverse mortgage and consumer loan options, debit and credit cards, telephone banking and free online banking with bill pay.

Ridgewood offers traditional, short, and long term CDs.  If you primary investment objective is high rates of return with safe and secure principle these bank CDs offer minimum risk with maximum earnings.  Customers can earn competitive rates of return, guaranteed for the entire term of the CD. Ridgewood CD products include:

A three month CD with an interest rate of 1.35% APY.
A six month CD that earns an interest rate of 2.00% APY.
A twelve month CD with a rate of 2.75% APY.
A twenty-four month CD that has an interest rate of 3.00% APY.
A thirty-six month CD that earns an interest rate of 3.15% APY.
A fourty-eight month CD with a rate of 3.25% APY.
And a sixty month CD that has an interest rate of 3.50% APY.

Ridgewood bank offers a series of non-traditional CDs, as well.  These non-traditional CDs can help an individual plan the most advantageous investment strategy.  Part of the non-traditional CDs include a variable-rate CD and a bump up CD.  The variable-rate CD requires a $100 opening balance and additional deposits can be added to the balance.  The interest rate varies based on the six-month Treasury bill rate on the first of each month.  The 36-month bump up CD puts the customer in control when rates rise.  The option on this CD allows a customer to enjoy a high rate of interest, and the opportunity at any one time to bump up the CD to a higher rate.  The one-time option is available at any time during the term of the CD, to change the interest rate to the rate then offered by the bank for a traditional CD for the same term of the balance of the original term.  There is a minimum $500 deposit. 

Interest rates are subject to change.  Additional conditions may apply.  To contact the bank directly call 718-240-4800.  More bank product information as well as current interest rates can be found on the bank website which is located at www.ridgewoodbank.com.

Tags: best CD rates, CD rates, CD rates New York, New York bank, rates, savings

This entry was posted on Wednesday, January 14th, 2009 at 11:45 am and is filed under Bank Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.