Compound Interest Calculator
Savings Account from Ridgewood Savings Bank with 3.25% APY and $0 minimum deposit



Use or Change These Amounts and Rates

The product Savings Account from Ridgewood Savings Bank with 3.25% APY and $0 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $27,538. The interest earned would be $7,538 and the tax amount on the interest earned would be approximately $2,261.

Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for Ridgewood Savings Bank

Savings Boost of
$4,957 over 10 years
Cash Savings $20,000
Average Interest Earned $320

 
Ridgewood Savings Bank Interest Earned $5,277

 

 

See comparison detail table

This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.

Comparison Detail Table Close X

Average Rate Scenario

Rate:
0.23%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 45 32
2 20,045 45 32
3 20,091 45 32
4 20,136 46 32
5 20,181 46 32
6 20,227 46 32
7 20,273 46 32
8 20,319 46 32
9 20,364 46 32
10 20,410 46 32
TOTAL: $457 $320

Ridgewood Savings Bank Scenario

Rate:
3.25%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 650 455
2 20,650 671 470
3 21,321 693 485
4 22,014 715 501
5 22,730 739 517
6 23,468 763 534
7 24,231 788 551
8 25,018 813 569
9 25,832 840 588
10 26,671 867 607
TOTAL: $7,538 $5,277

Take Action

The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.


Recent Rate Changes



Date APY
November 18, 2024 3.25%
November 18, 2024 3.00%
December 19, 2023 3.50%
October 27, 2023 3.45%
August 20, 2023 3.35%


Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↑0.25% on October 28.
6 Month Jumbo CD.

Last change: ↓0.09% on October 17.
3 Month CD.

Last change: ↓0.15% on September 6.

Last change: ↓0.05% on September 27.

Last change: ↑0.20% on October 28.
Early Withdrawal Penalty is 3 months interest.



Customer Reviews for Ridgewood Savings Bank


  • April 25, 2022

    We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki

  • April 25, 2022

    We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki

  • November 18, 2020 |

    Online Savings Rates

    I've been very pleased over the first six months - now feel cheated by silent .05% drops. How difficult is it to send a blast email notifying customers as a courtesy?

  • September 13, 2020 |

    Online Savings Rates

    Ridgewood is a New York bank, not a New Jerzey bank. I wanted to correct this because it means that they are moderately competent, but you will still be better off with a real online bank.

  • July 18, 2020 |

    Online Savings Rates

    This is a New Jersey bank. Nice folks and all, but not really set up for online banking or at least I don't think so. Would rather use Ally or some of the places with better online functionality.


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