Posted by William Charles on April 7, 2019
Bank Account Bonuses

Published on April 7th, 2019 | by William Charles

93

[Expired] [NY & CT only] Ridgewood Savings Bank $250-$350 Checking Bonus

Deal has expired and is no longer being offered. View more bank account bonuses by clicking here.

Offer at a glance

The Offer

Direct link to offer

  • Ridgewood Savings Bank is offering a bonus of up to $350 when you open a new checking account. There are two bonuses available:
    • Receive a $200 bonus when you open a qualifying Ridgewood Good, Checking With Interest or Student Advantage checking account and complete the following (student account can do 10 debit card transactions instead of direct deposit):
      • Receive cumulative direct deposits of at least $500 within 60 days of account opening
    • Receive a $300 bonus when you open a Premier Checking Account and receive cumulative direct deposits of at least $2,500 within 60 days of account opening
  • You can also receive 1,000 uChoose rewards points (5,000 worth $50) for each service during the promo period:
    • MX-Money Management
    • eStatements
    • SMS Fraud Alerts
    • Mobile App Activatio
    • Mobile Wallet

The Fine Print

  • Bonus Offer is available from April 1, 2019 through June 30, 2019 (“Promotion Period”) for consumers who (a) do not currently hold a Ridgewood checking account either personally or as joint owner, (b) did not have a Ridgewood checking account either personally or as joint owner that was closed in 2019, and (c) open a new personal checking account during the Promotion Period that satisfies the applicable offer criteria set forth below (an “eligible customer”).
  • Customer(s) must be an eligible customer and meet all existing checking account qualification requirements to qualify for this offer and must maintain the checking account as stated in the Bank’s account terms and conditions.
  • Applicable bonus amount (as further described below) will be credited to the new personal checking account once the applicable offer criteria set forth below are met, approximately 90 days from account opening.
  • One bonus award per eligible customer and new account; this offer cannot be combined with any other offer.
  • A $300 bonus offer is available to eligible customers who open a qualifying Premier Checking account and make a cumulative direct deposit of funds of at least $2,500 into it within 60 days of account opening.
  • A $150 bonus is available to eligible customers who open a Ridgewood Good or Checking with Interest Account and make a cumulative direct deposit of funds of at least $500 into it within 60 days of account opening. A $150 bonus is available to eligible customers who open a Student Advantage account and make either: (i) a direct deposit of funds into it; or (ii) 10 debit card Point-Of-Sale purchases, within 60 days of account opening.
  • Qualifying direct deposits include recurring electronic deposits of your paycheck, pension or government benefits (such as Social Security).
  • Person-to-Person and bank transfers between your Ridgewood Savings Bank accounts or accounts you have at other financial institutions or brokerages do not qualify.
  • Payments received for goods sold do not qualify.
  • In addition, eligible customers may receive up to 5,000 in uChoose Reward® points by earning 1,000 uChoose Reward® points for each eligible additional service enrolled in during the Promotional Period. Eligible additional services for this Offer include: 1. MX-Money Management; 2. eStatements; 3. SMS Fraud Alerts; 4. Mobile App Activation; 5. Mobile Wallet. 5,000 uChoose Reward® points can be redeemed for $50 cash value. Benefits, Rewards Points and the redemption of Rewards Points under the uChoose Reward® program are administered by Fiserv, Inc., an unaffiliated third-party vendor of Ridgewood Savings Bank. uChoose Rewards® is a registered trademark of Fiserv, Inc.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Ridgewood Good Checking ($200 Bonus)

This is the easiest account to keep fee free for the $200 bonus. This account has a monthly fee of $3 and is waived if you met one of the following requirements:

  • You have at least $300 in monthly direct deposit transactions, OR
  • You enroll in and maintain eStatements, OR
  • Your combined Ridgewood deposits total at least $2,500 at the end of your statement cycle, OR
  • You are 65 or over

Premier Checking ($350 Bonus)

This account has a $15 monthly fee to waive this you need to do both of the following:

  • You have an average daily balance of at least $5,000, AND
  • Your combined Ridgewood deposits total at least $25,000 at the end of your statement cycle

Early Account Termination Fee

I couldn’t find any mention of an early account termination fee in their fee schedule, so I’m going to assume there isn’t one.

Our Verdict

I don’t think the $350 bonus is worth considering due to the fact that you need $25,000 in deposits to keep it fee free. The $250 bonus itself is fantastic and well worth doing, because of that I will be adding it to the list of the best checking bonuses currently available.

Hat tip to reader pkim101

Useful posts regarding bank bonuses:



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Aaron
Aaron

So if you don’t open the student account, then you must make a direct deposit for the bonus? That’s what the fine print seems to imply..

Pekpekmobajo
Pekpekmobajo

Yep. Dr of credit just pulled a clickbait on us.

Anon
Anon

Looks like Aaron may be right. (Enrolling in Estatements or 10 Debit transactions keeps account fee free but appears unrelated to the bonus eligibility).
Also, the Terms and conditions state a $300/$150 bonus vs the $350/$200 advertised.
Anyone have any datapoints on Direct Deposits posting at Ridgewood?

YK3
YK3

The $350/$200 bonus includes these bonuses that are mentioned in the post and in the terms on top of the $300/$150:

You can also receive 1,000 uChoose rewards points (5,000 worth $50) for each service during the promo period:

MX-Money Management
eStatements
SMS Fraud Alerts
Mobile App Activatio
Mobile Wallet

Anon
Anon

Thx for the clarification YK3.
Based on your note, did Ridgewood increase the cash portion on the Good and Student accounts from $150 to $200?
T&C:
A $200 bonus is available to eligible customers who open a Ridgewood Good or Checking with Interest Account and make a cumulative direct deposit of funds of at least $500 into it within 60 days of account opening. A $200 bonus is available to eligible customers who open a Student Advantage account and make either: (i) a direct deposit of funds into it; or (ii) 10 debit card Point-Of-Sale purchases, within 60 days of account opening.

mjonis
mjonis

Why wouldn’t the $350 offer be good? Even at the $15/month fee, if you get the bonus after 90 days, you’ve netted $305 vs. $200 for the other account. Of course, that assumes that some ACH can count as DD. But they do have the disclaimer:

“Person-to-Person and bank transfers between your Ridgewood Savings Bank accounts or accounts you have at other financial institutions or brokerages do not qualify. ”

Too bad my employer takes 4-6 weeks to process DD for Payroll.

brad
brad

when i signed up, do you need to enter a promo code?

YK3
YK3

I’m going to attempt the $350 bonus and will report back on outcome. Agree with mjonis that the bigger bonus is worth considering even if you eat the fees, especially since there doesn’t seem to be an early term fee. Hopefully they waive fees initially or post the bonus immediately after conditions are met to further reduce costs.

Charlie
Charlie

Would be interested to find out what counts as DD for this bank as well. Thanks in advance, YK3

YK3
YK3

There’s a $250 required opening deposit for premier checking which is pretty steep considering there is no credit card funding. I selected the Cash/Check In Branch option to see if I can get out of this.

My application is pending. Given brad’s comment I have a bad feeling about Chex, hard to see myself being approved if they are sensitive

YK3
YK3

Pleasant surprise- I got approved, same day that I submitted the app. I’ve opened 11 accounts not counting this one within the last 2 years and have been denied in the past by other banks for Chex (I haven’t pulled Chex to see which of the 11 actually show up in a while). They did give me a call to confirm I understood the monthly maintenance fee on the premier account, so I’m skeptical that they will waive the fees and will most likely park 5K here until I secure the bonus. One would need to earn at least 3.6% APY on the 5K for it to be worth eating the $15 monthly fee, but even if you do end up paying the $15 every month, if you get the bonus within 9 months and close the account you still come out ahead relative to the $200 offer.

Will report here with DPs on deposit attempts to trigger DD requirement once I can get into online banking and push them in.

YK3
YK3

Still working on the DD attempts but noting that selecting the in branch deposit/mail check option did successfully get me out of the required $250 opening deposit. Still need to fund the account within 10 days to avoid closure but I can cover this with my DD attempts.

YK3
YK3

My DD attempt looks promising. Mine posted just like how anon said theirs posted.

Direct Deposit / AUTOMATED PAYMENT – P2P

I sent it from Varo, though I know a lot of people aren’t too fond of that bank around here. If I don’t see the bonus by statement close I’m going to try chase next.

YK3
YK3

Neither of my fake DD attempts worked (Chase, Varo). Will resort to actual DD.

Harold
Harold

Only the following counties in New York state are eligible: The Bronx, Kings County, Manhattan, Queens County, Nassau County, Staten Island, Suffolk County, Westchester County. No New Jersey counties are listed as eligible.

Barrytuneup
Barrytuneup

Where do you find the 150.. offer.?Cant see it on link to bonuses..Only 200.00 and 300.00. would do the 150 if i found it. Pnly needs 10 debits but dont see it. Dont want to chance the dd with this bank. Specifically states bank to bank xfers no good.

barrytuneup
barrytuneup

BTW.. if you require a debit card for the 150.00 bonus (if I can find it) probably a HP.. then not worth it.

brad
brad

DP: it is chexsystems sensitive. Was denied b/c my report had ‘excessive recent inquiries’ but i can try to open the account in branch. So i will do that and report back. Also, during the online application, you don’t need to worry about the promo code part.

John
John

Approved online. Email the next day said my account was closed and to try applying again in branch. Looks like they might be trying to shut down online apps.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Account instantly approved then closed due to “excessive inquiries”. Never can win 🙁 William Charles

Anon
Anon

William, can you please clarify this post?
There appears to be two contradictions.
1) The Good, With Interest and Premium checking offers do seem to require Direct Deposits. Only the Student account looks like it does not.
2) The Good, With Interest and Student accounts show a $200 cash bonus plus the point bonus in the terms and conditions providing a value of up to $250, not $200. The splash ad says $200 cash value, but the terms seem to indicate $250 cash value.
Thanks.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

He has an old offer on there I believe. I went off the terms once I clicked through the direct link.

Dave
Dave

DP: my online app was approved and so far so good. Was able to login and setup estatements. The last checking account I opened was the FNBLI one for $500 bonus earlier this year but I do about 3-4 each in a 12 month span. Also open about 3-4 checking accounts for P2. I’ve never had any issues with denials at this pacing (so far)

nevergum
nevergum

If you don’t live in NY you are an out of state applicant. They will reject your online application and ask you to present ID in person in a branch to open an account.

James
James

DP: Am an in state applicant, account instantly approved online. Got an email a day later rejecting my application, telling me to go in branch.

XenaWP
XenaWP

Another set of datapoints:

Opened a student checking account with Ridgewood yesterday. Was immediately approved but then received an email about 2 hours later informing me it was shutdown due to numerous inquiries.

Excluding the Ridgewood application yesterday, I am at:
– 11 checking accounts in the past year
– 23 checking accounts in the past two years

Hope this helps!

brad
brad

After being denied for too many inquiries online, i went in branch and they successfully opened my account

Dave
Dave

Do I have to be a current student to open the Student Advantage account? Just wanna avoid the DD, for anyone who open the student account online, was there any verification for that?
Thanks…

Mikeb
Mikeb

Im a student and I opened the student advantage. They did not ask for any school Id. I got approved and they sent me the packet already. I had to send in a SIGNATURE CARD with photo id .

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