The product Money Market Account from Ridgewood Savings Bank with 4.75% APY and $10,000 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 $31,810. The interest earned would be $11,810 and the tax amount on the interest earned would be approximately $3,543.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
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.
| Rate: 0.22% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 44 | 31 |
| 2 | 20,044 | 44 | 31 |
| 3 | 20,088 | 44 | 31 |
| 4 | 20,133 | 44 | 31 |
| 5 | 20,177 | 45 | 31 |
| 6 | 20,222 | 45 | 31 |
| 7 | 20,267 | 45 | 31 |
| 8 | 20,311 | 45 | 31 |
| 9 | 20,356 | 45 | 31 |
| 10 | 20,401 | 45 | 32 |
| TOTAL: | $446 | $312 |
| Rate: 4.75% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 950 | 665 |
| 2 | 20,950 | 995 | 697 |
| 3 | 21,945 | 1,042 | 730 |
| 4 | 22,988 | 1,092 | 764 |
| 5 | 24,079 | 1,144 | 801 |
| 6 | 25,223 | 1,198 | 839 |
| 7 | 26,421 | 1,255 | 879 |
| 8 | 27,676 | 1,315 | 920 |
| 9 | 28,991 | 1,377 | 964 |
| 10 | 30,368 | 1,442 | 1,010 |
| TOTAL: | $11,810 | $8,267 |
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.
| Date | APY |
|---|---|
| December 9, 2023 | 4.75% |
| August 20, 2023 | 4.65% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
6.00% |
$5,000 |
Learn More | |
|
5 Month CD Special. Must be linked to a standard consumer or business checking account in which 12.6% of the total combined balance is maintained. Otherwise APY is 5.25%. |
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|
|
5.51% |
$25,000 |
Learn More | |
|
Last change: ↓0.15% on May 13. |
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|
|
5.46% |
$1,000 |
Learn More | |
|
Last change: ↓0.05% on May 9. |
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|
|
5.45% |
$50,000 |
Learn More | |
|
Last change: ↓0.04% on July 5. |
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|
|
5.40% |
$500 |
Learn More | |
|
Last change: ↑0.90% on May 7. |
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Customer Reviews for Ridgewood Savings Bank
an
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
Is this review helpful? Yes:0 / No: 0
an
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
Is this review helpful? Yes:0 / No: 0
Randall A
November 18, 2020 |
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?
Is this review helpful? Yes:3 / No: 0
BC Weldman
September 13, 2020 |
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.
Is this review helpful? Yes:3 / No: 0
elaine johnston
July 18, 2020 |
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.
Is this review helpful? Yes:3 / No: 0
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