Compound Interest Calculator
Money Market Account from Ridgewood Savings Bank with 4.75% APY and $10,000 minimum deposit



Use or Change These Amounts and Rates

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.

The Results for Ridgewood Savings Bank

Savings Boost of
$7,961 over 10 years
Cash Savings $20,000
Average Interest Earned $307

 
Ridgewood Savings Bank Interest Earned $8,267

 

 

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:
0.22%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 43 30
2 20,043 43 30
3 20,087 44 31
4 20,130 44 31
5 20,174 44 31
6 20,218 44 31
7 20,262 44 31
8 20,306 44 31
9 20,350 44 31
10 20,394 44 31
TOTAL: $438 $307

Ridgewood Savings Bank Scenario

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

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
December 9, 2023 4.75%
August 20, 2023 4.65%


Featured CD Rates

ONLINE BANKS APY? MIN?

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%.

Last change: ↓0.15% on May 13.
3 Month CD.

Last change: ↑0.09% on March 12.
6 Month Jumbo CD.

Last change: ↓0.05% on May 9.

Last change: ↓0.36% on March 12.
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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