Dedicated to Deposits: Deals, Data, and Discussion

6.25% 120-Month CD at a New York Bank (Ridgewood Savings)

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Ridgewood Savings Bank
Ridgewood Savings Bank is offering a special 6.25% APY 10-year IRA certificate of deposit. The minimum deposit is $2,000. According to the retirement service rep, the promotion should be available until April 17, 2007. The early withdrawal penalty equals one year of interest. About opening this IRA CD by mail, the service rep said that it would depend on the individual branches.

There's also a grand opening CD special at two of its branches. The specials include a 5% APY 5-year CD, a 5.50% APY 7-year CD and a 6.00% APY 10-year CD. In addition, several gifts are available based on the term and the initial deposit. Gifts include an Apple 1GB iPod Shuffle, an Apple 2GB Silver Nano, a XBOX 360 and a Samsung 23 inch LCD TV. These specials are only available at the Morris Park and Bayside branches. New deposits are required. The special lasts until February 24th at Morris Park and March 3rd at Bayside.

Ridgewood Savings Bank has branches in the New York areas of Queens, Brooklyn, Bronx, Nassau County and Suffolk County. It has been FDIC insured since 1943. The bank has a 4 out of 5 safe-and-sound star rating at Bankrate.com.

Thanks to the reader who mentioned these CDs in the finding deals post.

Related Pages: New York, CD rates, IRA rates, Ridgewood Savings Bank

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Comments
7 Comments.
Comment #1 by BankGrrl (anonymous) posted on
BankGrrl
With regards to the 6.25% rate - is that going to remain steady for the 10 year period or is this essentially a money market account?

Also - is it available in Traditional and Roth IRA forms?

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I don't think this is a variable CD in which the rates can change after it's opened. And according to the bank's website (click on the link labeled special), it is available for both Roth and Traditional IRAs.

1
Comment #3 by Anonymous posted on
Anonymous
Do they require an inbank visit, or is opening a CD by Mail acceptable? I have tried to call, but no response.

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
According to the CSR, it's up to the individual branches whether they would accept a CD application by mail. I would suspect that they probably do require branch visits.

1
Comment #5 by Anonymous posted on
Anonymous
I've tried calling and unless you already have an acount with them, for ID purposes, you must come into one of their branches. They aren't equipped to do anything online and don't accept applications by mail...very unfortunate indeed...
Please post if anyone finds an accommodating branch willing to do business by mail.

1
Comment #6 by Anonymous posted on
Anonymous
Careful. I called and learned this is only 5% APR simple interest. The 6.25% figure is cumulative over 10 years, not compounded. No bargain at Ridgewood at all, even misleading.

1
Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I would be interested to know how they calculate a 5% simple interest rate from a 6.25% APY. For example, when Pentagon Federal Credit Union was offering its 6.25% APY CDs, the rate was 6.08%. The rate and APY can vary based on type of compounding but I've never seen a difference of more than 0.25% for rates under 7% (it differs more as the rate increases).

1