Earlier this month, RidgeStone Bank raised the rate on its 14-month CD Special (1.25% APY). When the 14-month CD Special was added to RidgeStone Bank’s product line in January, the APY was only 0.75%; three subsequent rate increases led to the current 1.25% APY.
The minimum opening deposit is $10K and there is no maximum balance cap. The 14-month CD Special is also available as an IRA (Traditional and Roth) at the same APY, but with a lower minimum deposit of $1K.
As stated in RidgeStone Bank’s Terms and Conditions document, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of 13-24 months, the fee imposed will equal 6 months interest on the amount withdrawn.
RidgeStone Bank is headquartered in Brookfield, Wisconsin (12 miles outside of Milwaukee), and its market area includes the suburban Milwaukee area and the Schaumberg, Illinois area.
Opening any type of account with RidgeStone Bank requires an in-person visit at either the Brookfield (WI) or Schaumberg (IL) branch.
At this time, RidgeStone Bank’s online banking platform is dedicated to account management and bill payment.
RidgeStone Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 12.45% (excellent) as of March 31, 2015. In the past year, RidgeStone Bank has increased its total deposits by $17.54 Million, an excellent annual growth rate of 5.64%. Please refer to our financial overview of RidgeStone Bank for more details.
Privately held RidgeStone Bank (FDIC Certificate # 34101) first opened its doors in Brookfield, Wisconsin in 1995. RidgeStone Bank expanded its commercial options and opened a branch in Schaumburg, Illinois, when it was purchased by new owners in 2006. According to a June 2015 article in the Chicago Tribune,
Distinguished by the SBA as an "SBA Preferred Lender," Ridgestone Bank is a top 10 SBA lender in the nation, as the number one SBA lender in Illinois and as the number one SBA lender in its asset size in Wisconsin.
How the CD Compares
When compared to the 359 similar length-of-term CDs tracked by DepositAccounts.com available to Wisconsin/Illinois residents, RidgeStone Bank’s 14-month CD Special currently ranks fourth, regardless of minimum deposit.
The above rates are accurate as of 8/28/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.