Deal has expired and is no longer being offered. View more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $350
- Availability: Online account opening eligible for New York State and Fairfield County residents only
- Direct deposit required: $500-$2,500
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown, sensitive. Seems you can get around them being sensitive by applying in branch
- Credit card funding: Cannot be funded with a credit card
- Monthly fees: $3-$15
- Early account termination fee: None
- Household limit: None listed
- Expiration date: June 30th, 2019
Contents
The 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
- 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):
- 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:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
View Comments (95)
The direct deposit link above brings us to Ridgewood Credit Union on the list. I believe that is a separate institution. This is Ridgewood Savings Bank, which doesn't seem to be on the list at all. I'm not sure which DPs belong to which institution.
Looks like the offer is back! Open to NY only?
https://www.ridgewoodbank.com/home/personal/checking
6/15/19 Open
6/24 Schwab Money Link $501
7/03 Schwab Money Link $501
7/11 Fidelity Moneyline $502
7/12 Kickfurther 501
7/22 Kickfurther 593
...
Still no bonus on 10/24
I guess all the fake dd failed
Opened in branch, tried Santander as dd, didnt work and closed account via email just yesterday.
Offer seems to have expired and not renewed
To close, you either have to go in branch or write a letter. Cannot close online or over the phone.
@will
I tried to close via email but received a reply saying I would need to contact the branch at which I opened the account and close with them.
I went in branch to close. The banker asked if I had received the promo bonus. I said yes, and she said I would need to keep the account open for 6 months. This is obvious bs but I didn't fight it and instead just downgraded to the fee-free checking account. I'll keep that open a few more months and try again.
Bottom line - this account has been a big hassle for me to close, though other DPs indicate it was relatively easy so YMMV.
I was told the same that it must be kept open for 6 months. I downgraded to Ridgewood Good so not a big deal since it's fee free (with eStatement).
That’s what I was told by multiple phone reps. Just email them, like YK3 suggested. I downgraded and P2 closed our accounts via email.
Can confirm. First tried chat and was told to email customer service. Received reply in about an hour that account was closed and residual interest check would be mailed.
$300 and 5,000 UChoose points posted on 7/3. This was after I called the branch at which I opened my account to inquire about the status of my bonus.
Received the UChoose points on 7/3. Awaiting the $300 bonus to post today per Ridgewood customer service followup. Will advise.
Yeah it's weird why there is a variation in everyone's posting dates. My $300 bonus posted on 7/2 but no Uchoose yet.
My $300 just posted.
Seems when people are inquiring the bonus posts. Hmm.
The UChoose points won't be available until 8/1 but are in my account.
Good luck to all.
Correction: UChoose points were available to exchange after they posted. Took 2 days to exchange into a cash deposit to checking account. Gift card options were valued less than $0.01/point)
Is this actually expired as of June 30th? Should the end date be updated?
5/4 - Opened premier checking account in branch (not chex sensitive)
5/15 - Real DD #1 coded as "Direct Deposit 'My Company Name' / - Payroll"
5/31 - Real DD #2
5/31 - $15 maintenance service charge (no grace period)
6/29 - $15 maintenance service charge
7/2 - $300 bonus "Descriptive deposit checking / promo"
Still waiting on the Uchoose rewards bonus.
Uchoose points posted today 7/11.
Had a similar timeline to YK3. Chatted with them and they said my bonus would post next week. Told UChoose points are also currently being processed and should post by next week as well.
Will report back.
FYI, looks like the offer ended on June 30th, and has been removed from Ridgewood's site.