Savings* and Fixed Rate Certificate of Deposit (CD)** Account Loans
Use the funds in your Savings/CD as collateral
Your Savings/CD earns interest while securing the loan
No credit inquiry
Funds become available as your loan is paid down
No matter how well you plan for the future, at some point, you may need a loan. We provide you with the ability to use the funds that you have on deposit in a Ridgewood Savings Bank Passbook/Statement Savings Account or Fixed Rate CD as collateral for a secured loan. You pay the loan back over time as your savings account or CD continues to earn interest. These loans also provide the following:
- A fixed rate - only 3% above the Savings/CD account interest rate on the day you borrow the money
- You can borrow up to 75% of the balance in your Savings or CD Account, however, the loan may not exceed $40,000
- Immediate approval based on your available account balance
Visit your local Ridgewood Savings Bank branch to obtain a Savings or CD loan today.
*Not available on Money Market and Smart Move Online Savings Accounts.
**The loan must be paid in full on or before the maturity date of the CD.
Savings and CD loans cannot be secured on an IRA, Custodial or Guardian account.