Dear Valued Ridgewood Savings Bank Customers and Community Members
August 25, 2025
As summer winds down and school bells start ringing again, it's a good reminder of life's balancing act—managing work, family, community, and the ever-important “what’s next” for our savings. Here at Ridgewood Savings Bank, New York’s largest award-winning mutual savings bank, we’ve been helping our neighbors strike that balance for over a century.
This summer, I had the privilege of joining The Balancing Act: Local Edition: New York, a nationally recognized program hosted by Montel Williams, to talk about how Ridgewood listens to our customers and helps them find the right solutions at the right time. The program aired on two of the New York region’s largest media networks—WNYW (FOX 5) and WWOR (My9)—reaching households across the metro area. It was a wonderful opportunity to showcase our commitment to community banking, and I invite you to take a few minutes to watch the entire segment.
That spirit of balance shines through in everything we do:
- Financial Literacy & Homeownership Day – Earlier this summer, we hosted a special event at our Norwood Branch in The Bronx with the Bronx Borough President’s Office and University Neighborhood Housing Program, focusing on homeownership and financial education—giving families the chance to ask questions and take steps toward owning a home and students good info on financial literacy.
- Tips to Avoid Bank Impersonation Scams – With scams on the rise, our blog shares clear advice to help protect you and your family, like verifying contact methods and never clicking suspicious links.
We also continue to support families and young savers with practical tools:
- Student Advantage Account – A free checking account designed for high school and college students (ages 14–23*), comes with a debit card and easy ways to move money into savings.
- Youth Savings Account – No monthly fees, simple access, and Ridgewood matches your first $10** when the account is opened—a perfect head start for young savers 17 or younger.
- Ridgewood Financial Academy – Free, online, bite-sized lessons on budgeting, saving, and managing money—learning anytime, anywhere.
On the national front, our local experts have been tapped by CBS Money to offer timely advice:
- What homebuyers shouldn’t do before a September rate cut
- Ways to help maximize your CD returns
- 1-year vs. 5-year CD: Which term do experts recommend?
As we move into autumn, here’s a little practical wisdom for the season ahead:
- Revisit your family budget, especially with back-to-school expenses in full swing.
- Automate savings with Ridgewood’s Multiply the Change program, which rounds up your debit card purchases and deposits the difference into savings—an easy habit that builds over time.
- Stay vigilant against scams—if something about a message, call, or website doesn’t feel right, pause and double-check before acting.
- Get an early start on the holiday planning with our Vacation and Club Savings Accounts. They are a great way to save for winter getaways, special events, and gift giving.
At Ridgewood, our mission remains constant—to serve and strengthen our communities, helping you balance today's needs with tomorrow’s goals. Our commitment to our customers, community and employees remains at the heart of everything we do.
Wishing you a smooth transition into the school season and a vibrant, hopeful fall ahead. We’re honored to be on that journey with you—every step of the way.
Warm regards,
Leonard Stekol
Chairman, President & CEO
*A parent or legal guardian is required to be the secondary joint owner on the account for students ages 14 to 17.
**One account per person. Offer subject to change or termination at any time. Up to $10 will be credited upon account opening and will be reported as interest income with a 1099-INT form. Rate and terms may change after the account is opened. Fees may reduce earnings./p>
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