6% 3-Month Intro Rate on a Money Market Account

Dime Bank has increased their 3-month intro rate on their Rewards Money Market Account from 5% to 6% APY. The 6% APY is guaranteed for 3 months from the date of account opening and applies to balances of up to $250K. Credit for this find goes to the Fatwallet member bksavings who posted the info on this FW thread.

To receive this rate, you need an invitation from Dime Bank. According to the thread, if you sign up for their mailing list, you may be sent the invitation code. The mailing list signup form is located here. Once you receive the invitation code, the application starts here.

After the Guaranteed APY period has elapsed, the account will become a regular Rewards Money Market tiered rate account in which the interest rates will vary with the balance. The regular interest rates are low. For balances between $1K and $25K, it's only 1.10% APY. It appears the money market may have a $10 monthly fee if the average daily balance falls below $2.5K. After the bonus, it's hard to justify keeping it opened. I can't find any info on account closing fees.

This promotion looks similar to Everbank's 5.51% checking account 3-month promotion. With Everbank, there are more reasons why you may want to keep the account opened after the promo.