Dedicated to Deposits: Deals, Data, and Discussion

4.25% 9-Month CD at Dime Savings Bank - Nationally Available

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Dime Savings Bank
Update 11/20/08: The 9-month CD yield has fallen again. It's now 4.05% APY.
Update 11/19/08: The yield on the special 9-month CD has fallen from 4.25% to 4.15% APY.

Dime Savings Bank has started offering a competitive 9-month CD with a yield of 4.25% APY. The minimum deposit is $500. Unlike Dime's 5% 6-month promotional CD (see post), this one does not require a checking account. Also, this CD is available to people in any state according to the banking rep.

The 4.25% CD is advertised at the bank's home page. This links to an online application. I was told that it can be funded by either an ACH transfer or by check. At maturity, you have 10 calendar days of grace period to close the CD without penalty. If you can't make it into a branch, they require signed written instructions (mail or fax) to close the CD. The early withdrawal penalty is one month of simple interest.

For those who don't want to hassle with that promotional 5% 6-month CD deal that requires a checking account with a high minimum balance requirement, this is a good deal. The 4.25% APY is one of the highest yields for this term available from a bank.

Branches are located throughout the Greater New York metro area.

Dime Savings Bank has some solid financial ratings for soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/08 data. It has been FDIC insured since 1943 (FDIC Certificate # 16012). It's based in Brooklyn, New York, and it has $3.7 billion in assets.

  Tags: Dime Savings Bank, New York, CD rates

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