- 3.75% APY on all balances up to $100,000 guaranteed for 3 months from opening
- 0.50% APY on balances over $100,000
- $10 monthly fee for balances under $2,500
- Passbook must be presented each time a deposit or withdrawal is made
- Bank reserves the right to require 7 days prior notice of withdrawal from this account
- Current non-promo rates: 3.25% APY $75K+, 2.75% APY $50K-$75K, 2.50% APY $25K-$50K, 1.10% APY $1K-$25K
In the account application, it appears people from any state can apply online. The application directions state "to apply online, you must be 18 or older, a U.S. citizen and have a U.S. address." However, I don't know how or if they enforce the passbook requirement. When I contacted the bank in November regarding a special CD, I was told that people in any state could apply. However, previous specials had been limited to residents of New York, New Jersey and Connecticut.
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.
Other Money Market Account Promotions
There are other money market promotions with higher yields. Two good ones include those offered by EverBank and 1st Constitution Direct. Please refer to my weekly rate summary for these latest promotions.