Dime Savings Bank is offering a checking account bonus in which you can earn up to $300. The promo is listed on their home page (impossible to miss). The promotion is scheduled to last until 11/15/09. The $300 bonus is for the Prime Dime Rewards Checking. A smaller bonus of $225 is for the Dime Rewards Checking. I had to look closely to read the fine print. Below are the important parts for the $300 bonus:
$100 for account opening (paid at the time of account opening)
$100 for setting up monthly recurring direct deposit
$100 for completing two online bill payments
Last two $100 bonuses will be paid 6 months after opening date if the direct deposit is established and the bill payments are completed within 3 months of account opening. For the $225 bonus, $75 is paid three times just like above. Some additional small print includes:
If you close your account within 6 months of the opening date, any bonuses paid will be deducted at the time of account closing.
Bonuses will be paid for new checking customers only.
Bonus accounts are limited to one per household.
These accounts are not high yield reward checking accounts. There is no high yield, but on the plus side, there are no debit card usage requirements. However, both accounts require that direct deposit or use of Dime's online bill payment services be maintained each month. If this requirements is not maintained, you may be required to close the account upon 30 days written notice.
Details of the Prime Dime Rewards Checking are listed in this account disclosure. Two important details include:
Rates: 0.25% APY for under $5K, 0.50% APY for $5K to $25K
$15 monthly maintenance fee if average daily balance is under $5,000
Details of the Dime Rewards Checking are listed in this account disclosure. Two important details include:
Non-interest bearing checking account
$12 monthly maintenance fee if average daily balance is under $2,500
Update 9/18/09: I just called Dime, and I was able to speak with a CSR. I was told that an individual could apply online and qualify for this promotion. According to the CSR, it was available nationwide. I also asked about a hard credit inquiry. She said that they will do a hard credit inquiry in the application via eFunds.
The bank also some fairly competitive special CD rates. These include a 3.30% APY 5-year CD and a 2.50% APY 3-year CD as of 9/17/09. When I called Dime Savings last March about a similar promotion, I was told that the special CDs were available to people in any state. If you're interested in these CDs, I recommend calling Dime Savings at 800-321-DIME (3463) for the latest instructions.
Dime Savings' branches are located throughout the Greater New York metro area.
Dime Savings Bank has some solid financial ratings for safety and soundness: 4 stars (excellent) at BauerFinancial (based on 6/30/09 data) and 4 stars (sound) at Bankrate.com (based on 3/31/09 data). It has been a FDIC member since 1943 (FDIC Certificate # 16012).