Dedicated to Deposits: Deals, Data, and Discussion

2.50% 9-Month CD at Dime Savings Bank in New York

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Dime Savings Bank
Dime Savings Bank has replaced its $300 checking account bonus with a special 2.50% APY 9-month CD. Minimum deposit is $500, and the maximum is $50,000. New money is required. And here's an important requirement as shown in the small print:
To be eligible for this promotional CD rate offer, customer must also either open a new Prime Dime Rewards Checking or Dime Rewards Checking account and conduct specific types of transactions, or add such transaction activity to an already established Prime Dime Rewards or Dime Rewards Checking Account. PLEASE CALL US FOR DETAILS at 1-800-321-3463.

This 2.50% promo is listed on their home page (impossible to miss) as of 1/13/2010.

Since you have to open a checking account and conduct specific types of transactions, this special is similar to the $300 checking bonus that they were offering last year. If you can invest $50K, you'll make about $937 in the 9 months. That's about $273 more than what you would make in 9 months in the EBSB Direct 1.77% APY 10-month CD (see post).

The old $300 checking bonus was available nationwide. However, I don't see any online application link for this promo. It only says to call for details. I'll try to call later to see who's eligible. When I called last year, I was told they do a hard credit inquiry in the application via eFunds.

These checking 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
The bank also some fairly competitive special CD rates. These include a 3.25% APY 5-year CD and a 2.50% APY 3-year CD as of 1/13/2010. 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 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). It has been a FDIC member since 1943 (FDIC Certificate # 16012).

Thanks to the reader who emailed me news of this special.

Other Competitive Certificate of Deposit Rates

  Tags: Dime Savings Bank, New York, CD rates

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Comments
6 Comments.
Comment #1 by ctgottapee (anonymous) posted on
ctgottapee
just a note that this bank is not the greatest when it comes to online account opening or customer service in general, so you'll have to do a bit more 'work' to get your bonus, but you will get it - in other words don't expect 24 hour bend over backwards service or a fully seamless online experience. also helps if you understand think ny accents if you call ;) it can be like the dialog in a british movie where you start to wonder if they are speaking english.

a call to inquire about the promotion was not needed; you basically get it automatically. if you call they'll either do the app over the phone or tell ya to use the website. my first bonus was deposited automatically into my account the day it opened, although i never indicated anywhere i wanted it, nor was it on the application.

for signup, you could start the app online. you then had to set up a test trial deposit as your funding source, but could only verify the deposits by email, and my confirmation reply back was non-existent. i then had to wait for paperwork from them and sign (no notary required) and the return and process of the application took almost two more weeks. i also received verification calls that were not so courteous. the banks phone reps keep bankers hours and are gone at 5pm eastern. online account access system is 3rd party, but functional - you can transfer funds out via bill payment to a bank account - and they appear to be speedy, mine took one day - but you can't pull money from your account from another bank. i've received same month atm refunds and proper interest calculation, as well as correct bill payment processing. bank doesn't appear to have an online only option, so you'll get paper statements.

as always support your banking guy!

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Comment #2 by scott (anonymous) posted on
scott
I think they allow all to open, I did the one they offered last year. 12 month 5% 100k max and you had to open the Prime Dime Checking and keep $5k to avoid fees. At least checking was paying 2%+. I'm in MA and also there was no hard pull. Was pretty easy to open and then close when it matured a couple months ago.

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Comment #3 by Anonymous posted on
Anonymous
I have one of those Reward accounts now and when I called the bank to see if I could get one of the cd's I was told it's only for new customers. Well, it's time to close the account as far as I am concerned. It is not doing anything for me so why should I continue to have direct deposit each month with them.

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Comment #4 by Anonymous posted on
Anonymous
To the anon above: I think you were given wrong info. According to the promo, "To be eligible for this promotional CD rate offer, customer must also either open a new Prime Dime Rewards Checking or Dime Rewards Checking account and conduct specific types of transactions, or add such transaction activity to an ALREADY ESTABLISHED Prime Dime Rewards or Dime Rewards Checking Account.

1
Comment #5 by Anonymous posted on
Anonymous
I applied online and followed Steps 1-3 but for some reason it never proceeded to Step 4 which was the verification to complete the application. Then, I called and talked to a real person. I was told they have received my application but no email confirmation at all.
I faxed ID proofs and a letter, then someone called and emailed with response.

DIME's online application is not proper.

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Comment #6 by Jim Davis (anonymous) posted on
Jim Davis
 fwiw, I have opened a number of accounts at Dime over the years  , but always in person.  I have had no problems with this direct approach.

 

 I don't know what the issues are with their online help, but if you are local, do your business in person.

 



 

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