DA readers may remember my August 2015 blog about Dime Community Bank’s (Dime) DimeDirect Money Market. At that time, the APY had been raised to 1.10% APY (with a 1-year rate guarantee) and was being offered nationwide for the first time.
Last week, Dime posted about its DimeDirect Money Market in DA’s Forum. While the 1-year rate guarantee has expired, the 1.10% APY is still in effect and is still available nationwide.The minimum opening deposit is $1k, with a maximum opening deposit of $500k; funds must be new money. The fine print also states, “FDIC-insured on balances up to $250,000.” This offer is limited to one account per household and is only available to consumer accounts.
Headquartered in Brooklyn, Dime Community Bank considers itself to be a community bank, but its community is the New York City metropolitan area, the most densely populated major city in the country.
Opening a DimeDirect Money Market account can be done online or at any of the 25 New York branches located in Bellmore, The Bronx, Brooklyn (10), Cedarhurst, Flushing, Fresh Meadows, Glen Oaks, Jackson Heights, Long Island City, Merrick, New Hyde Park, Oakland Gardens, Port Washington, Valley Stream, Westbury, and Whitestone.
Dime Community Bank has an overall health grade of "A+" at DepositAccounts, with a Texas ratio of 1.12% (excellent) based on March 31, 2016 data. In the past year, Dime increased its total deposits by $608.17 million, an excellent growth rate of 20.19%. Please refer to our financial overview of Dime Community Bank for more details.
In the mid-1800s, financial services for New York City’s growing immigrant and low income population were scarce. This led to the formation of a new type of institution, the mutual savings bank. One of the first mutual savings banks, The Dime Savings Bank of Williamsburgh, (FDIC Certificate # 16012) was founded in 1864 by the civic-minded philanthropist, William Grandy. As a result of a recent re-brand, the bank has now formally changed its name to Dime Community Bank and is also known simply as Dime. It continues to serve customers throughout the five boroughs of New York City, in addition to online clients nationwide. Dime is currently the 23rd largest bank headquartered in New York, with assets in excess of $5.5 billion.
How the DimeDirect Money Market Compares
When compared to the 129 other nationally available Money Market accounts tracked by DepositAccounts.com, Dime Community Bank’s DimeDirect Money Market APY currently ranks fourth.
The above rates are accurate as of 8/17/2016.