Dime Continues To Offer Money Market Nationwide

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Availability: Nationwide

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.10*%-$500kDime Community BankDimeDirect Money Market
Accounts mentioned in this post. Rates as of December 8, 2016.

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.

Availability

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.

Bank Overview

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.

To look for the best Money Market rates, both nationwide and state specific, please refer to our Money Market rates table or our Rates Map page.

Comments
Sperry8
Sperry8   |     |   Comment #1
Absurd to solely compare Dime to other money markets - should be compared to savings accounts too.  In that regard, Dime is not 3rd on the list.  For example, PopularDirect offers 1.26% APY.
Anonymous
Anonymous   |     |   Comment #2
Be careful with Popular Direct.  A lot of limitations and an inactivity fee of $5 per month if no transactions for 1 year.
Sperry8
Sperry8   |     |   Comment #4
I opened Popular Direct and it was as easy as pie.  For 1.26% APY I'll happily do a $1 ACH pull annually to get that rate.  Not sure what other limitations you speak of.  I am just there to earn the high APY.
psjf
psjf   |     |   Comment #3
Other than PopularDirect (which is too early and shaky for my comfort), which savings accounts are you seeing that are better than this rate?  The highest I'm seeing is only 1.11%. 
Sperry8
Sperry8   |     |   Comment #5
Shaky?  It's owned by Banco Popular which has an A rating and is FDIC insured.  What is shaky about it?
JohnnyTruth
JohnnyTruth (anonymous)   |     |   Comment #6
Popular Bank is awful service. You must be in FL, NY, or NJ or you cannot open an account, even online.  I opened an account in FL, they took the money, and then gave it back saying I don't live close enough to a branch. Thanks for wasting my time. Perhaps you should update your tech or train your people better - like the one who helped me open my account and said it would be fine to live across state. NEVER AGAIN POPULAR BANK.