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Retirement Savings: How Much Should I Save Each Month?6.00% 3-Month Money Market Account Promo Update at Dime
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POSTED
ON BY Ken Tumin
[Update 3/18/07: The 6.00% special rate is no longer being offered.]
Dime Savings Bank is still offering the 6.00% APY 3-month promo on its Rewards Money Market account. I had reported on this back in July. Here's the new promo link. An animated banner on the bank's front page advertises this deal and has a link to this promo page. Note, the banner only shows up with IE and not Firefox.
The offer seems the same as what I reported in July. Here are some of the important details: The 6% APY is guaranteed for a 3-month period from the date of account opening. It applies to daily balances up to $250K for 3 full months. After the 3-months is over, the account will become a regular Rewards Money Market tiered rate account (2.50% for balances of $1K to $25K). Offer is limited to one account per household and is for new deposits only.
When I had contacted Dime Bank in July, I was told that you can close the account after 3 months without penalty. According to the customer service rep, they only do a ChexSystem check and no hard credit pull during the application.
Dime Savings has an online banking system but it doesn't have an ACH transfer system. The money market account does have check writing. Someone posted on this FW thread that if you want to link to this account from another institute, be sure to categorize this account as an "MMA Checking" account or at least a checking account, or Dime will reject the ACH transfer request.
Also note that Dime has been offering a 7% version of this promo to select customers (see this FW thread). Unfortunately, this one looks like it requires a customer unique code.
The Dime Savings Bank is FDIC insured and is based in Brooklyn, New York. It has over $3 billion in total assets. It's rated 4 out of 5 stars by Bankrate.com (sound).
Thanks to jairocon who updated me on this promo.
Dime Savings Bank is still offering the 6.00% APY 3-month promo on its Rewards Money Market account. I had reported on this back in July. Here's the new promo link. An animated banner on the bank's front page advertises this deal and has a link to this promo page. Note, the banner only shows up with IE and not Firefox.
The offer seems the same as what I reported in July. Here are some of the important details: The 6% APY is guaranteed for a 3-month period from the date of account opening. It applies to daily balances up to $250K for 3 full months. After the 3-months is over, the account will become a regular Rewards Money Market tiered rate account (2.50% for balances of $1K to $25K). Offer is limited to one account per household and is for new deposits only.
When I had contacted Dime Bank in July, I was told that you can close the account after 3 months without penalty. According to the customer service rep, they only do a ChexSystem check and no hard credit pull during the application.
Dime Savings has an online banking system but it doesn't have an ACH transfer system. The money market account does have check writing. Someone posted on this FW thread that if you want to link to this account from another institute, be sure to categorize this account as an "MMA Checking" account or at least a checking account, or Dime will reject the ACH transfer request.
Also note that Dime has been offering a 7% version of this promo to select customers (see this FW thread). Unfortunately, this one looks like it requires a customer unique code.
The Dime Savings Bank is FDIC insured and is based in Brooklyn, New York. It has over $3 billion in total assets. It's rated 4 out of 5 stars by Bankrate.com (sound).
Thanks to jairocon who updated me on this promo.