Dime Savings Bank is offering a special 3.75% APY 60-month CD and a 3.00% APY 36-month CD. Minimum deposit is $500. These promotions are listed on the bank's front page as of 6/21/09.
The bank has an online application for both of these CDs. In the application they provide an account disclosure for both the 60-month CD and the 36-month CD. According to the terms, interest is compounded daily and credited to the account monthly and at maturity. The early withdrawal penalty is equal to 6 months of interest. There's a 10-calendar grace period at maturity.
When I called Dime Savings last March about a similar promotion, I was told it was available to people in any state. It appears this new one has the same availability. If you're interested in these CDs, I recommend calling Dime Savings at 800-321-DIME (3463) for the latest instructions. When I called in March, I was told the rate locks at the time the application is submitted. You can fund the account with a check or an ACH transfer.
Dime Savings' branches are located throughout the Greater New York metro area.
Dime Savings Bank has some solid financial ratings for soundness: 4 stars (excellent) at BauerFinancial (based on 3/31/09 data) and 4 stars (sound) at Bankrate.com (based on 12/31/08 data). It has been a FDIC member since 1943 (FDIC Certificate # 16012).
Top Certificate of Deposit Rates
There are a few banks and credit unions offering long-term CD rates a little better than these Dime Savings' rates. US Bank is one example with its 4.00% APY 59-month CD. But it's important to note that US Bank has a much more severe early withdrawal penalty. Pentagon Federal Credit Union has the best long-term CD deals with not only a 4% APY 60-month CD but also an early withdrawal penalty that's similar to that of Dime Savings. Please refer to the links below for other CD deals.