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Silicon Valley Bank Is Shut Down - Second Largest Bank Failure in History2.50% 9-Month CD at Dime Savings Bank in New York
POSTED
ON BY Ken Tumin
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:
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:
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
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
- Non-interest bearing checking account
- $12 monthly maintenance fee if average daily balance is under $2,500
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
- CD rates at DepositAccounts.com
- My weekly list of hot nationwide and local CD deals
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!
I faxed ID proofs and a letter, then someone called and emailed with response.
DIME's online application is not proper.
I don't know what the issues are with their online help, but if you are local, do your business in person.