UPDATE 8/18/2015: Dime Savings Bank's product line is now available nationally.
UPDATE 8/14/2015: Guaranteed rate has been increased to 1.10% APY.
Dime Savings Bank has added the "Dime Direct Money Market" (1.01% APY) account to its product line. The introductory 1.01% APY is guaranteed for one year from account opening and applies to all daily balances up to $250K. Balances over $250K earn a variable rate, which is currently 0.20% APY.There is no minimum opening deposit, but the maximum opening deposit is $250K and all funds must be new money. This is a limited time offer with only one promotional rate account per household.
According to the fine print,
After the Guaranteed APY period has elapsed, the account will become a regular Dime Direct Money Market Account tiered-rate account in which the interest rates and APYs will vary with the balance.
The current APYs/rate tiers are as follows:
- 0.20% APY – Balances of $75K or more
- 0.15% APY – Balances of $25K-$74,999.99
- 0.10% APY – Balances of $1K-$24,999.99
- 0.05% APY – Balances under $1K
If the account balance should fall below $2.5K there is a $10 monthly fee.
Headquartered in Brooklyn, Dime Savings 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 Dime Direct Money Market account can be done online, or at any of 25 New York branches located in Bellmore, 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.
There is an online contact form for those who have questions before opening an account.
Dime Savings Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.72% (excellent) based on March 31, 2015 data. In the past year, Dime Savings Bank increased its total deposits by $259.63 Million, an excellent growth rate of 9.43%. Please refer to our financial overview of Dime Savings 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 bank, The Dime Savings Bank of Williamsburgh, (FDIC Certificate # 16012) was founded in 1864 by the civic-minded philanthropist, William Grandy. More commonly known today as Dime Savings Bank, the Bank has assets in excess of $4.5 Billion, with customers throughout the five boroughs of New York.
How the Money Market Compares
When compared to other Money Market accounts tracked by DepositAccounts.com, available to New York residents, Dime Savings Bank’s Dime Direct Money Market is competitive, particularly when factoring in the one year APY guarantee and no minimum deposit requirement.
Another comparison can be drawn between the Dime Direct Money Market and Capital One Bank’s Essential Savings. While the Essential Savings has a higher APY, it also has a shorter guaranteed term length and a higher minimum deposit than the Dime Direct Money Market.
The above rates are accurate as of 7/2/2015.
To look for the best nationwide Money Market rates and the best Money Market rates in your state, please refer to our Money Market rates table.