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Dime Direct Money Market Now Available Nationwide


UPDATE 10/9/2015: 1-year promotional APY guarantee is no longer available.

Availability: Nationwide

DA readers may remember my July 2015 blog post about Dime Savings Bank’s new "Dime Direct Money Market." The initial 1.01% APY was raised to 1.10% APY last week, and as of today, the Dime Direct Money Market is available nationwide.

The minimum opening balance is $1K of new money, with a maximum opening balance of $500K. This offer is limited to one per household and is only available to consumer accounts.

The introductory 1.10% 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, a $10 monthly fee will be imposed.


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, which is currently the only Dime Savings Bank account available nationwide, 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.

Bank Overview

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 City.

How the Dime Direct Money Market Compares

When compared to other 110 nationally available Money Market accounts tracked by DepositAccounts.com, Dime Savings Bank’s Dime Direct Money Market is quite 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 both MMAs have a 1.10% APY, the Essential Savings has a shorter APY guaranteed term length and a higher minimum deposit than the Dime Direct Money Market.

  • $110.00 yield for $10K in Dime Savings Bank’s Dime Direct Money Market for one year
  • $ 67.35 yield for $10K in Capital Bank One’s Essential Savings for one year

The above rates are accurate as of 8/18/2015.

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.

Previous Comments
  |     |   Comment #1
Is this bank the same bank as Dime Savings Bank of New York, or the Dime Savings Bank of Brooklyn? I thought Dime Savings Bank went bankrupt in 2002? Or, it got bought by Washington Mutual, and then failed, and assets moved to JPMorgan Chase Bank?
  |     |   Comment #3
Not going to move money for $11 dollars over present account. guaranteed or not
  |     |   Comment #4
I called the toll free number.  Unfortunately, the acocunt can't open in the name of trust
  |     |   Comment #5
Apparently, the 1.10% is not being guaranteed for a year anymore.
  |     |   Comment #6
Dime was good when the come out with 1.1%. But they are left behind in terms of interest rates as many others are offering 1.3 to 1.4%. I am closely watching them to increase their interest otherwise, I will move my money around.
  |     |   Comment #7
Exactly where I am. I will watch 1-2 weeks post the recent Fed increase and then move my money out if they don't respond. They are no longer competitive. Need to be at 1.25%+ imo.

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