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- Dime Money Market Account
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The DimeDirect Money Market Account from Dime Savings Bank is available nationwide and currently offers a 1.10% APY.
For those of you who are new to the finance world, a money market account is simply a savings account that allows you to earn higher interest than that of a regular savings account. These accounts require a much higher minimum balance than basic savings accounts. If you are thinking about opening a money market account, Dime Savings Bank now offers its Dime Direct Money Market account nationwide.
Dime Savings Bank APY
The biggest advantage of opening one of these accounts is the annual percentage yield (APY). Accounts that have balances of up to $500,000 are guaranteed an APY of 1.10% for one year from the time the account is opened. That means new account holders can earn roughly $5500 just for keeping money in the bank. Since other money market accounts have shorter APY guarantee time periods, the dime direct money market account stands out above others that also have an APY of 1.10%.
Dime Savings Bank At A Glance
Dime Savings Bank has served New York for over 150 years.
- Depositaccounts.com gave Dime Savings an “A+” health grade
- Their deposits increased by $259.63 million (9.43% growth rate considered excellent)
- Locals can open their accounts at one of 25 locations in the state of New York, 10 of which are located in Brooklyn.
- If you live out of state, you can start your Dime Direct Money Market account online.
- The minimum balance to open an account is $1000
- There are no monthly fees
- Clients get up to six monthly transactions without penalties or fees
- You can manage your account online for free
If you have questions about the logistics, Dime Savings Bank has answers to frequently asked questions, terms and conditions as well as ways to contact a bank representative directly.
Like all good things, there are limits. In this case, the 1.10% APY guarantee only lasts 365 days. After that, the account turns into a regular Dime Direct tiered-rate account. At this point, the interest rate changes and then varies based on the balance of the account. Hence, the best way to take full advantage of this account is to start one with as close to $500K as possible. Balances that surpass the $500K limit only receive .20% APY.
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