Get a $750 Welcome Deposit for eligible new customers who open an 
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The DimeDirect Money Market Account from Dime Savings Bank is available nationwide and currently offers a 1.35% 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 Offer: 1.35%
The biggest advantage of opening one of these accounts is the annual percentage yield (APY). Accounts that have balances of up to $500,000 will earn the highest rate. That definitely should be the maximum to hold in the account since balances over $500,000 drop significantly in rate (0.20% APY).
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.
Bottom Line
Like all good things, there are limits. In this case, the 1.35% APY is a variable rate and can change at any time. The best way to take full advantage of this account is to keep the balance under $500k. Balances that surpass the $500K limit only receive .20% APY.
*See the Best Savings and Money Market Rates here
In terms of Money Market accounts, EverBank, UFB Direct and BBVA offer popular options. You may also want to take a look at these Savings/Money Market bonus offers.
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Earn up to 25,000 bonus miles worth $250 in travel every year with the Barclays Arrival® Premier World Elite Mastercard®. Without an initial sign-up bonus, this credit card is intended for high spenders looking for a card to carry for the long-term. The card will earn unlimited miles at the rate of 2 miles per $1 spent on all purchases. 
The HSBC Cash Rewards Mastercard® has a sign-up bonus of $150 when you spend at least $500 on purchases within the first 3 months of account opening. This credit card will also earn an ongoing 1.5% cash rewards rate on all purchases and has no foreign transaction fees. There is no annual fee with this card. 
CIT Bank is offering a 1.75% APY rate with their Money Market Account for all balances. This account is available online nationwide and consistently offers one of the best rates in the nation. The minimum opening deposit is $100 and there are no fees for opening or maintaining the account. 
Ally Invest is one of the nation's top choices for a low-cost stock broker, and they now have a promotion where you can earn a cash bonus of $50 to $3500, as well as $500 in commission-free trades. Your cash bonus value will depend on your deposit amount made within 60 days of account opening. 
Simple Bank has an offer where you can earn a $20 bonus after opening their free online Checking account that's available nationwide. You'll then be able to earn unlimited $20 referral bonuses. Direct deposit isn't a requirement and all you and your referrals need to do is open a new account and use the Simple Visa debit card to make a first purchase. 
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Hello Mr. Phan … great article. I have enjoyed reading your pieces. I wanted to let you know that I opened up a Money Market Account from Dime after reading this. One slight update though – their rate is not limited to one year anymore (I called and verified this with their Customer Service Department before opening it up online). They said its ongoing. She also mentioned that balances over $500K also receive the 1.10% (its in the fine print). Don’t know how they are doing it, but I can’t find another brick and mortar bank with a rate this high. Doesn’t matter – my money is working for me. Thanks for allowing me to share.