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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.
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.
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