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Money Market

DimeDirectSM
Money Market

 

1.10
%
APY1

A great rate from a bank you can trust.

  • Open an account in just minutes!
  • $1,000 minimum balance to open
  • Up to 6 withdrawals per month
  • On Balances Up To $500,0001
  • No monthly fees
  • Free bill pay, online and mobile banking
  • FDIC insured
 

 


How Dime compares:

Our rates are some of the best in the country. And just in case you don't believe us, here's how we stack up to some of our competitors.
 

 

*All bank rates and the national average are based on the APY average for money market accounts with a minimum balance of $2,500 offered by the Top 50 U.S. Banks (ranked by total assets) as reported by SNL and are effective as of 07/01/2017. Rates are only as accurate as the information reported to SNL by the banks.

Money Market FAQs

Is there a penalty to close the DimeDirect Money Market Account?
  • There is no penalty to close a DimeDirect Money Market Account.
How are withdrawals made with the DimeDirect Money Market?
  • Withdrawals from the DimeDirect Money Market Account are made via the external transfer feature through the Dime online banking. To set up an external transfer to and from another financial institution, please follow the below:
    • Log into your Dime online banking
    • Click the Pay and Transfer tab
    • Under External Transfers click Make An External Transfer
    • Click Add External Account
    • You will then be asked to confirm your identity by receiving a call at the telephone number we have on file
    • The external financial institution can then be added
    • Small dollar amount deposits will be sent electronically to that institution
    • When the deposits are ready to be confirmed you will receive an email
    Once confirmed the external transfer feature can be utilized. Wire transfers are not allowed unless in person at one of our 27 branch locations. We cannot accept wire instructions via telephone, email or fax.
How is the interest calculated on a DimeDirect Money Market Account?
  • The interest on the DimeDirect Money Market Account is compounded daily and credited monthly. It is a variable rate account and can be changed at any time.
Is there a minimum balance requirement for the DimeDirect Money Market Account?
  • There is no minimum requirement for the DimeDirect Money Market Account, however, the minimum amount to open is $1,000.
Can the DimeDirect Money Market Account be titled in the name of a trust?
  • We cannot offer to title the DimeDirect Money Market Account in the name of a trust, however, the trust can be set up as a beneficiary.
What's the difference between a Money Market and a Savings account?
  • A Dime Money Market account is a type of savings account that earns a higher amount of interest than a regular Savings account. While some money market accounts require a high minimum deposit to open, the DimeDirect Bank Money Market account has a low $1,000 minimum deposit.
Is my money insured?
  • Yes. As a Dime customer, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) to at least $250,000 per depositor. Your money is safe with us.
Do I need a Dime Savings or Checking account to open a Money Market account?
  • Nope. The only requirement is that you receive eStatements via Online Banking.
Is the Dime Money Market account available nationwide?
  • Yes! The benefits of a Dime Money Market account are available no matter what state you’re in.
What if I need to take my money out? Are there any penalties or fees?
  • No problem. Our Money Market account allows you to make up to six withdrawals per monthly statement cycle without any penalties or fees.
Is there anything else I should know before signing up?
  • A Money Market account is a great way to receive more interest with less risk. Whether you’re trying to balance out an investment portfolio or just trying to grow your hard-earned money, a Money Market account is a good intermediate option between a traditional Savings account and a certificate of deposit. Pair it with a Dime Perfectly Free Checking Account, and you’ve got a great financial foundation.

Learn more by taking an in-depth look at Dime's Money Market Account.

1The DimeDirect Money Market Account interest rates and APYs (Annual Percentage Yields) vary with the balance. As of 03/01/16, the APY on balances up to $500,000 is 1.10%. For balances over $500,000, the APY is 0.20%. The interest rates and APYs are established at our discretion, are variable, and are subject to change at any time without notice or limit. Minimum balance to open is $1,000, and there is a maximum opening balance of $500,000. There are no monthly minimum balance fees, but any other fees assessed may reduce the earnings on the account. Dime reserves the right to cancel or modify this offer at any time without notice and to limit the number of accounts opened. A total of six transfers or payments in the aggregate per monthly statement cycle [this includes pre-authorized, automatic, and telephone transfers by check, draft, or similar order (e.g., electronic bill payments)]. This offer is limited to one per household and is only available to consumer accounts. Please call us with any questions, at 1-800-321-3463. New Money Only. FDIC-insured on balances up to $250,000.

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