Dime Savings Bank of Williamsburgh MMA Rate at 1.10% APY
The Dime Direct money market account rate at Dime Savings Bank of Williamsburgh is currently 1.09 percent with an APY of 1.10 percent. Dime Direct's MMA rate is the top regular MMA rate available on our rate list and is tied with two other banks' rates. We also have a 1.11 percent rate on our list but that is a promotional rate from EverBank and is only for the first year.
You can earn this rate on the Dime Direct MMA for account balances up to $500,000. Dime Savings Bank has been around since 1864 and is in good financial condition (BauerFinancial 5 state rating) but remember the account will only have FDIC protection (FDIC # 16012) up to $250,000.
If the bank goes into receivership (shut down by the FDIC), you will only recoup $250,000 and not a dime more, no pun intended. Dime's failure is highly unlikely but taking a chance on losing any of your principal with any bank isn't worth it. Also keep in mind that any interest accrued that sends your account balance over $250,000 will also be lost if there is a bank failure.
As with any money market account, this rate is a variable rate which means it can change at anytime. The minimum opening balance for the Dime Direct account is $1,000. Account balances above $500,000 earn a paltry 0.20 percent. This offer is limited to one per household and is only available on consumer accounts.
You can open an account online in 5 to 10 minutes at Dime Savings Direct MMA or by calling 1-800-321-DIME (3463).
Banking & Finance InformationPersonal Finance