Dime Savings Bank is offering a 1.65% APY 10 month CD, but there’s a catch. You need to have a checking account with them and you need to get direct deposit or do online bill pay at least once a month. The CD also has a minimum deposit of $500.
Dime Savings Bank uses the ChexSystem to check on accounts so don’t worry about getting a ding on your credit score when applying. Another annoying features is that accounts can’t be opened online or over the phone. They’re available nationwide but the branches are only located in New York. So if you want to open an account you’ll have to apply via snail mail. Still, if you have $100,000 to invest, which is also the max deposit allowed, you can make quite a bit on this account.
The checking account that you need to open to get the CD does feature up to $10 in ATM refunds per month and an interest rate of 0.35% on any money in the account. There’s also a $15 monthly fee if your balance falls below $5,000, which is pretty annoying. If you go with their non-interest checking account there’s still a $12 fee if your balance falls below $2,500.
Dime Savings is also offering a 3% APY 7 year CD with a minimum deposit of $500. Keep in mind that the early withdrawal penalty is large with a 2 years’ interest penalty.
Dime Savings Bank has a 4 out of 5 star soundness rating from bankrate and is insured by the FDIC. Leave your reviews of Dime Savings or read them here: Dime Bank.