Million Dollar Dip Recipe – Only 5 Ingredients!

If you are looking for an easy to make appetizer that requires only a few ingredients, then you are going to love this Million Dollar Dip recipe! With only 5 ingredients required and no baking involved, you will have this dip prepared in less than 10 minutes!

However it can be made in even less time if you purchase real bacon bits instead of cooking the bacon yourself. In that case all you need is 5 minutes to get this dip made and in the refrigerator.

Then when it comes time to serve the dip, pull out some crackers, corn chips or toasted baguettes and you have an appetizer that everyone will love! It is the perfect snack to serve at a tailgate party, but it is also elegant enough to serve for a holiday gathering.

Why Is It Called Million Dollar Dip?

The original recipe was created in the 1950s for a restaurant located inside of a Neiman Marcus store in Texas. Therefore when the recipe was first published it was commonly known as the Neiman Marcus dip.

However, over the years the name transitioned because of the rich and indulgent flavors that are included in the dip. Although in reality, this dip is actually very budget-friendly.

In fact, this recipe is a great example of how a few simple ingredients combined together can create a flavor combination that tastes like a million bucks. 

5 Ingredients Required for Million Dollar Dip

This dip requires 5 easily available and affordable ingredients. However, there are a few options when it comes to purchasing the ingredients.

Green Onions

You will need 5 green onions for this recipe. Both the whites and greens of the onions will be used to add that iconic mild onion flavor to the dip.

To make easy cutting of green onions (and all sorts of herbs) I use these Multi-Blade Scissors. The 5 blade design allows me to save a ton of time when it comes to cutting the green onions, allowing me to get this dip prepared in even less time!

Optional Substitution: If you don’t have green onions you can use chives as a substitution. The chives will provide that similar mild onion flavor to the dip.

Cheddar Cheese

For a little tang shredded sharp cheddar cheese is added to the mix. However I prefer to use thin shredded cheese strands so that the dip texture is more smooth than chunky.

You can definitely shred your own cheese, but if you want this dip made in only minutes, then purchase a bag of pre-shredded cheese. You can even switch up the type of cheese you buy to add a different flavor if you prefer.

Although I stick with sharp cheddar cheese for tailgate dips, I prefer to use Gouda or Gruyere cheese for holiday parties.

Mayonnaise

Million dollar dip gets its creamy texture from the mayonnaise. It is the star ingredient of this dish that brings and holds all the other flavors together.

For maximum flavor use real mayonnaise. However, you can use reduced fat or even plant based mayonnaise if that is what you typically use.

Cooked Bacon Bits

You will need 1/2 cup of real bacon bits. You can make your own bacon bits from scratch using 5-6 slices of bacon.

However, to get this dip prepared quickly use pre-cooked bacon that is available in nearly every grocery store. Just steer away from using the fake, red colored bacon bits as the flavor and texture isn’t the same.

Slivered Almonds

For an element of surprise and texture slivered almond are included in the dip. Once they are mixed with the other ingredients they become somewhat soft, but still have enough texture to provide a slight crunch.

However, to achieve the perfect balance of taste and texture, I prefer to chop the slivered almonds before adding them to the dip.

Common Recipe Substitutions

Million dollar dip is a tried and true recipe that has won over everyone who has tried it. Therefore, I would suggest using the 5 ingredients mentioned above.

However, I also understand that you might not like the taste of a certain ingredient, may not have all of the ingredients on hand, or simply prefer a healthier option. Therefore here is a list of alternatives for these 5 ingredients that you can use to ensure you get this delicious dip how you prefer.

Mayonnaise: Substitute mayonnaise with Greek yogurt, sour cream, or soften cream cheese to achieve this dip’s creamy texture.

Slivered Almonds: Cashews, walnuts, or pecans can be a great substitute for slivered almonds. However be sure to chop up your nuts finely before adding it to the mixing bowl. 

Green Onions: Chives, scallions, or spring onion are great alternatives.

Cheddar Cheese: As mentioned before, both aged Gouda or Gruyere work great as cheddar cheese alternatives. However, if you are looking for a budget-friendly option, try adding Monterey Jack cheese or Pepper Jack cheese to the mix.

Bacon Bits: Although standard pork bacon will provide the most flavor, you can substitute turkey or chicken bacon for a healthier alternative.

Spice It Up: If you like a little spice in your dip stir in your favorite hot sauce or Sriracha sauce. The spicy flavor is balances out nicely when combined with the creamy mayonnaise.

How to Serve Million Dollar Dip

My favorite way to serve the dip is with butter crackers (Ritz style crackers). However, it also pairs well with corn chips, tortilla chips, pretzels, pita chips and toasted baguette slices.

Although if you are looking for a low carb alternative, serve the dip with sliced veggies such as celery, bell peppers, cauliflower and/or broccoli.

Make Ahead Option

You can prepare this dip 2 days before serving. This will allow enough time for the flavors to meld and the dip will be at the peak of its flavor.

Simply make the dip as instructed. Then cover and store in the refrigerator.

Before serving be sure to give it a stir. Serve it cold or at room temperature. However because it includes mayonnaise do not leave it out at room temperature for more than 2 hours.

Million Dollar Dip Recipe

*Specific measurements and complete recipe instructions are located in a printable recipe card at the bottom of this article. However, be sure to continue to read the tips and tricks to making this recipe below.

INGREDIENTS

• 5 green onions, chopped
• 8 ounces cheddar cheese, shredded
• 1 1/2 cups mayonnaise
• 1/2 cup real bacon bits
• 1/2 cup slivered almonds, chopped

INSTRUCTIONS

In a medium bowl, add the green onions, cheddar cheese, mayonnaise, bacon bits, and slivered almonds.

Mix the ingredients until well combined.

Cover and chill for at least 2 hours.

Serve with your favorite crackers, chips or veggie slices.

Enjoy! Mary

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