This time of year it's common for banks and credit unions to offer deals on their IRA CDs. This year you have until April 18th to make an IRA contribution for 2010. A reader recently informed me about a deal that's being offered by Dime Savings Bank. It's a special 15-month IRA CD with a 2.50% APY. Minimum deposit is $500. This isn't listed at Dime's website. I had to call Dime (800-321-3463) for more details. According to the CSR, this special should be available until 4/15/2011.
This 15-month special is only available for an IRA. Dime Savings is still offering a 10-month CD special with a 1.65% APY. I reviewed this in my Dime Savings CD post. Unlike the 15-month IRA CD special, this 10-month CD special requires a checking account.
According to the CSR, this IRA CD special is available nationwide. Accounts can be opened by phone. If you don't open the account at a branch, they do require you to mail or fax copies of your driver's license and utility bill. Additional forms may be required depending on if the IRA will be opened as a trustee-to-trustee transfer or a rollover.
The bank also some fairly competitive long-term CD rates. The best is a 3.00% APY 7-year CD as of 2/18/2011. Minimum deposit is $500. According to the CD disclosure, the early withdrawal penalty is harsh (2 years of interest).
Dime Savings' branches are located throughout the Greater New York metro area.
Dime Savings Bank has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 5.24% (excellent) based on September 2010 data. Please refer to our financial overview of Dime Savings Bank for more details. The bank has been a FDIC member since 1943 (FDIC Certificate # 16012).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.