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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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15-Month IRA CD Special at Dime Savings Bank in New York

POSTED ON BY

Dime Savings Bank

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).

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  Tags: Dime Savings Bank, New York, CD rates, IRA rates

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Comments
6 Comments.
Comment #1 by Bozo posted on
Bozo
Now that's more like the good old days. A better yield than the 5 year Treasury (today hanging at 2.27) with a term (15 months) that should mature just as serious rate increases begin to kick in. I opened my account today. I wanted to take some off the table anyway; this market is just too frothy. Telephone CSR was great. FAXed them my D/L and utility bill, they called back to confirm all my info and receipt of my FAX and are sending out my package today. Thanks, Ken, and thanks to your reader for sharing this heads up. Happy Prez day.

Bozo

3
Comment #2 by barrytuneup (anonymous) posted on
barrytuneup
Bozo, I also opened an IRA CD for my wife and myself $12,000 total. I have Ira cd's at Dime for about 5 years. I received a mailer 2 weeks ago (since i have accts there already) with this promo. As Ken mentioned its not on the web site. But i also used phone/fax and mail and everything went great. I live in upstae NY and did everyting via mail and phone. You just have to like dealing with Russsian girls, who do know their stuff.

3
Comment #5 by Anonymous posted on
Anonymous
Lots of hoops to jump through if you are not local.  After completing the application on line or on the phone, you receive a call to to go over and confirm all the information you have submitted.  Then mail or fax a copy of your driver's license and a recent utility bill.  I cancelled the application when I received a call to send a copy of my social security card or a recent tax return.  The Chex system showed I had multiple names - of course, I'm married, but have had this name for 11 years.  No other bank, local or out of town has ever asked me to provide a copy of my social security card.      

2
Comment #6 by Anonymous posted on
Anonymous
Has anyone ever done a Traditional to Roth IRA conversion at Dime?  I can't directly contribute to the Roth, and Dime doesn't seem to understand what I'm trying to accomplish.  If I have to keep the TIRA for the 15 months before converting, it pretty much kills the deal.  Maybe if I call back I'll get one of the Russian girls who know!

1
Comment #7 by Screwed customer (anonymous) posted on
Screwed customer
Horrible bank!  They received my large IRA transfer 2 weeks ago but did not fund my new Dime CD until today when I called!

No reasonable explanation given for lost 2 weeks interest!  I will get a copy of cancelled check to see when they cashed it.  I bet it wasn't yesterday!  They just stone wall me when I try to escalate issue.

1
Comment #8 by Anonymous posted on
Anonymous
As of a couple days ago, the service rep. said the 15 IRA CD is no longer available!

1