Dime Community Bank

Overview / Commentary
149 Kent Avenue
Brooklyn, NY 11249

Dime Community Bank, previously known as Dime Savings Bank, is a New York-based financial institution registered with the FDIC as a savings bank. It primarily provides personal and business deposit products and loans, in addition to its commercial lending services. Though its original identity was as a community banking institution, it is now a publicly traded company on NASDAQ (Symbol:DCOM).

Dime Community Bank offers checking, savings, Money Market, and CD accounts on its personal banking side. They have a free checking account and a rewards checking account that both offer attractive features. The free checking account comes with a free order of checks and a Visa check card and has no monthly fees or minimum balance requirements. The rewards checking account offers non-Dime ATM transaction fee refunds as well as access to higher interest rates when certain account balance thresholds are met. Several savings accounts offer consumers a way to save while accumulating daily compounded interest. One savings account has several features similar to that of a checking account, including a check card and free online banking. There is a student savings account option, as well, and it offers unlimited free deposits and withdrawals. Money market accounts offer higher rates of interest as account balances meet higher thresholds. Certificates of Deposit (CDs) are available in term lengths ranging from 3 to 60 months and require a minimum initial deposit to open. Dime’s CDs have been recognized in the past on DepositAccounts.com. Business banking accounts offer similar rates, and Dime features a unique lawyer account that is connected to a law-related public interest fund.

Dime Community Bank online banking provides a secure platform on which customers can perform account management activities like viewing transaction history, transferring funds, and paying bills. Telephone banking is also available and can be used to review recent activity and pay a mortgage or personal loan.

Dime Community Bank was originally established in 1864 under the name The Dime Savings Bank of Williamsburg. In 2002, the bank moved its headquarters from New York City to Brooklyn, New York, and it serves its customers through branches located across four of the five boroughs of the city.

Related Posts

Dime Community Bank Adds 13-Month No Penalty CD, 2.45% APY - 2/18/2019

Dime Community Bank has added a 13-month No-Penalty CD (2.45% APY) that is available to all New York state residents. Minimum deposit is $500 of new money.

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Great Service, And A Greater Interest Rate

Posted by: TinaFin | Oct 15, 2015

Decided to post a review because of the rough comments below. No one ever posts good stuff when they're happy so I figured I'd write ... I've been a customer of the bank for almost three years - the customer service is great compared to the "big banks" ... and just recently they started promoting a great rate for a money market account. I rarely get to go to my local branch because I can deposit checks from the app, but when I do, the tellers remember my name. Love the personal touch ... :)

Clumsy Customer Service

Posted by: redfarm | Nov 5, 2015

In opening an online money market account with Dime Savings Bank there was a glitch in initially funding it. The savings account with the external bank was described as (yes) a savings account when according to that bank (SFGI Direct) it should've been labeled as a checking account. Because of this issue the transfer of funds fell through. However I only learned that there was a problem when my account access was blocked. I phoned customer service who routed me to the department responsible for account openings. They told me that my account had been flagged, my access denied, and any activity prohibited. I called the other bank to find out what happened and they explained the reason. I then shared this information with Dime Savings. The transfer went through a few days later and the flag lifted. The only notice though Dime Savings gave alerting me to this issue was a message in my account inbox - which I was blocked from accessing. An email or phone call would've been the most effective means to let me know. On the positive side phoning customer service hasn't meant a long wait to speak with someone.

Interest Rate Cut Twice In Less Than A Month

Posted by: JV75 | Aug 19, 2019

Update 10/19
Dime cut the interest rate by an additional .30% on 10/4 and I find the timing to be interesting. Unless you monitor the account closely you wouldn’t notice the rate cut until a month later as the September 30th statement shows the higher rate. I called the branch to let them know I was withdrawing about 95% of my balance due to the rate cut and the banker did not even ask if there was any way to keep my business. My new bank on the other hand welcomed me with open arms. Oh well.

Original review:
I understand interest rates were cut by the Fed but Dime cut my money market rate twice in about two weeks. I called the Bayside branch and asked to speak to the branch manager to see if there was a way to lock in a rate and the woman who answered the phone said the manager was on vacation and there was nothing the bank could do to keep my business. Wow. I would think a bank who cared about their customers would tell me to come in and talk to them. I couldn't get past the girl who answered the phone. Ok fine, there are plenty of other banks who would like my business.

Money Market Account Misleading

Posted by: Van King | Feb 20, 2017

I just opened a Dime Money Market account. The interest rate is terrific, I had no issues transferring money, and the security seemed good. My one and only, but huge issue is that there is a cap of $5,000 per transaction with transferring money in and out. Nowhere did I see that prior to opening the account. They definitely should be putting that prominently on their information sheet. Luckily I only started with $1,000 because if I wanted to withdraw a large sum of money, I wouldn't be able to as I would be capped at $5,000 per transaction. As it is, since I can make 6 exchanges per month, it only makes sense to leave in $30,000 in the account if I want to be able to move my money in an out in a timely manner.



Health Grade Components

FDIC Certificate #16012
Year Established1864
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.82%
Return on Equity - YTD7.77%
Annual Interest Income$117.6MM
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$6.49B$6.25B
LoansQ2 2019vs Q2 2018$5.51B$5.38B
DepositsQ2 2019vs Q2 2018$4.57B$4.50B
Equity CapitalQ2 2019vs Q2 2018$669.3MM$668.3MM
Loan Loss AllowanceQ2 2019vs Q2 2018$21.1MM$21.0MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$4.1MM$6.4MM
Real Estate OwnedQ2 2019vs Q2 2018$0$0
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Always verify rates and promotions with the bank or credit union. We are not Dime Community Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Dime Community Bank Savings Account Rates

0.05%$250-Statement Savings
0.05%--Passbook Savings
0.05%--Club Account
0.05%--Student Savings
0.05%--Holiday Account

Dime Community Bank Money Market Rates

0.20%*$75k*-Rewards MMA Statement
OTHER TIERS: 0.05% Up to $1k | 0.10% $1k - $25k | 0.15% $25k - $75k

Dime Community Bank Checking Account Rates

0.10%*$10k*-Prime Dime Interest Checking
OTHER TIERS: 0.05% Up to $1.5k | 0.08% $1.5k - $10k
0.05%--Fabulous 50 Interest Checking
0.05%--Direct Interest Checking
0.05%--Business Interest Checking

Dime Community Bank CD Rates

1.75%$500-14 Month No Penalty CD
1.60%$500-7 Year CD
1.50%$500-7 Month CD
1.35%$500-10 Month CD
1.35%$500-2 Year CD
1.35%$500-30 Month CD
1.35%$500-3 Year CD
1.35%$500-4 Year CD
1.35%$500-5 Year CD
0.50%$500-15 Month CD
0.50%$500-18 Month CD
0.50%$500-16 Month CD
0.45%$500-13 Month CD
0.45%$500-14 Month CD
0.40%$500-11 Month CD
0.40%$500-12 Month CD
0.30%$500-8 Month CD
0.30%$500-9 Month CD
0.20%$500-6 Month CD
0.15%$500-4 Month CD
0.15%$500-5 Month CD
0.10%$500-3 Month CD

Dime Community Bank IRA Rates

1.60%--7 Year IRA
1.50%--7 Month IRA
1.35%--10 Month IRA
1.35%--2 Year IRA
1.35%--30 Month IRA
1.35%--3 Year IRA
1.35%--4 Year IRA
1.35%--5 Year IRA
0.50%--15 Month IRA
0.50%--18 Month IRA
0.50%--16 Month IRA
0.45%--13 Month IRA
0.45%--14 Month IRA
0.40%--11 Month IRA
0.40%--12 Month IRA
0.30%--8 Month IRA
0.30%--9 Month IRA
0.20%--6 Month IRA
0.15%--4 Month IRA
0.15%--5 Month IRA
0.10%--3 Month IRA


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