Dime Community Bank Adds 13-Month No Penalty CD, 2.45% APY


Deal Summary: 13-month No-Penalty CD, 2.45% APY, $500 min deposit, new money, early closure only.

Availability: New York State

Dime Community Bank (Dime) has added a 13-month No-Penalty CD, which earns 2.45% APY. The minimum deposit is $500 of new money, with no stated balance cap. New money is defined as funds not from any existing Dime account.

The No-Penalty feature is only available in conjunction with an early closure.

No partial withdrawals are allowed at any time.
This action will effectively close out the account.


Headquartered in Brooklyn, Dime Community Bank considers itself to be a community bank, but its community is the New York City metropolitan area, the most densely populated major city in the country. While Dime has expanded its footprint nationwide, the No-Penalty CD is only available to New York state residents, through Dime's online banking platform.

Opening a No-Penalty CD with Dime can also be done in-person at any of 30 New York branches located in Bellmore, The Bronx, Brooklyn (13), Cedarhurst, Flushing, Fresh Meadows, Glen Oaks, Jackson Heights, Long Island City, Melville, Merrick, New Hyde Park, New York City, Oakland Gardens, Port Washington, Valley Stream, Westbury, and Whitestone.

Bank Overview

Dime Community Bank has an overall health grade of "A" at DepositAccounts, with a Texas Ratio of 0.60% (excellent) based on September 30, 2018 data. Dime has an excellent capitalization level (11.13%), the result of holding $6.29 billion in equity with $699.62 million in equity. Please refer to our financial overview of Dime Community Bank (FDIC Certificate # 16012) for more details.

In the mid-1800s financial services for New York City’s growing immigrant and low income population were scarce. This led to the formation of a new type of institution, the mutual savings bank. One of the first mutual savings banks, The Dime Savings Bank of Williamsburg, was founded in 1864 by the civic-minded philanthropist, William Grandy. After 152 years, the Bank changed its name to Dime Community Bank, but is also known simply as Dime. It continues to serve customers throughout the five boroughs of New York City, in addition to online clients nationwide. Dime is currently the 17th largest bank headquartered in New York, with assets in excess of $6.2 billion.

How the No-Penalty CD Compares

No-penalty CDs are not that common, with only a few nationally available CDs currently being offered. When comparing no-penalty CDs, the longer the term, the more competitive the CD is. Dime’s No-Penalty CD offers a slightly longer term, has the highest APY, and requires a low minimum deposit.

The above rates are accurate as of 2/18/2019.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: New York CD rates, 1-year CD rates

Dime (NYC Area) Adds 16-Month Promo CD

UPDATE 6/23/2018: Thanks to DA reader, Anonymous, for the comment about the new money requirement.

Deal Summary: 16-month Promotional CD, 2.60% APY, $500 minimum deposit, new money

Availability: New York City metropolitan area

When I saw that Dime (formerly known as Dime Community Bank) had added a 16-month Promotional CD this week, I wondered if it was going to have the same 2.25% APY that the three other Promotional CDs (15- and 18-month and 2-year) are offering. I was pleasantly surprised to see the new 16-month Promotional...

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Dime Boosts 4-Year CD Rate
Deal Summary: 4-year CD, 2.75% APY, $500 minimum deposit

Availability: New York City metropolitan area

Dime Community Bank (Dime) recently raised the rate on its 4-year CD (2.75% APY). The minimum deposit is $500, with no stated balance cap.

In the past six months, the 4-year CD has gained 160 bps in three rate increases. The 2.75% APY falls just short of the November 2009 high of 3.00% APY.

As stated in the CD FAQs, the Early Withdrawal Penalty for the 4-year CD reads as...

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Dime Continues To Offer Money Market Nationwide
Availability: Nationwide

DA readers may remember my August 2015 blog about Dime Community Bank’s (Dime) DimeDirect Money Market. At that time, the APY had been raised to 1.10% APY (with a 1-year rate guarantee) and was being offered nationwide for the first time.

Last week, Dime posted about its DimeDirect Money Market in DA’s Forum. While the 1-year rate guarantee has expired, the 1.10% APY is still in effect and is still available nationwide.

The minimum opening deposit is $1k, with a maximum opening deposit of...

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.