UPDATE 6/23/2018: Thanks to DA reader, Anonymous, for the comment about the new money requirement.
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 CD has a 2.60% APY. The minimum deposit is $500 of new money, with no stated balance cap.
Note: While the fine print on Dime's CD page indicates new money is required for the 15-month Promotional CD (with no mention of the other Promotional CDs), according to CSR new money is required for any of the Promotional CDs.
As stated in the CD FAQs, the Early Withdrawal Penalty for the 16-month Promotional CD reads as follows:
Accounts with terms of more than one year to
two years will lose nine months’ simple interest.
Headquartered in Brooklyn, Dime 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 and is currently offering a small portion of its product nationwide through its online banking platform, opening a Promotional CD must be done in-branch.
Dime currently has 28 New York branches located in Bellmore, The Bronx, Brooklyn (12), Cedarhurst, Flushing, Fresh Meadows, Glen Oaks, Jackson Heights, Long Island City, Melville, Merrick, New Hyde Park, Oakland Gardens, Port Washington, Valley Stream, Westbury, and Whitestone.
Dime has an overall health grade of "B+" at DepositAccounts, with a Texas Ratio of 2.29% (excellent) based on March 31, 2018 data. Dime has an above average capitalization level (10.73%), the result of holding $6.32 billion in assets with $678.33 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 Williamsburgh, was founded in 1864 by the civic-minded philanthropist, William Grandy. After 152 years, the Bank officially 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 $6.3 billion and more than 117,600 customer accounts.
How the Promotional CD Compares
When compared to the 306 similar length of term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in the New York market area, Dime’s 16-Month Promotional CD APY currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.65% APY||18-Month Share Certificate||CommunityWide Federal Credit Union|
|2.60% APY||16-Month Promotional CD||Dime|
|2.58% APY||Online 19-Month CD||MutualOne Bank|
The above rates are accurate as of 6/22/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.