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.
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.