Dime Community Bank (NYC) Adds No-Penalty CD For New Customers


Deal Summary: 13-month No-Penalty CD, 2.00% APY, $25k min deposit, early closure only, new customers only. 13-month Promotional CD, 2.25% APY, $25k min deposit, new customers only.

Availability: New York City metropolitan area

Dime Community Bank (Dime) has added two CDs to its product line that are only available to new customers: a 13-month No-Penalty CD (2.00% APY) and 13-month Promotional CD (2.25% APY). The minimum opening deposit for either CD is $25k of new money, with a balance cap of $500k.

As stated in the fine print of the landing page, only an early closure is possible.

13 Month No Penalty CD: To receive no penalty benefit, money must remain in the account for the first seven days after deposit. Partial withdrawals are not allowed. This action will effectively close out the account. CD will automatically renew at maturity into an 18 Month non-promotional CD at the interest rate in effect at the time.

According to CSR, the Early Withdrawal Penalty for the 13-month Promotional CD is all interest earned. Partial withdrawals are not allowed, only an early closure.

Earned interest from either CD can be paid out on a monthly basis, either by check or transferred into a Dime checking or savings account.

There is a 7 calendar day grace period before a CD automatically renews. Both CDs will renew as an “18 Month non-promotional CD at the interest rate in effect at the time.”

Unlimited beneficiaries (equal shares) can be named. Social Security numbers are required for each named beneficiary, as well as full legal name, DOB, and address.


Headquartered in Hauppauge, New York, 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.

Both the 13-month No Penalty CD and the 13-month Promotional CD can only be opened by New York residents who have never had a deposit relationship with Dime Community Bank.

Opening either of these special CDs must be done in-person at any of 64 New York branches located throughout Long Island, Queens, Brooklyn, Manhattan, and The Bronx.

Bank Overview

Dime Community Bank has an overall health grade of "B+" at DepositAccounts, with a Texas Ratio of 3.62% (excellent) based on March 31, 2022 data. Dime has an excellent capitalization level of 11.17%, the result of holding $12.08 billion in assets with $1.42 billion 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 was also known simply as Dime, serving customers throughout the five boroughs of New York City,.

In February 2021, the merger of BNB Bank and Dime Community Bank was completed, with BNB assuming the Dime brand. According to a RiverheadLOCAL article,

Kevin O’Connor, former president and chief executive officer of Bridge, is now chief executive officer of the combined bank. “The completion of this transaction unites two iconic New York community banks creating the premier community-based business bank in our region,” O’Connor said in a joint statement with the company’s executive chairman Kenneth Mahon.

“Our enhanced branch footprint and increased capital base will allow the combined bank to better serve the needs of our customers across the greater New York and Long Island marketplaces,” O’Connor and Mahon said. “We are very excited to begin this new chapter in our institutions’ histories.”

Dime Community Bank is currently the 12th largest bank headquartered in New York, with assets in excess of $12 billion and more than 130,000 customer accounts.

How the 13-Month No Penalty CD Compares

As I’ve stated before in each no-penalty CD blog post, no-penalty CDs are somewhat rare and the longer the term, the more competitive the CD. When compared to the nationally available no-penalty CDs tracked by DepositAccounts.com, Dime Community Bank’s 13-month Penalty Free CD APY currently ranks first.

How the 13-Month Promotional CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the market area and have minimum deposit requirements of $25k or less, two banks and two credit unions have higher rates than currently offered on the Dime Community Bank 13-Month Promotional CD. The following table compares the 13-Month Promotional CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 7/8/2022.

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

  |     |   Comment #1
Unfortunately, "Both the 13-month No Penalty CD and the 13-month Promotional CD can only be opened by New York residents who have never had a deposit relationship with Dime Community Bank."
  |     |   Comment #2
Sounds like my c.u., new money only, new members only, coin machines only, new debit cards only, etc.
  |     |   Comment #3
Real message…relationships don’t matter. Bail current account holders and beware who’s next
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...

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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.

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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.