Dime Boosts 4-Year CD Rate To 2.75% APY


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.

2.75%$500-Dime Community Bank4 Year CD
Rates as of April 24, 2018.

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 follows:

Accounts with terms of three years or more will lose 24 months’ simple interest.

Thanks to DA reader, Caliban77, for posting on this 4-year CD in the DA Forum.

DimeDirect Money Market

In August 2015, Dime begin offering its DimeDirect Money Market (1.10% APY) on a nationwide basis. The APY was considered to be a competitive rate at that time, particularly since it came with a one year rate guarantee. By August 2016, the rate guarantee had expired, but the 1.10% APY and national availability were still in effect. In fact, there was no rate movement until November 2017, when it inched up to 1.20% APY. An additional 15 bps were added in early January, giving the DimeDirect Money Market a 1.35% APY on balances up to $500k; balances above $500k earn 0.20% APY.

1.35*%-$500kDime Community BankDimeDirect Money Market
OTHER TIERS: 0.20% $500k+
Rates as of April 24, 2018.

The minimum opening deposit is $1k, with a maximum opening deposit of $500k; funds must be new money. This offer is limited to one account per household and is only available to consumer accounts.

The FAQs states that,

Withdrawals from the DimeDirect Money Market Account are made via the external transfer feature through the Dime online banking.

Wire transfers are not allowed unless in person at one of our 29 branch locations. We cannot accept wire instructions via telephone, email or fax.


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. Dime has expanded its footprint and is currently offering a portion of its product nationwide through its online banking platform.

Opening a CD with Dime must be done in-person at any of 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. The DimeDirect Money Market account can be done online or at of the above mentioned branch locations.

Bank Overview

Dime Community Bank has an overall health grade of "B+" at DepositAccounts, with a Texas Ratio of 3.08% (excellent) based on December 31, 2017 data. Dime has an above average capitalization level (10.39%), the result of holding $6.39 billion in equity with $664.29 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 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.

How the CD Compares

When compared to the 317 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 Community Bank’s 4-Year CD APY currently ranks fourth.

Interest RateCD Length of TermCredit Union/Bank
2.94% APY48-Month Personal CDConnectOne Bank
2.85% APY48-53 Month CDNational Bank of New York City
2.80% APY48-Month CDCross River Bank
2.75% APY4-Year CDDime Community Bank

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

How the DimeDirect Money Market Compares

When compared to the 178 other nationally available Money Market accounts tracked by DepositAccounts.com, Dime Community Bank’s DimeDirect Money Market APY currently ranks eleventh.

Interest RateAccount NameCredit Union/Bank
1.80% APYHigh Rate Online Money Market ($5k min/$1m max)Bank 7
1.75% APYMoney Market Account ($100 min/no max)CIT Bank
1.35% APYDimeDirect Money Market (no min/$500k max)Dime Community Bank

To search for the best Money Market rates, both nationwide and state specific, please refer to our Money Market rates table page.

The above rates are accurate as of 4/21/2018.

Related Pages: New York money market accounts, money market accounts, 5-year CD rates

111   |     |   Comment #1
A 2 year EWP on a 4 year CD? Thanks, but no thanks.
clementine   |     |   Comment #2
Not good enough
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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