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2.50% 15-Month IRA CD at Dime Savings Bank - Available Nationwide


Dime Savings Bank is offering a special 15-month IRA CD with a 2.50% APY. Minimum deposit is $500, and the maximum is $250,000. New money is required. The special is listed at this Dime promotions page as of 3/12/2010.

In the small print of the promotion, it states:

Additional deposits have the same maturity date as the initial deposit and become part of the principal. Additional deposits are also subject to IRS contribution limits.

So it appears add-on deposits are allowed. The Dime IRA CD special that I reported on last November also had this add-on deposit feature. This feature is not as beneficial for IRA CDs as it is for a regular CDs due to the IRS contribution limits.

Dime Savings continues to offer fairly competitive long-term regular CD rates. These include a 2.75% APY 4-year CD and a 3.25% APY 5-year CD. These rates are listed at the rates page as of 3/12/2010. I have more details about Dime Savings' CDs in this previous post.

When I last checked with a Dime CSR last November, the IRA CD was able to be opened without a branch visit. If you call (800.321.3463), they should be able to mail you the application documentation. You can also open the IRA CD at a branch. Dime Savings' branches are located throughout the Greater New York metro area.

Dime Savings Bank has some solid financial ratings for soundness: 4 stars (excellent) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1943 (FDIC Certificate # 16012).

Credit for this find goes to this BestCashCow post.

Best IRA Rates

For other IRA CD rates and terms that are available locally and nationwide, please refer to the IRA rates section of DepositAccounts.com.

Related Pages: CD rates, IRA rates

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  |     |   Comment #1
As I previously posted they have the best deals for IRA's in the USA today. I have 4 years of IRA accounts with them (actually 8 accounts including my wife). They even send out monthly statements on all the accounts. I live in upstate NY and all accounts were done by mail. I just did the last IRA for 2009 last week!! (I know I'm behind a year but can't help it!!)
  |     |   Comment #2
I called the 800# for Dime Savings Bank and got the worst CSR I've had in a long time. They do not mail applications, without first taking down a lot of information, double and triple checking (which turned out to be good, since he kept making errors). Maybe the guy was new, but come on! It took 30 minutes. Then he insisted that my husband get on the phone and start the process all over from scratch for his IRA. I asked to be transferred to a supervisor, and she thankfully agreed to use the exact same information I just gave them (address, phone, etc.), plus five minutes of specific info for my husband. They then called my husband to confirm that he wanted to open the IRA. But that's not the end! I then faxed IDs and utility bills in each of our names, to confirm our address. They will review the application, then send paperwork. We are then to complete them and mail all back with the funds. It will be a miracle if this all happens by April 15, when the offer ends. The rate is not guaranteed until the funds are in the account. If anyone else had a better experience, I would love to hear it.   
  |     |   Comment #3
Followup for #2

I received the application a few days after faxing the requested IDs and utility bills, and mailed it back on March 24th. I called today and was told that the application had been processed, and the trustee-to-trustee transfer request (for funds from another IRA) was mailed to the other bank. They are awaiting the checks. The CSR said that even if the checks arrive after April 15, the 2.50%APY would be honored (this is different than what the first CSR said - see my previous comment).
  |     |   Comment #4
We too had a problem; when we provided the necessary info by phone and were concerned about the Dime timing for our IRA transfer, we didn't hear back from them, after we sent our required info. When we called Dime back, we learned they had given us a wrong address to mail the necessary info. We quickly deposited our transfer IRA funds locally before our 10 day extension, but it was a most frustrating experience.

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