Dime Savings Bank is again offering IRA CD specials. Like last year, there's a 15-month IRA CD. Of course, the rate is much lower, but it's competitive in today's environment. Unlike last year, there's also a 5-year IRA CD special. The 15-month IRA CD has a 1.25% APY, and the 5-year IRA CD has a 2.25% APY. New money is required. Minimum deposit is $500, and the maximum deposit is $250,000. These rates are listed in Dime's 15-month promo page and the 60-month promo page as of 3/1/2012.
I was told these specials are scheduled to last until April 17th (the last day to make a 2011 IRA contribution). However, last year they pulled the IRA special about 3 weeks early. So these could also end early.
According to the customer service representative, these IRA CD specials are available nationwide. Accounts can be opened by phone. If you don't open the account at a branch, they do require you to mail or fax copies of your driver's license and utility bill. Additional forms may be required depending on if the IRA will be opened as a trustee-to-trustee transfer or a rollover.
The bank also has a competitive 7-year CD rate of 2.05% APY (competitive as compared to other banks). This rate is listed in the bank's rates page as of 3/1/2012.
According to the CD disclosure, the early withdrawal penalty is harsh (2 years of interest) for terms of 3 years or more.
Dime Savings Bank branches are located throughout the Greater New York metro area.
Dime Savings Bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 7.89% (excellent) based on December 2011 data. Please refer to our financial overview of Dime Savings Bank for more details. The bank has been a FDIC member since 1943 (FDIC Certificate # 16012).
How These CD Rates Compare
Dime's 15-month IRA CD special tops the best nationally available 1-year and 18-month IRA CD rates. For 1-year, the best rate is 1.10% APY at Melrose Credit Union. For 18-months, the best rate is 1.15% APY. That's available at Alliant Credit Union.
Dime's 5-year IRA CD special is close to the best nationally available 5-year IRA CD. That rate is 2.27% APY at Melrose Credit Union.
These rates are accurate as of 3/1/2012.
Searching for the Best IRA CD Rates
To search for the best nationwide IRA CD rates and the best IRA CD rates in your state, please refer to the IRA CD rates section of DepositAccounts.com.