Dime Community Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Thursday, October 1, 2020

Dime Community Bank’s checking account options

Perfectly Free Checking

Free checks and no fees almost make up for the lack of interest with this basic checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Perfectly Free Checking is Dime’s bare-bones checking account. After your opening deposit, there are no maintenance fees or minimum balance requirements. You’ll also get your first 50 checks for free.

But this account bears no interest. While you’ll be pulling in zero interest, checking accounts aren’t typically the best place to grow your nest egg, anyway, as this is where you keep the money you’ll be spending and paying bills with on a day-to-day basis.

To open a Perfectly Free Checking account, you will have to visit a branch or call 800-321-3463. It’s more convenient to visit in person since you will have to submit a copy of your driver’s license, state-issued ID or passport to open your account. If you’re doing so in person, all you have to do is bring your physical ID with you, and your representative will take care of the rest.

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Fabulous 50 Interest Checking

A fee-free checking account for seniors offering a low interest rate.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Fabulous 50 Interest Checking is a checking account available to seniors. It is nearly identical to Perfectly Free Checking, down to the 50 free checks. This account does bear interest, though. The interest rate is incredibly low, but it doesn’t come with any required minimum balance to earn your APY.

Open this account by visiting your local branch or calling 800-321-3463. Remember that you will have to submit a copy of your driver’s license, state-issued ID or passport to open your account.

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Direct Interest Checking

Set up direct deposit and earn a low APY on this checking account.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

If you have your paycheck go into your checking account via direct deposit, you could qualify for Direct Interest Checking, which is the same as Fabulous 50 Interest Checking, except that you don’t have to be 50 or older. You will get 50 free checks and earn the same low interest rate with no monthly maintenance fees or minimum balance requirements.

To open any checking account with Dime Community Bank, call 800-321-3463 or visit a location near you. Be prepared with your driver’s license, state-issued ID or passport whichever way you decide to apply.

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Prime Dime Interest Checking

Burdensome minimum balance requirements outweigh the scaling APY on this checking account.
APYMinimum Balance to Earn APY
0.05%$0.01
0.08%$1,500
0.10%$10,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10 a month if you don’t maintain an average daily balance of $1,500
  • ATM fee: None
  • ATM fee refund: Up to $10 a month on fees charged by other financial institutions
  • Overdraft fee: $30 per item

Prime Dime Interest Checking does offer a slightly higher interest rate, but, to qualify for the higher rates, you’ll have to build up far larger reserves in your checking account. You can get much higher interest rates elsewhere with much lower minimum balance requirements.

One other bonus of this account is that if you use an outside ATM and are charged a fee by another financial institution or ATM owner, Dime Community Bank will refund those fees up to $10 a month. But that potential win is partially canceled out by the fact that you’ll be charged a $10 monthly maintenance fee if you don’t keep your daily balance high enough.

To open this account with Dime Community Bank, visit one of its branches or call 800-321-3463. You will need a driver’s license, state-issued ID or passport to open your account.

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How Dime Community Bank’s checking accounts compare

Dime Community Bank’s interest rates are dramatically lower than the checking account rates offered by the competition. You may be thinking that these other financial institutions offering better rates must be charging higher fees but, most of the time, that isn’t true. Many financial institutions now offer low-fee, high-interest checking, and many of these accounts can be opened online from the convenience of your living room.

Dime Community Bank’s savings account options

Statement Savings

A savings account offering all the same benefits as a checking account but with more fees.
APYMinimum Balance to Earn APY
0.05%$250
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: $4 if you do not maintain an average daily balance of at least $500
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The requirements of Dime Community Bank’s Statement Savings account aren’t worth the “reward.” Offering an interest rate akin to its checking accounts, Dime Community Bank requires its customers to maintain $500 balances. Customers could achieve the same goals by using Dime Community Bank’s Direct Interest Checking account. The checking account has no minimum balance requirements or incurring monthly maintenance fees — as long as you are setting up direct deposit.

A further restriction on savings accounts is that all of them — regardless of the financial institution offering them — are governed by the federal government’s Regulation D. This regulation stipulates that you are allowed up to six certain withdrawals per month from a savings account.

With Dime Community Bank, however, withdrawals made at a branch or via mail do not count toward this limit. If you violate this rule regularly enough, the bank will be forced to shut your account down.

To open this savings account, you can start the process by visiting your local branch, emailing Dime Community Bank or calling 800-321-3463. Be prepared to submit a scanned copy of your ID, whether it be a driver’s license, state-issued ID or passport.

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Club Account

Stow away savings until a predetermined date and earn a low APY in the meantime.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

If you’re trying to save money for the holiday season or any other savings goal, you may consider a Club Account. This savings account allows you to put money in a separate account, and then that money is released to you at a specified date.

For example, if you were saving for holiday shopping, your Club Account funds may be distributed to your checking account sometime in November.

The idea is to set the funds aside separately from your other money so that it doesn’t get lost to day-to-day spending. This account comes with no minimum balance requirements and no account maintenance fees.

Club Accounts can be opened by visiting your local branch, emailing Dime Community Bank or calling 800-321-3463. Remember to come prepared with your driver’s license, state-issued ID or passport.

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Student Savings

Although this savings account carries a low interest rate, it is fee-free.
APYMinimum Balance to Earn APY
0.05% Variable $0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

This savings account is for teens and young adults who have not yet graduated from college. It offers a meager interest rate, but it also comes with no minimum opening deposit requirement, no minimum balances and no monthly maintenance fees. It’s a low-cost account that will be converted to a regular savings account when the account holder turns 23.

To get the ball rolling on your Student Savings account, visit your local branch, call 800-321-3463 or email Dime Community Bank. Students will need to submit a copy of their state-issued ID, driver’s license or passport before opening an account.

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How Dime Community Bank’s savings accounts compare

Dime Community Bank’s savings accounts are hard to take seriously. Interest rates are abysmal. Statement Savings has potential monthly maintenance fees, and the account itself is difficult to set up. Shop for other savings accounts, where you’ll find better rates and lower fees. Your money will thank you.

Dime Community Bank’s CD rates

Certificates of deposit

Dime Community Bank’s CDs have low rates, but there may be a few pleasant surprises with this product.
TermAPY
3 Months0.10%
4 Months0.45%
5 Months0.50%
6 Months0.20%
7 Months0.30%
8 Months0.30%
9 Months0.30%
10 Months0.30%
11 Months0.40%
12 Months0.40%
13 Months0.40%
14 Months0.40%
15 Months0.40%
16 Months0.40%
16 Months — Promotional2.80%
18 Months0.40%
2 Years0.65%
2 Years — Promotional2.25%
30 Months0.65%
3 Years0.65%
4 Years0.70%
5 Years0.70%
7 Years0.70%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: One month worth of interest on terms of three to six months; three months’ worth of interest on terms of six months to one year; nine months’ worth of interest on terms of one to two years; 18 months’ worth of interest on terms of two to three years; 24 months’ worth of interest on terms of three years or more

As is the trend with most of Dime Community Bank’s products, its CDs are lackluster when it comes to APY. Two gleaming exceptions are the 11-month and 16-month promotional CDs. These offer competitive interest rates that keep pace with other options on the market.

Minimum opening deposit and balance requirements are also on the low end, which means more people will be able to take advantage of these terms.

You must open your CD in person, and you must present your driver’s license, state-issued ID or passport when you do.

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How Dime Community Bank’s CD rates compare

Most of Dime Community Bank’s rate and term offerings are not competitive. But the 11-month and promotional 16-month term CDs hold their own. Be sure to compare these individual terms and rates with the best CD offers on the market to ensure you get the highest-yielding account appropriate for your situation and time horizon.

Dime Community Bank’s money market account options

DimeDirect Money Market Account

This money market account offers a fantastic rate. Be careful of the potentially steep fees.
APYMinimum Balance to Earn APY
1.25%$0.01
0.20%$500,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: You must have $5,000 in your money market or $1,500 in your checking account to avoid a $15-a-month fee.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The DimeDirect Money Market Account offers a great rate on balances less than $500,000. There is a fairly steep monthly maintenance fee, but it can be alleviated by building up a higher balance in your money market account, or by satisfying rather ambitious minimum balance requirements in a Dime Community Bank checking account.

Money market accounts are also savings accounts, so be sure to remember Regulation D when you make your financial plans. You are able to make up to six certain withdrawals from this account per month, though Dime Community Bank may cut you some slack the first couple of times it happens.

This is one account available outside of the Big Apple. You can open your DimeDirect Money Market Account online regardless of where in the U.S. you live. Just know that you will have to upload an image of your state-issued ID, driver’s license or passport as a part of the application process.

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Rewards Money Market Account

A low-yield money market account you cannot open online.
APYMinimum Balance to Earn APY
0.05%$0.01
0.10%$1,000
0.15%$25,000
0.15%$50,000
0.15%$75,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: If your balance stays at or above $2,500, you will not have to pay the $10-a-month maintenance fee.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The Rewards Money Market Account is not available online, and the differences don’t stop there. While DimeDirect Money Market offers highly competitive rates, the Rewards Money Market Account is a letdown. You can find far better rate offers elsewhere — sometimes even with lower minimum balance requirements.

We’d encourage you to open a DimeDirect Money Market Account instead of this one, but if you want to give the Rewards Money Market Account a go anyways, you can do so by opening this account at your local branch with a passport, driver’s license or state-issued ID.

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How Dime Community Bank’s money market accounts compare

Dime’s two money market accounts couldn’t be more different. The online DimeDirect Money Market Account is right up there with the accounts offering the best rates on the market, while the Rewards Money Market Account, which is more difficult to open, doesn’t hold a candle to these rates. Do some comparison shopping for money market accounts as you might find your match at another financial institution, but keep this page open as you do. DimeDirect is going to give them a run for their money.

Dime Community Bank’s IRA account options

IRA CD rates

The promotional rates on these IRA CDs may be gone tomorrow.
TermAPY
18 Months1.75%
  • Minimum opening deposit: $500
  • ? Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Nine months’ worth of interest

Here today and potentially gone tomorrow, Dime Community Bank’s IRA certificate is promotional in nature. That being said, it does offer an APY that merits a second look. This rate is far from the highest on the market, but it’s no so low that it’s insulting either. Minimum opening deposit and balance requirements are reasonable, but this account isn’t so great that you should forgo checking out the competition.

To get the process started, call 800-321-3463.

SEE DETAILS Secured

on Dime Community Bank’s secure website

Member FDIC

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How Dime Community Bank’s IRA CD rates compare

The rates on this promotion are respectable, but they’re far from the best around. Other financial institutions are offering better rates, though they will sometimes come with much higher minimum deposit requirements. Do your research to make sure you are getting the best IRA CD for your individual situation. As this will be part of your IRA, it may not be a bad idea to sit down with a certified financial planner or chartered financial analyst while you’re at it to see how this type of account would function within your entire portfolio.

Overall review of Dime Community Bank’s banking products

Dime Community Bank offers many disappointing banking products with a few shining exceptions. While you’ll want to avoid its checking accounts, you’ll want to at least consider hopping online to open a DimeDirect Money Market Account. Its savings accounts aren’t the best products around, but the 11-month and promotional 16-month CDs are incredibly competitive.

If you’re piecemealing together the best financial landscape possible, a few of Dime Community Bank’s products will help you do just that. But if you’re looking for the convenience of a one-stop shop, your money is likely to grow quicker elsewhere.

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