Dime Bank Review

How does your bank stack up?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon

Pros:

  • Most accounts have low opening balance
  • myDime Student account
  • ATM fees refunded with DimePrime
  • Business accounts are available

Cons:

  • Opening accounts done at a branch
  • Accounts not offered everywhere
  • Low-interest rates
  • Most accounts have monthly fees

What You Need to Know

Most of the Dime accounts only need $25 to open the account. Those accounts include checking, savings, and money market accounts. The cost to open a CD is $500. The money market account requires $500 to establish the account. The minimum amount per check is $500 for money market accounts.

The myDime Student account is a basic checking account for students. There is no minimum balance to open the account. This account refunds fees charged from using other banks ATMs. myDime account offers an "oops rebate." Students are refunded the fee of one overdraft per calendar year. Online, mobile banking and bill pay are available. When students open this account, they receive three free deals from DimePerks.

DimePrime offers free withdrawals from any ATM. If you use a non-Dime ATM, they will refund the ATM fees. They refund up to $10 each month in ATM fees. To qualify for DimePrime, you must have $15,000 in Dime checking and savings accounts. Another option to qualify is to have a consumer or residential Dime loan balance of $150,000.

Dime offers a variety of business accounts. Checking, savings, and money market accounts are available for your business. CDs, commercial mortgages, loans, and credit lines are also available.

Even when you meet the required account balance to earn interest on your accounts the interest rates are low. Only a few of the CD term interest rates are competitive. All other interest rates are considerably lower than other online-only banks. They are competitive with typical banks.

To open an account with Dime, you have to visit a local branch. Their branches are in southeast Connecticut and west Rhode Island.

Since you have to visit a branch to open an account, accounts are not available everywhere. To be an account holder, you must live in southeast Connecticut or western Rhode Island.

Most all Dime accounts have a monthly service fee. The fees vary in range from $2 to $20 per month. The fees vary from accounts. To have the fee waived there are requirements you must meet. You must also have a certain amount in the accounts to earn interest.

Cool Things

DimePerks

Save money with national and local merchant discounts. Oil changes, roadside assistance, cell phone protection, and restaurants are some options. There are over 300,000 merchants available. The discounts and savings are sent right to your phone. When you open a DimePrime or DimeWired checking account, you are automatically enrolled in DimePerks.

CHAMP

This stands for Creating Housing Affordable Mortgage Program. This is a flexible loan program for landlords in southeast Connecticut and western Rhode Island. The interest rates are lower if they buy and renovate vacant properties. This helps provide more affordable rental units for low-to-moderate income level families.

Positive Pay

This is a tool to help catch altered, forged, and counterfeit checks for your business. Dime compares a payment check to information it has on file. If there are problems, Dime holds the check until the business tells Dime to accept or reject the check.

History

Dime Savings Bank of Norwich opened in 1869. At that time the minimum deposit required to open an account was ten cents. Dime opened as a bank to the working class people. Since they do not issue stocks, the bank is owned by depositors. They work to meet your needs.

People liked this approach and by 1926 Dime has over 7,000 customers with $4.3 million in deposits. In 1991 Dime opened the first branch in a supermarket. It had become a financial institution offering personal and business accounts.

By 1997 Dime reached the $200 million in deposits. Dime kept growing and by 1999 they had reached $300 million. In 2004 they surpassed $500 million.

Today, Dime has 12 branch locations in southeast Connecticut and western Rhode Island. They have over $800 million in assets. Dime has changed from the bank started when the required amount was only ten cents. However, they still work to treat their customers with respect and friendliness.

Awards and Recognition

  • "Best Bank" by Norwich magazine in 2017
  • "Carol Croteau Humanitarian Award" by Bethsaida Community
  • "New Leaders in Banking" by Connecticut Bankers

Giving Back

Dime Bank Foundation recently donated $1,510 to the Collaborative for Colchester's Children. This supports parents and children to help with caregiving skills. This was only part of $200,000 given in donations to other charities and organizations.

Dime Bank donated $2,500 to the Rhode Island Center Assisting those in Need. This money helped with operation expenses. This organization helps provide food for low-income families.

Habitat for humanity in Connecticut received $4,000 from Dime Bank. This money helped construct a new home for a low-income, hardworking family. Five homes per year are built for residents in Connecticut by Habitat for Humanity.

Frequently Asked Questions

Is this bank FDIC insured?

Yes. Dime Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

With checks, debit cards, online transfers, or by visiting a local branch.

Does this bank offer mobile banking?

YYes. You can deposit checks, view balances, pay bills, and transfer funds. You can also find the nearest branch or ATM through mobile banking.

Is this bank free?

No. Some Dime accounts have monthly fees. The different accounts have different requirements to waive the monthly fees.

Is this a good bank?

Dime offers a variety of different personal accounts and business accounts. The interest rates are not competitive with online-only bank accounts. They are similar to your typical bank interest rates.

Is this bank secure online?

Yes. Your account is secured with login security.

Does this bank offer competitive interest rates?

The rates are similar to your typical bank's interest rates. They are not competitive with other online-only accounts.

Can I use this bank for my business accounts?

Yes. Dime offers a variety of different account for businesses. Checking, savings, and money market accounts are available. Lines of credit, commercial mortgages, loans, and CDs are also available.

How is the online bank different from the online banking my bank offers?

They are not different. Dime online is the same as the other online resources banks offer.

Do their checking accounts pay interest?

No.

How do I reach customer service?

Through email, phone, or by visiting a local branch.

Does this bank offer bill pay?

Yes. All Dime checking accounts offer free bill pay.

Can I deposit cash?

Yes, at a local branch.

How long do transfers take?

Transfers must be made before 8:00 p.m. on current business days.

Can I sign up for direct deposit to this account?

Yes. Dime Bank offers direct deposit to all their checking and savings accounts.

Bank Information

Find a branch near you
860-859-4300

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