Dime Community Bank Review

How does your bank stack up?

  • Financial Rates: 2.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 4.0 Star Icon


  • Low opening required balances
  • Some CDs offer competitive rates
  • Variety of different types of accounts
  • Business accounts are available


  • Cannot open all accounts online
  • Most account rates are not competitive
  • Accounts have monthly fees
  • Branch locations only in New York

What You Need to Know

Most Dime accounts have a low required opening amount. All the checking accounts only require $25 to open. The money market account requires $1,000, and CDs require $500. The club savings accounts only require $5 to open.

Some Dime CD terms offer competitive interest rates. The rates with the most competitive terms are the 4, 24, 36, 48, and 80-month CDs. The rates for these accounts are competitive with other online CDs. Dime CDs can be opened in a branch location.

Dime offers a variety of personal accounts. The accounts include:

  • Statement savings account
  • Student savings account
  • Money market savings account
  • Club savings accounts
  • Personal checking
  • Fabulous 50 Interest checking
  • Direct Interest checking
  • Prime Dime Interest checking
  • CDs from three months to 84-months
  • Retirement accounts
  • Personal mortgage and lending options

Dime offers many business accounts. Savings, checking, and money market accounts are available for businesses. CDs and lines of credit are available. Business account holders have access to different money management options. Online and mobile banking are also available for business accounts.

You cannot open Dime accounts online. To open a CD and savings account, you must visit a branch location. To open a checking account, you can call customer service or visit a local branch. Dime has branch locations in New York.

Most of the interest rates offered on Dime accounts are not competitive. The interest rates are similar to typical brick-and mortar-rates. Only a few CDs offer interest rates competitive with online-only accounts.

Some Dime accounts have monthly fees. The fees range from $4 to $10 a month. Waive the fees by keeping a set account balance. Those balances range from $500 to $1,500, depending on the account.

All Dime branch locations are in New York. If you do not live close to a branch, you are not able to open those accounts. You must visit a branch location to open Dime accounts. They have 28 branch locations around New York.

Digital or Mobile Banking

Dime offers a mobile app and online banking. With these tools, you can:

  • See account balances and transactions
  • Transfer money between Dime accounts
  • Make transfers to external bank accounts
  • Pay bills
  • Find branch and ATM locations
  • Make mobile check deposits
  • Set up card control to help with spending habits
  • Send and receive money with Zelle

Cool Things

Club Accounts

Dime offers club accounts to save money for special events or for big purchases. These accounts can be set up for whatever you are saving for. Only $5 is required to open the accounts. You can have money directly deposited into your Club Account and there are no monthly fees. The account balance transfers back into your account at the end of the year.

Financial Calculators

Dime offers financial calculators to help with your big decisions. You can use the home budget calculator to see where your money is going. The savings calculator helps you see how to effectively reach your savings goals. There is a business calculator to help you figure your financial ratios.


Dime has been around for over 150 years. Up until 2016, the bank was known as Dime Savings Bank of Williamsburgh. The names changed in August of 2016 to Dime Community Bank. They have 28 branches with 400 employees.

Their branch locations are in Brooklyn, Queens, the Bronx, and Nassau County in New York. They offer personal and business accounts.

Awards and Recognition

  • Ranked 5th Nationally by S&P Global Market Intelligence thrift ranking
  • Ranked 4th Nationally by the SNL Financial LC for public thrift in 2015

Giving Back

In 2017, Dime made more than $450,000 available to different organizations. The money went to local charities, and those who specialize in disaster recovery.

Dime, along with St. Nicks Alliance and New York City Runs, Inc., sponsors a 5K run for youth. The money raised benefits local children in New York. The race started in 2012 and now has over 700 participants. The money goes to help with literacy programs and summer camps for children.

List of Common Bank Fees

  • ATM Fees in the United States: $0
  • ATM fees international: $0
  • Bill Pay: $0
  • CD Early Withdrawal Fees: 6-24 months of interest
  • Excessive Withdrawal Fees: Not listed
  • Monthly Service Fees: $0-15
  • Overdraft Service Fees: $35
  • Paper Bank Statements: $5
  • Wire Transfers (Domestic): $15-30
  • Wire Transfers (International): Not listed

Frequently Asked Questions

Are all the accounts FDIC insured?

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

How do I access my money?

With ATM or debit cards, checks, bill pay, or electronic transfers. You can also visit a branch location.

Can I deposit cash?

Yes, at a local branch location.

How long do transfers take?

Transfer times are not specifically listed on the website.

Can I sign up for direct deposit?

Yes. Money can be directly deposited into Dime accounts.

Are ATM transactions free?

Yes. ATM transactions are free at certain ATMs.

Are ATM transaction fees reimbursed?

The Prime Dime Interest checking offers up to $10 per month in ATM fees. This is the only account to reimburse ATM fees.

Is mobile banking or a mobile app available?

Yes. With mobile banking, you can check your account balance or see transaction history. You can deposit checks and pay bills. You can transfer money between different accounts. You can upload checks through mobile banking.

Is bill pay offered?

Yes. Free bill pay is available with Dime checking accounts.

Do the accounts offer competitive interest rates?

Some Dime CD terms offer rates competitive with other online-only accounts. Other accounts, including their savings accounts, have rates similar to brick-and-mortar banks.

Do checking accounts earn interest?

All Dime checking accounts earn interest except the most basic checking account. The rates are low. They are similar to typical bank rates. There is not a set balance to earn interest. Any amount in the account earns interest.

What are the most popular accounts?

The Dime CDs are popular.

What are the monthly maintenance fees?

Some Dime accounts have a monthly fee. The fees range from $4 to $10. Waive the fees by keeping a set amount of money in the accounts.

Is this one of the best banks?

A few Dime accounts offer competitive interest rates. There are branch locations, but only in New York. Not all accounts can be opened online. Some accounts have a monthly fee, but not all. The monthly fees are easy to waive.

How are my money and information protected?

Dime uses SSL encryption to keep your information safe. Their accounts are password protected. You will automatically be logged out after a set period of inactivity.

Are any business accounts offered?

Yes. Dime offers a variety of different accounts for businesses. Checking, savings, and money market accounts are available. CDs, lines of credit, and money management options are available.

What makes these accounts different?

Dime is similar to typical brick-and-mortar banks. You need to visit a branch location to open accounts. The interest rates are competitive with regular banks. Only a few CD terms offer competitive rates.

How do I reach customer service?

Through email, phone, or by visiting a branch location. You can follow Dime on Facebook, LinkedIn, and Twitter.

Bank Contact Information

Dime Community Bank
300 Cadman Plaza West, 8th Floor
Brooklyn, NY 11201

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