Dime Community Bank Review

How does your bank stack up?

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

Pros:

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

Cons:

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

What You Need to Know

Most Dime accounts have a low amount required to open an account. 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.

The money market account offers competitive interest rates. There is no monthly fee for the Dime money market account. This account requires $1,000 to open. You can open the money market account online. Online and mobile banking are available. Some of the CDs offer competitive interest rates, but not all the terms.

Dime offers a variety of different types of accounts. They offer personal and student savings accounts. A money market account and specific Club savings accounts are available. Dime offers four different checking accounts and many different CD terms. This allows you to find the accounts that best fit your financial needs.

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 all Dime accounts online. To open a CD, you must visit a branch location. To open a checking account, you can call customer service or visit a local branch. The Dime money market account can be opened online.

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

Some Dime accounts have a monthly fee. The fees range from $4 to $10 a month. The Dime savings account has a fee. The Prime Dime Interest checking account also has a fee. This checking account earns the highest interest rates of the checking accounts. Waive the account fees by keeping $500 in the savings account and $1,500 in the checking.

To open some Dime accounts, you must visit a branch location. All the branch locations are in New York. If you don’t live close to a branch, you are not able to open those accounts.

Cool Things

Club Accounts

Dime offers club accounts to save money for special events or 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. There is no monthly fee. For holiday club accounts, the money 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 reach your savings goals effectively. There is a business calculator to help you figure your financial ratios.

History

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 located 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 in this run benefits local children in New York. The race started in 2012 and now has over 700 participants. The money goes directly to help with literacy for children and summer camp activities.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. Dime 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 ATM or debit cards, checks, bill pay, or electronic transfers.

Does this bank offer mobile banking?

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 this a good bank?

A few of 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.

Is this bank free?

Some Dime accounts have a monthly fee. Waive the fees by keeping a set amount of money in the accounts.

Is this bank secure online?

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.

Does this bank offer competitive interest rates?

Some Dime accounts offer competitive interest rates, but not all. The MMA and some CDs offer rates that are competitive with other online-only accounts. Other account interest rates, including their savings accounts, are similar to typical brick and mortar bank rates.

Can I use this bank for my business accounts?

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.

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

It is the same. Only a few Dime accounts have rates competitive with other online-only accounts. Not all accounts can be opened online.

Do their checking accounts pay 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.

How do I reach customer service?

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

Does this bank offer bill pay?

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

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 to this account?

Yes. Money can be directly deposited into Dime accounts.

Bank Contact Information

Find a branch location
800-321-DIME

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