Dime Community Bank VS Navy Federal Credit Union

Which bank is better for you?

  • Financial Rates: 2.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • Low opening required balances
  • 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
  • Accounts have monthly fees
  • Branch locations only in New York
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
Advertiser Disclosure
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Pros:

  • Low opening required amounts
  • Variety of accounts available
  • ATM fee reimbursements
  • Competitive rates on most accounts

Cons:

  • Must become a member first
  • Accounts have tiered interest rates
  • Daily cash limits on withdrawals
Dime Community Bank Review

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.

Read the full Dime Community Bank review.

Navy Federal Credit Union Review

Navy Federal accounts have low opening required amounts. The savings account only requires $5 to open. The money market account does not have a set amount required to open, but to earn interest requires $2,500. The checking accounts do not have a set amount required to open. The CDs have tiered opening required amounts. The lowest amount to open a regular CD is $1,000. Special CD offers require lower opening amounts.

There are a wide variety of accounts offered through Navy Federal. They offer a savings account, money market account, and CDs. Their CD terms range from three-month terms to seven-year terms. Navy Federal offers five checking accounts. Those accounts include one for students, an online account, and an active duty account. Navy Federal also offers loans and credit cards.

Most Navy Federal checking accounts offer ATM fee reimbursement. Only the Everyday Checking account does not. The reimbursement amount ranges from $10 to $20, depending on the account. Some accounts require a direct deposit to earn the reimbursement.

Most all Navy Federal accounts offer competitive interest rates. The CDs offer the most competitive interest rates. Navy Federal savings and checking accounts earn interest. The rates are lower than online account rates. The money market account rates are slightly lower than online rates. These rates are higher than typical bank rates.

Before you open an account with Navy Federal, you must first become a member of the credit union. Servicemembers and veterans are eligible to join Navy Federal. Department of Defense employees are eligible. Family members of each of these groups can become members of Navy Federal Credit Union.

Navy Federal money market and Flagship checking account have tiered interest rates. To earn the most competitive rate on the MMA requires a balance of at least $50,000. The checking account requires $25,000. To earn the most competitive rate on Navy Federal CDs requires $100,000.

Navy Federal only allows for a daily cash withdrawal of $600. This includes cash from an ATM, a branch, or receiving cash back. There is a daily transaction limit of $3,000 for most checking accounts and $5,000 for the Flagship checking. Their accounts do not typically have limits on the number of transactions.

Read the full Navy Federal Credit Union review.

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