Thursday, 26 November 2020

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

Dime Community Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts
30 Oct
9:18

Dime Community Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Dime Community Bank Statement Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.40%

CD Rates

Dime Community Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.50%

CD Rates

Dime Community Bank 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.00%

CD Rates

Dime Community Bank 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Dime Community Bank’s checking account options

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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

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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

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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

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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

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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.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy

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Source: https://www.magnifymoney.com/blog/reviews/dime-community-bank/

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