Dime Community Bank Review 2025: A Deep Dive into Rates, Features, & Benefits
- You can open a money market account at Dime Community Bank with only $100 and avoid the $15 service fee by keeping a $2,500 average daily balance.
- Money market account holders at Dime have access to mobile and online banking services.
- The FDIC protects your Dime money market account up to $250,000 and $500,000 for 2 account holders.
If you’re searching for a Dime Community Bank review, you’re in the right place. Dime Community Bank’s tried-and-true reputation stretches back over 150 years, from its origins as Dime Savings Bank of Williamsburgh to its strong presence in New York today.
Whether you’re evaluating Dime Community Bank reviews from others or comparing Dime Community Bank rates and Dime money market account rates, you’ll find a bank with solid offerings and local roots..
Dime Community Bank Money Market At-a-Glance
Money market accounts are an excellent way to grow your money while knowing it is protected by the FDIC. Here are some essential features of the Dime Community Bank Money Market:
- Open an account with only $100
- Keep a $2,500 average daily balance in the account to avoid the $15 service fee
- Enjoy tiered Dime Money Market rates, with the highest rates for the lowest balances
- Engage in up to six outgoing transactions per statement cycle; anything more incurs a fee
- The money in your MMA is FDIC insured
- There are 27 branches in New York
- Mobile banking and online banking are available for all customers
- You must speak to a banker to open an account; you can’t do it online
Dime Community Bank Account Offerings
One standout among Dime Community Bank account offerings is the interest-bearing money market account. For just a $100 minimum opening deposit, you can gain access to competitive Dime Bank money market rates, though you’ll need to maintain a $2,500 average daily balance to avoid a $15 monthly service fee.
Dime Bank Money Market Rates & Features
- Dime money market rates are tiered: the more you deposit (up to $500,000), the more interest you earn—well above typical savings accounts.
- Dime money market accounts are FDIC-insured up to $250,000 per account holder (or $500,000 for joint accounts).
- You can make up to six outgoing transactions per statement cycle; subsequent transfers incur a modest fee.
This Dime Community Bank money market review shows that while the account doesn’t support checks or debit cards, it does feature several benefits including full mobile and online banking and a digital wallet. Plus, tools like SavvyMoney, credit trackers, calculators, and educational content add real value.
Pros & Cons of Dime Community Bank Money Market
It can be easy to see all the good points about a bank but ignore any shortcomings. We’re providing a solid overall picture of Dime Community Bank, including the pros and cons of the money market offering.
Pros
- Dime Bank Reviews praise the bank for tiered rates up to $500K
- $100 minimum to open makes it accessible
- Full FDIC coverage
- Multiple customer touchpoints, including branches, phone, video calls
Cons
- Branches (27 total) are exclusively in New York
- Requires $2,500 average daily balance to avoid the $15 fee
- No check-writing or debit card
- Other Dime Bank Reviews note that rates beyond $500K could be more competitive
Dime Community Bank Rates Compared to Other Money Market Accounts
Dime Community Bank rates stand out when compared to other options: though they’re slightly lower beyond the $500,000 tier, the bank competes well with both digital-only platforms and larger institutions. In short, your money can grow safely—especially if you can maintain the $2,500 balance threshold.
How does Dime Community Bank stack up against the competition? Let’s take a look at what some others offer.
First Internet Bank
First Internet Bank has competitive interest rates and reimburses up to $10 in ATM fees when you use your debit card.
But if you don’t have an average daily balance of $4,000, you will pay a monthly service fee of $5. You can open the account with $100, which is comparable to the requirement of Dime Community Bank.
You must be comfortable with digital-only banking to enjoy this money market account.
UFB Direct
Another good option might be UFB Direct, which offers good rates and requires no minimum balance.
What’s the catch? There is a monthly maintenance fee when the average daily balance drops below $5,000. The opportunities for other products are limited, as the bank only provides savings accounts and some mortgages.
However, customer support is very robust and available every day around the clock.
Quontic Bank
If you’re okay with banking only online, Quontic Bank might work for you.
It’s a Community Development Financial Institution, which means it is dedicated to promoting financial health and home ownership.
The money market account requires only $100 to start and offers a debit card and a robust mobile app, but it might not have the highest interest rates for your hard-earned money.
Axos Bank
Axos Bank is an option that provides a mixed bag; it offers check-writing, which many money market accounts don’t (including Dime Community Bank).
The minimum opening deposit is $1,000, and you must hold an average daily balance of $1,000 to avoid the service fee.
Security features are a stand-out feature of this bank, which uses fingerprints, voiceprints, and facial recognition to keep your money safe.
Who is Dime Community Bank Money Market For?
This money market account is for those with a good deal of money to sock away, who can keep at least a $2,500 daily balance, and don’t need to access their cash readily.
The MMA offers no checks or debit cards, but you can move money around online, so this account is for those who are internet-savvy.
It’s beneficial for those who live in the Manhattan area of New York, where they can access the 27 branches of Dime Community Bank.
Rating Dime Community Bank Features & Benefits
Dime Community Bank has been around for a long time and has a great reputation.
What matters is whether the bank’s features work well for you and your financial goals, especially for their money market account.
Let’s dive into the features of Dime Community Bank overall and their Money Market Accounts in particular.
User Experience
Though the website for Dime Community Bank offers limited information, bankers are readily available to speak with you directly and answer any questions. Signing up for a money market account can’t be done online; you must first call the bank to discuss your needs with a banker.
Fees
If your average daily balance in the money market account drops below $2,500, a $15 service fee is assessed each month until your balance meets the threshold.
As with other savings or money market accounts, you are allowed six outgoing transactions each month; more than that can incur a modest fee per additional transaction.
There is never a fee for incoming transactions, such as depositing checks.
Rates
Though the rate at Dime Community Bank can be higher than that of the competition, the bank uses a tiered interest system and needs to be more explicit about how those tiers apply; however, customers have stated that the rates drop significantly once you invest over a certain amount. You must contact a banker to learn more.
Minimum Deposit
It takes only $100 to open a money market account but keep in mind that there is a minimum balance of $2,500.
That means you have a month’s grace period to increase your deposit from $100 to $2,500 or more to avoid the service fee.
Tools, Extras
In addition to the mobile banking app, Dime offers a digital wallet, allowing you to make purchases immediately from your phone.
A program called SavvyMoney helps you understand and track your credit, while the financial education tools will enable you to learn more about what your money can do for you.
The site offers calculators that help you figure out what you will earn in interest and help you handle retirement funds.
Customer Support
In addition to the ease of contacting someone at the bank online, there are other options to get customer support.
You can show up in person at any branch or contact a banker via phone during regular business hours. You can even set up a video call if you prefer.
Dime Community Bank offers a mobile banking app that lets you handle your accounts.
Access
There are 27 branches of Dime Community Bank across New York, with most of them centered around the Brooklyn area.
The Money Market account is available to residents of all 50 states. You can easily access your money through the branches and move it around through the online site or the mobile banking app.
This money market account doesn’t offer checks or a debit card.
Safety and Security
The FDIC protects your money market account. This means that up to $250,000 of your money is fully insured.
Dime Community Bank offers extensive information on scams and other problems that could affect their banking customers, as well as ways to get in immediate contact if you believe you have been a victim of fraud.
Final Take on Dime Bank Review
The bottom line in any Dime Community Bank review you read is consistent: this is a solid, FDIC‑insured bank with thoughtful digital tools and competitive money market rates, especially if you keep your balance above the $2,500 threshold.
If you’re looking for robust customer support, a rich history, and straightforward account offerings, Dime Community Bank delivers.
Frequently Asked Questions (FAQs)
No, JP Morgan Chase does not own Dime Community Bank. Dime is an independent, FDIC‑insured institution founded over 150 years ago in Brooklyn.
Yes, Dime Community Bank reviews consistently praise its safety. Deposits, including those in money market accounts, are FDIC‑insured up to $250,000 per depositor or $500,000 for joint accounts.
There are 27 branches across New York state, most clustered around the New York City metropolitan area.
Dime is a mid‑sized regional bank with approximately 400+ employees and a solid presence in New York. It’s large enough to offer a variety of Dime Community Bank account offerings, yet small enough to maintain personal service.
INSIGHTS
At MoneyRates, our methodology is designed to provide consumers with unbiased and comprehensive evaluations of various banking products. We rate a range of banking products, including savings, checking, CD, money market, investment, retirement accounts, and loans. For each account we evaluate, we assign a star rating ranging from 1 (poor) to 5 (perfect) based on a set of key factors. These factors include interest rates, fees, accessibility, customer service, user experience, money management tools, and technology. By considering all these factors, we aim to provide consumers with a clear and accurate picture of the products they are considering, allowing them to make informed decisions about their finances.