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Dime Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Dime Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1869, Dime Bank has $829 million in assets and deposits totaling $613 million, ranking it as a medium-size bank. Dime Bank, whose headquarters are in Norwich, Connecticut, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave Dime Bank a 4.1 stars out of 5, which means it is a respectable bank that deserves your consideration. Dime Bank offers a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Dime Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Dime Bank offers an option without a monthly fee. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is your best option for returning the most income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.3
SmartAsset Average: 3.5

Dime Bank has a savings rate of 0.05%, which is fair in comparison to other U.S. banks. Dime Bank's one-year and five-year term lengths CDs earn at a rate of 0.90% and 1.50%, respectively, while its highest-yielding money market account has a rate of 0.05%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Dime Bank's Savings Rates Compare

Dime Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Dime Bank charges customers extremely low fees compared to the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Dime Bank unfortunately doesn't refund out-of-network ATM fees, which means you will need to search for a Dime Bank ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.3
SmartAsset Average: 3.7

Dime Bank is a brick-and-mortar bank, with 12 total branches in Connecticut. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Dime Bank's online and mobile banking platforms receive poor marks from users. The Dime Bank mobile app is rated at 2.8 out of 5 (out of 9 ratings on iOS and Android) compared to the national average of 3.8. You can utilize Dime Bank's mobile app to manage your funds by reviewing monthly statements, sending and receiving money and reaching customer service. Dime Bank gets an exceptional consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 2.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Dime Bank ranks as a medium-size bank owning assets totaling $829 million and $613 million in deposits. Dime Bank has a strong Texas Ratio of 8.70%, denoting a small chance of failure. Additionally, Dime Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.7%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Dime Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $20
Checking Account 0.1% APY $20
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 0.70% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.40% APY
  • 60 Month: 1.50% APY
$500 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

Dime Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Dime Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Dime Bank's CD rates are fair compared to other U.S. banks.

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Find a Dime Bank Near Me

Dime Bank has 12 locations across the U.S.

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