Doral Bank Direct: CD rates and Review

February 3, 2010 No Comments »

Doral Bank, based out of New York, regularly offers competitive CD rates through their online banking division – Doral Bank Direct.

Doral Bank Direct is a wholly owned subsidiary of Doral Financial Corporation. (NYSE: DRL), a diversified financial services company headquartered in Puerto Rico with 35 years in the banking industry. However, although they are headquartered in Puerto Rico, they are still member FDIC and your deposits are federally insured up to $250,000. Doral Bank has offices in 3 states including Florida, New York and Oregon and offer a wide range of financial services with over $10 billion in total assets.

Doral is well known for community involvement. According to their website, their community programs have earned them local and international awards for “health, art education, environment, human trafficking, financial education, and economic development.”

Doral Bank Direct Current CD Rates

(Rates no longer accurate. Visit out CD rates center for updated rates, terms and conditions from the leading banks and credit unions around the country.)

- 6 month CD yielding 1.25% APY with a minimum deposit of $1,000 required.

- 9 month CD yielding 1.40% APY with a minimum deposit of $1,000 required.

- 12 month CD yielding 1.90% APY with a minimum deposit of $1,000 required.

- 18 month CD yielding 1.50% APY with a minimum deposit of $1,000 required.

- 24 month CD yielding 1.75% APY with a minimum deposit of $1,000 required.

- 36 month CD yielding 2.00% APY with a minimum deposit of $1,000 required.

- 48 month CD yielding 2.25% APY with a minimum deposit of $1,000 required.

- 60 month CD yielding 2.50% APY with a minimum deposit of $1,000 required.

Although some of the above products are not offering higher rates than the national averages, most of the rates associated with the short-duration products (ie: 6 months through 2 years) are signifantly higher than national average rates. To put the above offers in perspective, the national average for 6 month CDs, 12 month CDs, and 3 year CDs are 0.92% APY, 1.34% APY, and 2.07% APY respectively.

Features, Terms and Conditions:

$1,000 minimum opening deposit.
Maintain a minimum daily balance of $1,000 to earn the effective APY*.
Six (6) month to sixty (60) month terms.
Interest compounded daily and credited quarterly.
Withdraw your credited interest earnings without penalty.
Guaranteed rate for the entire CD term.
Early withdrawal penalties apply.

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