Doral Bank Direct’s CD Rates – One Exceptional APY

May 14, 2011 1 Comment »

Every once in a while a reader will forward us a promotional CD rate from Doral Bank (based out of Puerto Rico) featuring a sensational interest rate and APY. This time around BankVibe.com reader Joshua sent us their latest offer – a 12 month CD yielding 1.40% APY. This online CD comes with a minimum deposit requirement of $1,000 and can be opened by mail as well. To put this offer in perspective, the current national average for 12 month CD rates sits at just 0.90% APY.

For those who are unfamiliar with Doral Bank Direct, they are the online channel of Doral Bank, the main subsidiary of Doral Financial Corporation (NYSE:DRL), a $10 billion diversified financial services company with operations in Puerto Rico, New York, Florida and Oregon. While many savers get sketched out by investing large sums of money in a bank headquartered in Puerto Rico we should note that they are federally insured by the FDIC and funds up to $250,000 are protected under this insurance.

In recent posts covering Doral Bank and Doral Bank Direct, we’ve seen a number of comments complaining about their lack of responsiveness and overall discontent with the customer service department. So if you are going after their high yield 12 month CD, we’d suggest doing some due diligence beforehand. Also, make sure to let them know ahead of time if you wish to cash out after the 1 year period is over as your funds may automatically lock into another 12 month CD.

Complete List of Doral Bank CD Rates:

(As you can see Doral Bank offers quite modest returns on pretty much every CD besides their 12 month offer – with 6 month and 18 month CD’s providing the same interest rates as well as 3 year CDs through 5 year CDs.)

- 6 month CD yielding 0.75% APY with a minimum deposit requirement of $1,000.

- 9 month CD yielding 0.75% APY with a minimum deposit requirement of $1,000.

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

- 18 month CD yielding 0.75% APY with a minimum deposit requirement of $1,000.

- 24 month CD yielding 1.00% APY with a minimum deposit requirement of $1,000.

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

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

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

If you have experience in banking with Doral Bank or Doral Bank Direct, please share by leaving a comment.

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  • former Doral customer

    Doral Direct is not really “direct” at all. They behave more like a branch bank than an internet bank. Doral still sends certificates for CDs and requires the certificate to be sent in to close the account at maturity. Quaint.