Doral Bank Leading the Pack on 1 Year CD Rates

October 13, 2011 No Comments »

Doral Bank Direct has received a decent amount of attention on BankVibe over the years. Like many online banks, they snag new customers by offering highly competitive interest rates on their savings accounts and CDs. Today, they are offering the best annual percentage yield on 1 year CDs with an APY of 1.15%. Keep in mind, you’ll need to make a minimum deposit of $1000 to take advantage of their deposit products.

Additional Terms and Conditions Regarding Doral Bank Direct’s CD Rates:

- The interest you accrue is compounded daily.

- While interest rates are currently meager across the board, Doral Bank will allow you to withdrawal your interest, if need be, without imposing any penalty.

- If you need to withdrawal a portion of the principal before your deposit’s maturity, you will incur a penalty fee.

Related: Read our full review of Doral Bank Direct here.

Another slightly weird thing to note is that Doral Bank will require you to send back the original certificate of deposit that they’ll be sending you upon opening this account. You’ll need to send this back upon maturity and give them fair warning that you’re looking to cash out of the CD before it matures. If you forget to do this they’ll likely roll it over into another CD with the same terms.

If you haven’t read our review, you’ll also want to note that Doral Bank is now based out of Puerto Rico with 34 branches in that country, however, they still have a presence in New York, Florida and Oregon and control roughly $10 billion in assets. Early this year they were featured in our coverage of the highest CD rates available in Florida but they now offer their deposits online to consumers throughout the country. Doral Bank Direct is federally insured by the FDIC up to $250,000.

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