Doral Bank is offering three good deposit deals at its New York branches. The best one is the 1-year CD with a 1.30% APY. The other CD has a 3-year term with a 1.60% APY. The money market special has a 1.20% APY with the rate guaranteed for 3 months from the date of account opening. Minimum deposit is $5,000. The money market account is a tiered-rate account. The 1.20% APY only applies to balances of at least $5K. The rate is 0.50% for balances under $5K. These rates are listed in the bank's promo flyer as of 10/27/2011.
These promotions are only available by Doral Bank's New York branches. The two New York branches are located in New York City at 875 3rd Avenue and 345 Park Avenue South.
Thanks to the reader who emailed me news of these specials.
Doral Bank's internet bank, Doral Bank Direct still has good deals on its 1-year and 3-year CDs: 1.15% APY 1-year and 1.65% APY 3-year as of 10/27/2011. These are available online from any state (see review).
Doral Bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 74.97% (below average) based on June 2011 data. Please refer to our financial overview of Doral Bank for more details. The bank has been a FDIC member since 1981 (FDIC Certificate # 32102).
How These CD Rates Compare
Doral Bank's 1.30% APY for a 1-year term equals what Alliant Credit Union offers for a $25K minimum deposit. That's the best 1-year CD rate that's nationally available. Doral Bank Direct and CIT Bank have the best 1-year CD rate that's nationally available from a bank with a 1.15% APY. CIT Bank has the advantage since this 1-year CD have an add-on and bump-up feature (see my CIT Bank CD review).
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.