Doral Bank NY is offering a nice checking and money market promotion at its New York branches. The checking account special guarantees a 1.10% APY on the Gold Interest Checking for the first 12 months. Minimum deposit is $500. The money market special guarantees a 1.20% APY or the first 6 months. Minimum balance is $5,000. Balances under $5,000 earn 0.50%. This special is listed in the bank's promotions page as of 5/16/2012.
These promotions are only offered by Doral Bank's New York branches, and accounts must be opened in person. Also, new money is required. Thanks to the reader who mentioned this special in the comments.
I don't see any limitation in the promotions page about opening both accounts. That would allow you to get 1.20% for the first 6 months and then you can get 1.10% for another 6 months.
This is the same bank that runs Doral Bank Direct which is still offering top rates on its 1-year and 3-year internet CDs (see post).
There used to be two Doral Banks with separate FDIC charters, Doral Bank and Doral Bank, FSB. However, the bank holding company, Doral Financial Corporation merged these into Doral Bank last year. Doral Bank isn't in the best financial shape. It has an overall health score of 3 stars (out of 5) with a Texas ratio of 79.92% (below average) based on December 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 Rates Compare
These checking and money market rates would be very competitive even without the time guarantees. The best money market rate that's nationally available is 1.25% APY at TIAA Direct. However, this has no rate guarantee. The best rate that's guaranteed to last is 1.15% APY at Flagstar Bank. Flagstar is guaranteeing this rate for the first 4 months from account opening. EverBank is guaranteeing 1.05% for the first 6 months on its money market and checking account.
Searching for the Best Rates
To find the best rates on liquid accounts, please refer to the following rate tables. You can use these tables to search for both accounts available nationwide and accounts local to your state.