Doral Bank NY has slightly changed its checking and money market promotions. The money market promo rate is now 1.10% APY which is 10 basis points lower than what it was offering in May. The new promotion now guarantees 1.10% APY for both the bank's money market account and Gold Interest Checking. The rate is guaranteed for 6 months on the money market account and 12 months for the checking account.
Minimum of $5,000 is required to open a Money Market account and to earn the APY. Promotional APY of 1.10% applies to entire account balances of $5,000 or more; balances under $5,000 earn 0.50% standard APY. Promotional 1.10% APY is guaranteed for 6 months from opening of Money Market account.
Minimum of $500 is required to open a Gold Interest Checking account. Promotional 1.10% APY is guaranteed for one year from opening of Gold Interest Checking account.
Annual Percentage Yields (APYs) are accurate as of 7/16/2012. After the promotional APYs expire, the account will earn interest based on account balance and the standard APYs in effect at that time offered by Doral Bank, NY. Standard APYs are subject to change at any time without notice. Fees may reduce earnings. Promotions are offered by New York branches only. Account must be opened in person at one of the NY branches. New money only. Limited time offer and may be withdrawn at any time.
Just like in May, 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 emailed me news of this new promotion.
In May there was an incentive to open the money market account for the higher rate even though it was guaranteed for only 6 months. However, since the money market promo rate is the same as the checking promo rate, I don't see a reason to open the money market account instead of the checking account.
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 This Promotion Compares
If you live in New York City, you may also want to consider the checking account promotion at Flushing Bank which offers a 1.20% APY guaranteed until 12/31/2012.
If you don't live in New York, EverBank has a nationally available offer with a guaranteed 1.25% rate for 6 months for new customers on its money market and checking account. The downside with this promo is that the promotional yield is limited to the first $50K balance for the money market account and to the first $100K balance for the checking account (see review).
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.