Doral Bank NY has recently increased some of its CD rates, and they're very competitive. The two most competitive rates are 1.50% APY for a 2-year CD and 1.75% APY for a 3-year CD. The 1-year and 18-month CDs are also competitive with yields of 1.10% APY and 1.15% APY. Minimum deposit is $500, and I was told the early withdrawal penalty is 180 days of interest. These rates are listed in the Doral Bank NY rates page as of 8/17/2012.
These CD rates require a branch visit at one of the bank's New York locations. Doral Bank's internet division, Doral Bank Direct, has also been offering some competitive rates. However, its 2-year and 3-year CD rates are much lower. On the plus side, Doral Bank Direct's 6-month and 9-month CD rates increased, and they're now very competitive.
Doral Bank NY also continues to offer a good deal on a money market and checking account special. However, these special rates have recently fallen a bit. The special checking account rate is now 0.90% APY. This is guaranteed for the first 12 months. The special money market account rate has fallen to 1.01% APY. This is guaranteed for the first 6 months. Details are listed in this Doral Bank NY promo page.
These CD rates and checking/money market promotions are only offered by Doral Bank's New York branches, and accounts must be opened in person.
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 82.60% (poor) based on March 2012 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).
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