In March Doral Bank NY increased some of its CD and IRA CD rates. The rates had already been competitive before the rate hikes. Now, they are very competitive. The best ones include a 1.20% APY 1-year CD, a 1.25% APY 18-month CD and a 1.45% APY 2-year CD. Minimum deposit is $500. These rates are listed in the Doral Bank NY rates page as of 3/11/2013.
These CD rates require a branch visit at one of the bank's New York locations.
Doral Bank's internet division, Doral Bank Direct, also has some competitive rates. The most competitive are its short-term CDs with terms under one year. Its 1- and 2-year CD rates are much lower than Doral Bank New York rates.
Most of Doral Bank branches are located in Puerto Rico, and they also have a good CD deal with a 1.50% APY 1-year CD. This is listed in the Doral Bank's Puerto Rico offers page as of 3/11/2013.
Doral Bank Overview
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 in 2011. Doral Bank isn't in the best financial shape. It has an overall health score of 2 stars (out of 5) with a Texas ratio of 92.38% (poor) based on September 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).