Dedicated to Deposits: Deals, Data, and Discussion

New Competitive Long-Term CDs at Doral Direct


Doral Direct

Doral Direct has recently added 7-year and 10-year CDs to its internet CD offerings, and the rates and features are competitive. The 10-year CD has a 2.45% APY, and the 7-year CD has a 2.00% APY. Minimum deposit is $500. These rates are accurate as of 5/29/2014.

According to the bank’s FAQ page, the early withdrawal penalty for CD terms of 12 months or longer is an amount equal to 180 days interest on the amount withdrawn. This is also stated in the bank’s account disclosure. It appears the bank has added these new long-term CDs without considering the early withdrawal penalty. So I wouldn’t be surprised if the penalties do go up in the future. Hopefully, they’ll do the honorable thing and apply the new penalty to only new CDs or CDs that are being renewed.

Doral Direct2.30%$500-120 Month CD
Doral Direct1.95%$500-84 Month CD
Accounts mentioned in this post. Rates as of August 21, 2014

By using our CD early withdrawal penalty calculator you can see the effective yields of the 10-year CD if closed early. As you can see, the Doral Direct 10-year CD can be a better deal than the best 5-year CD if it’s closed early.

Doral Direct makes it simple to open and manage an internet CD. The online application allows you to designate beneficiaries and to choose how interest is to be paid (either credited to your CD or disbursed by ACH or check). CD Funding can be done with an ACH transfer from an existing checking account. When you decide to close the CD, you can choose to have the funds disbursed via ACH to that checking account.

Doral Direct is an online branch of Doral Bank which has branches in Puerto Rico, Florida and New York. The bank has an overall health grade at of a C+ with a Texas ratio of 92.08% (below average). Please refer to our financial overview of Doral Bank for more details. Doral Bank has been a FDIC member since 1981 (FDIC Certificate # 32102).

  Tags: Doral Direct, CD rates

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Comment #1 by hoho (anonymous) posted on
Ken  I went to Doral Bank  and selected NY (Where I live).  The rates and penalties are different but the rates are not always the same on DoralDirect and the Doral Bank state specific ( sites. They (doralbankny) have an 84 month and 120 month CD,  The rates are 2.3 and 2.7% respectively.  The early withdrawal penalties  are:

84 months - Early withdrawal penalty is equal to 365 days interest on the amount withdrawn.
120 months - Early withdrawal penalty is equal to 547 days interest on the amount withdrawn.

Comment #2 by Ken Tumin posted on
Ken Tumin
Doral Bank has different rates for its branches in NYC and Florida. Unfortunately, they're only offered to residents in those areas. I have more details in this blog post.

Comment #3 by Anon (anonymous) posted on
Ken, my 3% Penn Fed 5 year CD is soon to be a 4 1/2 year CD thanks again

Comment #4 by susan (anonymous) posted on
Yes.  Opening PenFed certificates back in the winter have literally saved my life!!  Thanks to this site for giving me the heads up on that promotion.