Doral Bank NY has maintained very competitive CD and IRA CD rates for more than a year. Rates on two of these CDs just went up by 5 basis points. The 18-month CD rate is now 1.30% APY and the 2-year CD rate is 1.50% APY. The other rates have remained the same. The best ones include a 1.20% APY 1-year CD and a 1.60% APY 3-year CD. These rates are also available as IRA CDs. Minimum deposit is $500. These rates are listed in the Doral Bank NY rates page as of 5/9/2014.
At the top of the bank’s rates page it states "Online, telephone and mail-in applications are available to all residents of the New York Metropolitan Statistical Area (MSA)." So these CDs are only available to residents of the NYC metro area. Doral Bank has two branches in New York City.(Doral Bank NY top rates shown below)
Doral Bank also has branches in the Florida Panhandle. However, the CD rates are different. In the past they did not list rates for these branches, but that has changed. The bank now list these rates, and the rates are also very competitive. Doral Bank Florida currently has three promotional CD rates. These include a 1.13% APY 13-month CD, a 1.25% APY 25-month CD and a 1.45% APY 37-month CD. The 25-month and 37-month CD specials have a nice feature. There’s no penalty after CD is opened for at least 1 year. However, after a year, the penalty is harsh. In that case it’s equal to 365 days of interest. These rates and other rates are listed in the Doral Bank Florida rates page as of 5/9/2014.
These Florida rates are limited to residents of the area near Doral Bank Florida branches which are in the cities of Pensacola, Panama City and Panama City Beach.
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-year, 18-month and 2-year CD rates are much lower than Doral Bank New York rates and Doral Bank Florida rates.
Most of Doral Bank branches are located in Puerto Rico, and they also have a good CD deal with a 1.30% APY 1-year CD. This is listed in the Doral Bank's Puerto Rico offers page as of 5/9/2014. Last year readers verified that you must have a Puerto Rican address to qualify for these CDs.
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 grade of a C+ with a Texas ratio of 92.21% (below average) based on December 2013 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).