Doral Bank NY Raises Rates On 3 CDs To Very Attractive Levels


Doral Bank NY raised the rates on several of its CDs this week, with the 6-month (1.00% APY), 12-month (1.20% APY) and 24-month (1.45% APY) CDs being the most attractive. Doral Bank NY’s CD rates had been competitive for about 16 months, until the rates were lowered in early July 2014. This week’s increase is the first rate change on these CDs in approximately four months.

All of Doral Bank NY’s CDs require a $500 minimum opening deposit and there are no maximum balance caps. These CDs are also available as an IRA (Traditional), at the same rates and same funding requirements.

As stated in Doral Bank NY’s Terms and Conditions, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of less than one year (12 months): The fee imposed will equal 90 days interest on the amount withdrawn.

If your account has an original maturity of one year or more, up to five years (60 months): The fee imposed will equal 180 days interest on the amount withdrawn.


Doral Bank NY is the New York branch of the Puerto Rico based Doral Bank and has two branches in New York City.

Accounts can be opened online, by telephone, by mail-in application, or by visiting either of the New York City branches.

Currently, Doral Bank NY offers its entire product line to all residents of the New York Metropolitan Statistical Area, which includes:

1) New York counties of Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester;

2) the New Jersey counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union;

3) Pike County, Pennsylvania.

Bank Overview

Doral Bank NY has an overall health rating of "C-" at, with a Texas Ratio of 113.17% (poor) as of June 30, 2014. Doral Bank NY has an above average capitalization level of 9.53%, a result of holding $8 Billion in assets, with $761.85 Million in equity. Please refer to our financial overview of Doral Bank NY for more details.

How the Rates Compare

Although Doral Bank NY’s "footprint" covers three different states, I have opted to use CDs available to New York residents for this comparison. Therefore, when compared to similar length-of-term CDs tracked by requiring a $500 minimum deposit, Doral Bank NY’s 6-month, 12-month and 24-month CDs are quite attractive:

Interest Rate

CD Length

Bank/Credit Union

1.00% APY 6-month CD Doral Bank NY
0.85% APY 6-month Connect CD Bank5 Connect
0.75% APY 7-month Promotional CD Amalgamated Bank

Interest Rate

CD Term

Bank/Credit Union

1.20% APY 12-month CD Doral Bank NY
1.14% APY 12-month CD Nationwide Bank
1.12% APY 12 month Internet CD BAC Florida Bank

Interest Rate

CD Term

Bank/Credit Union

1.56% APY 24-month Promotional CD Capital Educators Fed Credit Union
1.45% APY 24-month CD Doral Bank NY
1.36% APY 2-year CD Progressive Credit Union

The above rates are accurate as of 11/20/2014.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of

Anonymous   |     |   Comment #1
Please point out the "very attractive rates".  One can get 1.25% in a liquid account and you call these rates "attractive".

Ken, I feel that you are doing a great disservice to your reader especially in the comparisons of 6 months CDs. Why don't you mention the liquid accounts of 1.25%?

You are just misleading your readers with this post.  I hope Doral Bank paid you very well for this extremely misleading post.
Ken Tumin
Ken Tumin   |     |   Comment #2
Please note that 1.25% at UFB Direct requires a $25K minimum balance. Also, there's no certainty about how long the rate will last. I include "how the rates compare" section to provide "apple-to-apple" comparisons with other top CDs with similar minimum deposit requirements. 
paoli2   |     |   Comment #3
#1 Before you spew out your criticism at Ken maybe you need to think about "why" he is considering 1.25% a good rate (for these times) instead of jumping cartwheels over your liquid accounts.  Maybe certain savers want to "lock in" a rate for a particular period rather than put their funds in your beloved "liquid accounts" where the rate can change daily.  Personally, I rarely use "liquid" accounts so I appreciate any info Ken gives us on all CDs. To each his own so don't judge all savers by your own preferences.
gregk   |     |   Comment #4
Ken's simply dutifully carrying through the informational function of the site here and trying to make things catchy and readable.  No criticism is justified for this IMO.

If some of the headlines may seem a bit triflingly hyperbolic at times, the alternative to such descriptive devices and the storytelling that follows would be a mere bare-bones chronicle and not very attention grabbing.

I like the format myself in making these notifications, - it's creative and engaging, - and what's more allows Ken to be a genuine writer rather than merely a data compiler.

Let's allow him some imaginative license to indulge that wish, OK?

So, -  have Doral Bank's new CD rates now been raised to "very attractive" levels?  No, of course not.  They stink.  But the idea at least made the story worth reading and responding to, - and I suspect what brings me back here as an enjoyable daily ritual.   
paulaj   |     |   Comment #5
These rates are very attractive for New York City residents. The only institution that beats these rates is restricted membership credit unions. I do not find Ken's headlines hyperbolic at all. I would be more concerned if if the headlines contained words like "awesome" and "amazing". Why? These two words are used "all" the time to describe the ordinary and mundane. So, a person can say: I bought a  1% CD. "Awesome!!!". Its for 5 years. "Amazing".
New Online Savings Account and CDs - Doral Bank Direct
Update 2/15/09: Doral Bank has restricted new accounts to NY, NJ and CT. Refer to this post for more info.

Doral Bank, FSB has recently launched a new online bank called Doral Bank Direct that offers an online savings account and online CDs. The savings account has a yield of 5.00% APY for balances of over $1,000, and it's guaranteed to last for a 3-month intro period (click on the "More Details" button on their front page). Here's a summary of the savings account features from their learn more page and...

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