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Doral Direct

2.50% 9-Month CD & 2.25% Savings Account at Doral Bank Direct - Nationally Available


Update 7/18/09: The savings account rate has fallen from 1.60% to 1.00% APY.

Update 6/25/09: The savings account rate has fallen from 2.25% to 1.60% APY.

Update 5/15/09: The CD rate for terms of 9 to 36 months has fallen to 1.50% APY.

Doral Bank Direct is now accepting customers from any state, and it continues to offer some competitive rates. In February they stopped accepting applications from people outside of NY, NJ and CT. This came after their hot February CD and savings account deals. The latest rates are not as hot, but they're still very competitive so I called Doral this morning to see if that eligibility restriction has been removed. According to the CSR, it has and they now accept applications from any state.s

The best CD deal is a 9-month CD with a 2.50% APY. The 2.50% APY also applies to terms from 12 months to 36 months. The longer term CDs have a 3.00% APY. Minimum deposit is $1,000. These rates are listed in the bank's CD page as of 4/22/09. According to the CSR, the rates are usually updated on Tuesdays, so these rates should last for a while. Also, the CD rate should lock at the time you submit the online application. Update: I just received this from the CSR regarding the CD application: "Once you submit your online application, the rate is locked in for the next 30 days."

Doral Direct Savings also has a competitive rate. It's currently 2.25% APY as of 4/22/09. A minimum balance of $1,000 is required to earn the rate. A minimum of $250 is required to avoid a monthly service charge.

Doral's first FAQ gives an overview of the bank:
Doral Bank Direct is an online banking product provided by Doral Bank, FSB (Doral Bank). Doral Bank is a wholly owned subsidiary of Doral Financial Corporation (NYSE:DRL), a diversified financial holding company with banking operations in the United States and Puerto Rico.

Doral Bank, FSB is FDIC insured (FDIC Certificate # 34905).

As I mentioned in a previous post, Doral Financial Corporation had some financial problems in the past. However, Doral Bank, FSB has some strong ratings for soundness: 5 stars (superior) at Bankrate.com and 3.5 stars (good) at BauerFinancial. Both ratings are based on 12/31/08 data.

Related Pages: CD rates, savings account

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Anonymous   |     |   Comment #1
As of 5/15, rate is now 1.5% for 12-month CD.
Anonymous   |     |   Comment #2
This bank is ridiculous. I ave an 11 month promo CD maturing with them. I just called to see what I needed to send them for closing instructions and I was told I had to send my CD back. Are you serious? WHo sends an actual CD form? SInce there is no way in the world I have the CD form, they are sending me an affidavit to sign to say I lost it. And even if I had the CD, they send you a check in the mail upon closing. This bank is in the stone age and I would highly advise against ever using them.