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Doral Direct’s 18-Month CD Promotion with Penalty-Free Withdrawal Option


Doral Direct is running a limited-time promotion with an attractive 18-month CD. It's an exclusive promotion for the readers of DepositAccounts.com. The 18-month CD has a 1.02% APY (yield current as of 6/25/13 and subject to change) and a one-time penalty-free withdrawal option. Minimum deposit is $500. Even without the special withdrawal option, this would be a good deal. It’s the best 18-month CD rate in the nation for internet banks. The addition of this special withdrawal option puts it far ahead of all other mid-term CD deals.

To apply for this special CD, please visit this Doral Direct CD promotions page and use the reference code "Great Deal".

Doral Direct makes it easy to open and manage an online 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 been a FDIC member since 1981 (FDIC Certificate # 32102). Please refer to our financial overview of Doral Bank for more details.

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Anonymous   |     |   Comment #1
Doral Bank is on shaky grounds. Texas ratio over 100% (bad). Also on government list of problem banks.
Anonymous   |     |   Comment #2
I believe this bank has some of its operations in Puerto Rico (A US Territory).
Anonymous   |     |   Comment #3
Several years ago, I opened a 1-year CD with Doral and later renewed for a 2nd year.  At that time it was possible to open electronically.  Recently, locally they advertise decent rates, but it required a visit to a branch (in NYC).  Several years ago, they required return of the orginal paper certificate to close the CD and were difficult to communicate with.  However, once I found the "right" Tel Nbr (it was listed on their regulators website!), and I got to the right folks, they were very prompt a easy to work with.  In fact, at that time (2-3 years ago), it wasn't even possible to close out a maturing CD at their office in NYC.  I think at that time it was merely an office not a "working physical bank".  Obviously they have recently changed their practices and allow net applications etc.  I suppose this also might be because they need the deposits!  I recall that they previusly had 2 FDIC registrations, but that was merged.  Is the banks health 'risky' I would say it was be prudent to say yes (eg Texas ratio).  Since 2007 I've gone thru 6 banks that failed and went via the FDIC, and all but one were transparent; and the bumpy one (Netbank in 2007, one of the first to fall) had poor record keeping, which the FDIC thought placed me over the ins. limits...but with some proof (I always keep webpage printouts of online Applications etc); it was resolved within a few hours...so 1.02% for 18 months w/ no penalty sounds "well better than nothing"; but similar yields can be found without quite the need for stomach ulcer med.  Hope this helps you guys/gals.
Jack D.
Jack D. (anonymous)   |     |   Comment #4
To Anonymous # 3.

Key Quote from your posting "but similar yields can be found without quite the need for stomach ulcer med. "

you quote is right on. You can get a "NO Hassle" checking account from Capital One Bank with a guaranteed rate of 1% for one full year for a deposit up to $100,000. {The 6th largets bank by deposits}. Very safe.
Anonymous   |     |   Comment #5
The funds are FDIC insured so no need to worry. I had funds in Netbank (mentioned earlier), Advanta and Courus which all closed.  In some cases the bank was taken over or I received a check a few days after the bank was closed.  You can get a better yeild  at other banks but Doral has the penalty free withdraw. At a little more than 1% that beats most savings account rates.  I have had numerous CD's with this bank.  You have to send signed copies of the certificate to withdraw.  Their web site requires you to enter the 1 st 3 digits of the CD alond with your ID and password to logon. If you don't logon every few weels they revoke your login ID  The digits indicate where the CD is located.  Either NY, Fla. or Puerto Rico.  I no longer have any CD's with them.
cheapnewyorker   |     |   Comment #6
It took quite a while to open the account.  When I first submitted the application, I got a message saying the bank needed to verify my information and made me upload a copy of my ID and another form of documentation.  After 2 days, someone called me from the bank to verify my phone number and told me that trial deposits would be sent to my funding account for me to verify.  After 2 more days, the trial deposits hit my funding account and I verified them.  After another 4 days, the opening deposit was withdrawn from my funding account, and then it took another 3 days before I got something in the snail mail with my login information to log in online.  The login information was a bit ambiguous as well, and it took me a few tries before I was able to log in.  It took a total of 11 days from when I applied to when I was able to log into my account.