Certificates of deposits today don’t have the most impressive rates what with the economy as unstable as a hanging bridge. However, at these times of economic uncertainty, investors are flocking towards stable investments, and certificates of deposits are just that. CD’s are becoming the perfect safe haven for investors who want to preserve their capital. Although these investors are thinking more about safety than growth, it’s still worth to know which CD offers the best rates.
At this time, Doral Bank holds the top rank for 1-year certificates of deposit. It has surpassed both AloStar Bank of Commerce, and Sallie Mae, with a rate of 1.150% which is the highest available today. AloStar is giving out a 1.120% rate while Sallie Mae is offering a 1.10% rate.
And if this isn’t enough, Doral Bank is also at the top of the charts in the 3 year CD category. It is currently offering a high rate of 1.65%, followed by Discover Bank’s 1.500% rate.
With all the great rates that Doral Bank is offering, is it truly the best bank to place your money in? One of the indicators of a bank’s safety is the number of years it has been in business. Doral Bank currently has branches in Puerto Rico, New York and Florida. The New York and Florida branches have only opened its doors to business in December 2010 and September 2010 respectively.
Despite being a relatively young bank, Doral Bank is FDIC insured meaning your money is safe for the maximum amount of $250,000. For those who have amounts less than this, then there would be no reason not to invest in Doral Bank. However, for those individuals who are planning to place more than this amount, then it may be safer to invest in larger and more reputable banks.