Doral Bank does well with 1.15% Annual CD Rate

Stop for a moment and think about you goals in life. Do you want to buy a new car next year? Or perhaps you want to start saving for your kids’ college fund? Oh wait, there’s still that old farmhouse in the country you’ve been eyeing to have for your retirement. Whether your goals are for long-term or short-term, we all know that getting the money we need is the vehicle by which we can reach these dreams.

Doral Bank understands this need, and that’s why they’ve set a very high APR of up to 1.15% for a 1-year CD. And since other banks or lending groups are trailing far behind at 1.080% or 0.990% rates, Doral Bank’s offer is quite a lucrative deal to sign up for indeed.

Here are the rates as follows:

6 month certificate – 0.75%
9 month certificate – 0.75%
12 month certificate – 1.15%
18 month certificate – 1.15%
24 month certificate – 1.15%
36 month certificate – 1.50%
48 month certificate – 1.50%
60 month certificate – 1.50%

With these rates, you can customize you CD plan and choose a time period suitable for you and your needs.

How to Open An Account

It is fairly easy to start a CD account with Doral Bank. At a minimum, you must first have at least $1,000 deposit. You must also make sure that you have a daily balance of the same amount as well. This makes you eligible to avail the above APYs.

All interests undergo daily compounding, ensuring best and higher returns for you money. When it reaches full maturity, automatic renewal is in place. If however, you wish to change a term or not opt for renewal, you will be given ten days to settle the account.

If you should decide to close the account earlier than you should, or before the money reaches maturity, you will not be penalized save for a $10 fee.

About Doral Bank

Doral Bank has three main centers – one in Florida, one in New York, and another in Puerto Rico. They bank mainly on through their online services, making people’s money more accessible than it ever could. And since Doral Bank is a member of the Federal Insurance Deposit Corporation, or FDIC, you are insured of at least $250,000. Their emphasis on security has placed them among the ranks of well-trusted banking services in the country.

Doral Bank Holds the Top 1-Year CD Rate

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.