Doral Bank Direct is offering a 12 month CD at 1.15%APY with a minimum deposit of $1,000. The bank’s CD rate is effective April 11, 2012, which is subject to change without notice. If you are looking for the best 12 month CD rate then this may be right for you. As an online arm of Doral Bank, Doral Bank Direct offers this 12 month CD online or, you can do so also, by mail. It’s your pick.
You will take comfort of your deposits knowing that it is FDIC insured as Doral Bank Direct is a member of FDIC. Deposits with the bank are insured up to $250,000.
If you have a short-term goal then a 12-month CD is the smart way to go as your money will not be tied up for a longer period of time although in a CD you can withdraw your money anytime if you are willing to pay a penalty.
With Doral Bank Direct, CD interest is compounded daily and credited quarterly and, if selected, may pay monthly, semi annually or annually. You can also withdraw your CDs interest earnings without penalty.
Please note that the bank is offering this deposit product in all of the 50 states of the United States but it has some restrictions on who may qualify to open an account. Currently, the bank only accepts deposits from citizens or lawful permanent residents of the United States with a valid U.S. tax ID number. If you do not belong to this category then this bank is not for you. Also, take note that if you are below 18 years of age, you are not also eligible even if you are a citizen or a lawful permanent resident with valid tax identification number.