Doral Bank Direct

Doral Bank Direct has one of the best certificate of deposit (CD) rates this week. The bank is offering a 1.9% annual percentage yield (APY). Other details of the CD offer include:

• $1,000 minimum to open
• Principal and interest must remain on deposit to earn promotional CD rate
• 1.9% CD rate only available for new accounts
• Insured by Federal Deposit Insurance Corp.

You also must maintain a minimum daily balance or $1,000 to earn the CD rate, which is guaranteed for the entire term. Interest on CDs is earned daily and compounded quarterly. You can withdraw earned interest without a penalty. However, early withdrawals are subject to a penalty. Other CD rates as of Dec. 2, 2009, are:

• 1.25% APY for 6 months
• 1.4% APY for 9 months
• 1.5% APY for 18 months
• 1.75% APY for 24 months
• 2% APY for 36 months
• 2.25% APY for 48 months
• 2.5% APY for 60 months

You can open a CD online or by mail. You must be at least 18 and either a U.S. citizen or resident alien.

Doral Bank Direct is the online unit of Doral Bank FSB, based in New York.  The bank began operating in 1999 with a goal of bringing financial services to under-served communities, including the growing Hispanic population in the U.S.

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