Doral Bank Direct CD Rates
Doral Bank Direct, the online banking division of Doral Bank, has the highest CD rate on our list of 12 month certificate of deposit rates. Current CD rates on 1 year CDs at Doral Bank Direct are at 1.14% with an APY of 1.15%. Doral Bank Direct's 12 month rate is considerably higher than the current national average rate of 0.78%.
Getting a really good rate on a short term CD is a plus since you're better off sticking with shorter term CDs right now. The yield curve between short term CDs and long term CDs is flat so going long doesn't make sense.
To give you an idea of how flat the yield curve is, Doral Bank Direct is offering 18 month and 2 year CDs at 1.14%, the same rate as the 12 month rate. Some banks are offering longer term CD rates that are on par or even below their shorter term rates.
Doral Bank Direct's longer term CDs are slightly above the 1 year rate. 3 year, 4 year and 5 year CD rates are all currently at 1.49% with an APY of 1.50%, just 35 basis points above the 1 year rate.
Doral Bank Direct is competitive with their shorter term CDs. Current CD rates on 6 month and 9 month CDs are at 0.75%. That rate is one of the best CD rates around for 6 month CDs and slightly higher than Ally Bank's 6 month CD rate of 0.74%.
Doral seems to consistently offer some of the highest short term CD rates around. Back in May of last year we reported that Doral Bank Direct CD rates on 12 month CDs were at 1.39% with an APY of 1.40%. At the time the national average rate as reported by Monitor Bank Rates was only at 0.572%.
A year ago the bank was offering 6 month and 9 month rates at 0.75%, the same rate as today. It's good to see a bank hold CD rates steady these days considering how most banks have been dropping rates the past several years.
The minimum opening deposit for a CD account at Doral Bank is $1,000. You can easily open an account online or print out an application and mail it in.
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