Doral Direct: online CDs with competitive rates

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As the only community bank in the territory, Doral Bank is a common name in Puerto Rico. The bank says it is the fastest-growing financial institution on the island, where it operates 26 branches and has ATMs at 64 Walgreens locations. In 2010, the bank came to the U.S. mainland with branches in Florida and New York.

But customers outside of these areas may know this institution best from its online branch, Doral Direct. While other online banks focus on savings accounts and checking accounts, Doral is currently limiting its online offerings to certificates of deposit (CDs). These accounts are available to consumers nationwide.

Doral Direct CDs

At its Puerto Rico, Florida and New York branches, Doral Bank offers a range of financial services, including savings accounts, checking accounts, mortgages and insurance products. But at Doral Direct, the focus is solely on CDs.

While perhaps lacking the name recognition of other banks, Doral Direct currently offers CD yields that are well above national averages and terms that range from six months to five years. In addition, the bank aims to make opening and monitoring an account easy through its website and will work with consumers to create a CD ladder to help keep their assets relatively liquid.

Here are some of the current features of Doral Direct CDs:

  • The option to withdraw, without penalty, credited interest earnings at any time
  • No monthly maintenance fees
  • Secure and guaranteed returns

Customers can open an account online or via the mail. Once opened, accounts can be accessed online around the clock.

Doral Direct customer service

An internal survey of Doral Direct customers in 2012 found that they are overwhelmingly satisfied with their banking experience. Of those surveyed, 93 percent say they are likely to recommend Doral Direct to others. Customer comments reported by the company indicated that the bank's representatives offer friendly, personalized service.

As a smaller bank, Doral does not have the same extensive capital as larger institutions, and some investors have expressed concern about the bank's financial health. However, customers can rest assured that Doral Bank's accounts are backed by FDIC insurance. This government program guarantees up to $250,000 per depositor should an institution falter.

Customers searching for the best CD rates may want to consider what Doral Direct can offer. With FDIC insurance for peace of mind and friendly customer care, this institution may be poised to reach a broader range of U.S. consumers.

For more on Doral Direct's current rates and terms, please review the tables below.

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