bank rates

N.Y. Deal: Checking, MMA Rate Guarantee

Doral Bank offers this deal at its Manhattan branches only.We frequently write about the competitive CD rates offered by Doral Bank Direct but rarely have the occasion to bring up local deals from its parent, Doral Bank.

Until now.

New York City-area residents can take advantage of rate guarantees on both Doral Bank’s money market account and its checking account.

The Gold Interest Checking account pays 1.10% APY for 12 months with a $500 minimum deposit.

The bank’s website (www.doralbankny.com) doesn’t outline monthly fee requirements, but the standard interest-bearing checking account requires a minimum daily balance of $2,500 to avoid a fee.

This deal beats the 6-month guarantee offered by EverBank to savers nationwide.

On the other hand, Doral Bank’s MMA deal is competitive but doesn’t quite beat the top nationally available money market rate, 1.25% APY from TIAA Direct.

Doral Bank pays 1.20% APY on its money market account with a $5,000 minimum deposit. If your balance falls below $5,000, you’ll earn the standard rate, 0.50% APY.

This special rate is guaranteed for six months. TIAA Direct offers no rate guarantee on its top-rated account.

These deals are only available at Doral Bank’s two Manhattan branches, and you must open your account in person.

You can see how these rates stack up to the best money market and savings account rates offered by scores of banks in our database.

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  1. Kathy at Bankaholic said:
    on June 22nd at 01:07 pm

    These rates are still available.