Doral Bank Direct Rates & Review

Doral Bank Direct Review

Doral Bank Direct, based in New York City, offers a range of online savings accounts and CDs to Internet customers nationwide.

Doral Bank Direct has existed since July 2007 when Doral Bank FSB (which itself was established in 1999) sold its brick-and-mortar network of 11 branches in New York and began its exclusively online operation. As of 2010, the bank's headquarters remain in New York City.

The bank is a subsidiary of Doral Financial Corporation, a holding company based in San Juan, Puerto Rico. Most of the group's activities are carried out in Puerto Rico, where its main banking arm held $9 billion in assets at the end of 2008, while in the U.S., Doral Bank FSB had total assets of more than $100 million.

Account choices

Doral Bank Direct currently offers a personal savings account and a personal CD. There is neither a money market account nor a checking account. The Doral Direct Savings account currently waives monthly fees for customers who maintain a modest minimum daily balance.

The bank's CD has eight different term deposit options ranging from six months to five years. All eligible deposits are insured by the Federal Deposit Insurance Corporation, subject to current terms and conditions.

Customer services

As you would expect from an online provider of banking services, Doral Bank Direct's website is friendly and easy to use. Deposits for CDs and savings accounts can be made by:

• Mailing checks to the bank
• Establishing direct deposit
• Electronically sending money from a linked account
• Initiating a wire transfer

Withdrawals can be made by electronically transferring funds to a linked account, or by requesting a check.

The bank also offers residential mortgage loans on properties in the New York City area.