While it’s not the best offer out there, Doral Direct’s year and a half certificate of deposit is worth paying attention to in these low interest times. First, the CD rate offered is at 1.03 percent for 18 months, which at least a quarter of a point larger than the average from national banks. Second, Doral’s CD is sold without any early withdrawal penalty. So if a saver wants to gain a bit more than his saving account rate, but still wants the option to switch to another CD later, he doesn’t lose any money with this deal. That’s a step up versus other bank CDs for the same time period. The minimum deposit for Doral Direct’s CD is $500, so even smaller savers can take advantage of the offer.

Doral Direct itself is a branch of Doral Bank that operates entirely online. As an Internet bank its operating costs are far cheaper, so it can offer more to its accountholders in interest rates as a result. That said, Doral has always focused its efforts as a community bank, and these merits extend to its virtual bank operation as well. Like all registered and licensed banks, Doral Direct and Doral Bank are covered under FDIC protection, so accountholders and their CDs are protected up to $250,000 per account.

Again, Doral Direct's CD rate for June 2013 isn't necessarily instant gold, but it is a step up from other competitors, even online banks. And when money needs to stay close and safe in these crazy times, that may be a good thing.