Doral Bank Has New York City’s Best Savings Account Interest Rates

Doral Bank Has the best interest rates in NYC
Doral Bank Has the best interest rates in NYC

A careful examination of interest rates offered by savings accounts in different banks in New York City reveals that Puerto Rican-based Doral Bank offers the highest rates of any other. Savings customers can earn interest rates of 0.94% APY on their deposits, the best rate by a full 0.10% more than the bank in second place. All customers have to do to accrue such a favorable rate is to open a Statement Savings account with a minimum deposit of $50. In order to be exempt from a $4 monthly service fee account owners must maintain a $250 minimum balance.

Not only do Doral customers get New York’s best interest rates in a savings account, they also have access to free online banking. The following is the ranking of the ten best of New York City’s banks for savings accounts, according to GoBankingRates.com

10 Best New York City Savings Account Rates

Institution Savings Account Type      Rate (APY)
Doral Bank Statement Savings

0.94%

Spring Bank Savings

0.85%

BNB Hana Bank USA Savings

0.50%

Habib American Bank Statement Savings

0.50%

Mercantil Commercebank MCB Savings

0.50%

Eastbank, N.A. Passbook Savings

0.40%

Emigrant Bank Passbook Savings

0.40%

Savoy Bank Savings

0.40%

BankUnited, N.A. Value Savings

0.35%

Community Federal Savings Bank Passbook/Statement Savings

0.30%

The above information is accurate as of November 20, 2013

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Sylvia Sanchez

Sylvia Sanchez has been writing and translating on a wide variety of subjects since she moved to New York from Puerto Rico for University. Ms. Sanchez graduated from NYU with a degree in translation and business, but has many other interests and writes on them whenever the opportunity arises.