Recent Bank Findings: Doral Bank Direct 3.50% APY, CNB Bank Direct 3.40% APY, Chesapeake Bank Clear Sky 3.15% APY

As online banks keep slashing rates, it’s getting harder and harder to find to find a decent rate from popular banks, whose rates are mostly in the mid-2% range now. To find a good rate, you will have to beyond those banks that we used most often.

Recently, I noticed a few such banks which are offering above 3% APY now. However, all these banks are not well known, so there isn’t much to talk about banking experience, just the rates.

Doral Bank Direct Savings Account 3.50% APY

Doral Bank Direct Savings now offers 3.50% APY for three months as long as the account balance is $1,000 or more. The daily account average also has to be at least $250 to  avoid monthly service fee ($5 per month for balance below $250). The account requires $1,000 minimum to open and allows up to 6 pre-authorized withdrawals per month, like most savings account. At Doral Bank Direct, interests compounded daily and credited monthly.

Other information about Doral Banks Direct:

  • Doral Bank Direct is a subsidiary of Doral Financial Corp. (NYSE: DRL), headquartered in New York and a member of FDIC since October 4, 1999 (FDIC certificate number 34905);
  • Safe & Sound Rating ranks Doral Bank a full 5 stars (excellent);
  • Doral Bank Direct ABA routing number is 026073082.

While the 3.50% APY is quite good, it’s only guaranteed for three months, like a similar offer from EverBank Money Market account. Somehow I prefer a non-promotional rate, like the one from Dollar Savings Direct, even though there’s no guarantee for how long I can earn at that rate.

CNB Bank Direct 3.40% APY

CNB Bank Direct is a division of Citizens National Bank of Bluffton, OH. Right now CNB Bank Direct has 3.40% APY for its High Yield Savings Account. In addition to the rate, the best part of CNB Direct is there’s no account minimum ($1 to open an account and earn interest though) and no monthly charges. Up to 6 pre-authorized withdrawals per month is allowed.

Other information about CNB Bank Direct:

  • Citizens National Bank has been a member of FDIC since January 1, 1934 (FDIC certificate number 6531);
  • Safe & Sound Rating rates Citizens National Bank 4 stars out of 5;
  • Citizens National Bank ABA routing number is 041212983.

Chesapeake Bank Clear Sky 3.15% APY

The Clear Sky Savings account is offered by Cheaspeake Bank of Kilmarnock, Virginia. Currently, the Clear Sky Savings account has an yield of 3.15% APY for a minimum of $1. The following are some additional information about Clear Sky:

  • Cheaspeake Bank has been a member of FDIC since January 1, 1934 (FDIC certificate number 6862);
  • Safe & Sound Rating gives Cheaspeake Bank 4 stars out of 5;
  • Clear Sky routing number is 051403779.

In addition to the savings account, Clear Sky also has an interest checking account with 2.50% APY with $1 minimum, making it a pretty good combination with the savings account.

BTW, I have added these banks to the Online Savings & Checking Accounts list and will add them soon to the Best Online Savings Account Deals page.

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4 Responses to “Recent Bank Findings: Doral Bank Direct 3.50% APY, CNB Bank Direct 3.40% APY, Chesapeake Bank Clear Sky 3.15% APY”

  1. Mike |  Mar 03, 2009 at 3:35 pm

    If you have been experiencing the same difficulty as other users with this bank, I suggest promptly filing a complaint with the Office of Thrift Supervision. The complaint form can be found at:

    Select OTS Consumer Complaint Form