M.Y. Safra Bank Review
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At a glance
Overview
M.Y. Safra Bank offers personal and business clients an array of deposit products and loans. This bank is likely best suited for New Yorkers, as its only branch is in New York City. However, the bank does have an online banking division called MYSB Direct where customers nationwide can open CDs with highly competitive yields.
Highlights:
Top CD Rates ATM Fee RefundsHighlights:
CDs
Checking
Savings
MMA
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
M.Y. Safra Bank is an FDIC-insured institution with just one branch in New York City and also offers strictly online accounts. It provides a full range of personal and business deposit products as well as loans and lines of credit. Its online-only CDs offer the most attractive rates the bank has to offer, but its savings and money market accounts also offer decent yields.
Pros
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M.Y. Safra Bank’s online division, MYSB Direct, offers competitive CD rates for most terms.
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CDs are available in 18 terms that span from 30 days to five years.
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A monthly rebate allowance is provided for non-M.Y. Safra Bank ATM fees for nearly every deposit account.
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It also offers currency conversion and sells precious metals to customers.
Cons
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No peer-to-peer payments service is available such as Zelle.
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Higher yields for interest-bearing checking accounts can be found elsewhere.
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MYSB’s app hasn’t been rated by many users on the Apple App or Google Play Store, perhaps indicating not many people are using the app.
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M.Y. Safra Bank only has one branch.
M.Y. Safra Bank banking products
M.Y. Safra Bank savings overview
Pros
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The yield on the Silver Savings account for balances above $5,000 is higher than the national average.
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The SIlver Savings account requires a minimum opening deposit of just $100.
Cons
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A minimum balance of $5,000 is required to earn any interest in the Silver Savings account.
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A minimum daily balance of $1,000 is needed to waive the $5 monthly fee.
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The account is technically tiered, but you don’t actually earn a higher APY with higher balances.
M.Y. Safra Bank CD overview
Pros
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Most online CDs pay a competitive APY.
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Each online CD requires a minimum opening deposit of only $500 or less.
Cons
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M.Y. Safra’s jumbo CDs pay the same yield as its standard CDs.
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Only one specialty CD offered, a no-penalty CDs via the online bank.
M.Y. Safra Bank money market overview
Pros
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Check-writing capabilities and an optional debit card are provided.
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Both money market accounts offer decent yields, though higher APYs can be found elsewhere.
Cons
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A minimum balance of $5,000 is required to earn interest.
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There’s a high monthly balance requirement of $5,000 to waive the monthly fee; if your balance falls below this, then you need at least $100,000 in relationship balance to waive the fee.
M.Y. Safra Bank checking overview
Pros
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The Silver and Gold Checking accounts offer fee waivers for meeting certain daily balance criteria.
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The Gold Checking account earns a competitive interest rate.
Cons
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M.Y. Safra Bank does not offer peer-to-peer payments.
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The Gold Checking account comes with a high monthly fee.
Customer experience
Physical presence and digital experience. The bank operates just one branch, located in New York City. However an online division called MYSB Direct is available nationwide and offers higher CD rates than the brick-and-mortar accounts. MYSB’s app currently has no ratings by users on the Google Play Store and only a few on the Apple App store.
Customer support. Customers can reach representatives over the phone on Monday through Friday, from 9:00 a.m. to 4 p.m. ET. Customer service is unavailable on Saturdays and Sundays. You can also contact the bank through email or through an online form.
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Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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