M.Y. Safra Bank Review
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Edited by
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BTG Pactual acquires M.Y. Safra Bank
At a glance
Overview
M.Y. Safra Bank is an FDIC-insured institution with just one branch in New York City. It also offers strictly online accounts through its online division, MYSB Direct. To find those online accounts, you'll have to click on “MYSB Online Offers” in the top menu of M.Y. Safra's website. Its online-only offerings have the bank's most attractive rates. All the accounts scored for this review, except the savings account, are online offerings.
Highlights:
High APY Top CD Rates ATM Fee RefundsHighlights:
CDs
Checking
Savings
MMA
Customer Experience
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.
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 = 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 CD rating = 4.6/5
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 CD rating = 4.1/5
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.
M.Y. Safra Bank pros and cons
Pros
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M.Y. Safra Bank’s online division, MYSB Direct, offers competitive yields for most of its accounts, including checking.
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MYSB Direct offers a wide range of CDs, with terms spanning three to 60 months.
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A monthly rebate allowance is provided for non-M.Y. Safra Bank ATM fees for many of the bank's deposit accounts.
Cons
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No peer-to-peer payments service is available, such as Zelle.
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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 Silver Savings account is offered through M.Y. Safra Bank (not its online division) and requires a minimum opening deposit of just $100.
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The account comes with bill pay and mobile deposit capabilities.
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You'll get up to $30 in ATM rebates for up to 10 monthly ATM transactions.
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You can choose paper or e-statements, without being charged a fee for paper statements.
Cons
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You'll won't earn interest on balances under $5,000 and though the yield you earn if you keep over that amount is higher than the national average, it's still not competitive.
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M.Y. Safra Bank charges a $5 monthly fee for this account, though you can waive it several ways, including maintaining a $1,000 average daily balance.
M.Y. Safra Bank CD overview
Pros
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MYSB Direct's online CDs pay a competitive APY.
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Each online CD requires a minimum opening deposit of only $500 or less.
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The 13-month no-penalty CD offers a highly competitive yield.
Cons
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You need $5,000 to open the MYSB Direct no-penalty CD, which is higher than other online banks require.
M.Y. Safra Bank money market overview
Pros
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The MYSB Direct Money Market account comes with a highly competitive yield.
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Checks and a debit card are available, but you'll need to request them, as they are optional.
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The bank currently doesn't limit the number of transactions per month for this account.
Cons
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A minimum balance of $5,000 is required to earn interest and to avoid being charged a $10 monthly fee.
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Only new funds not already deposited at M.Y. Safra Bank can be used for this account, so current M.Y. Safra customers can't use funds from their current accounts to meet the minimum balance requirement.
M.Y. Safra Bank checking overview
Pros
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The MYSB Direct E.Z. Interest Checking Account earns a robust yield for a checking account, though balances over $25,000 earn a lower balance.
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M.Y. Safra doesn't charge monthly fees nor require a minimum balance for this account.
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There's a relatively low minimum of $10 to open the account.
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Customers have access to mobile deposit and bill pay.
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The account comes with unlimited rebates on ATM fees charged by out-of-network providers, making this account a good option for those who frequently withdraw cash.
Cons
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You must set up direct deposit of at least $500 per month to earn interest.
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While there's no monthly fee, the bank charges $3 per month for paper statements.
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This account is only available for new funds that are not currently on deposit at M.Y. Safra Bank.
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The bank charges a hefty $35 insufficient funds fee (NSF).
Customer experience
Physical presence. The bank operates just one branch, located in New York City.
Digital experience. The bank's online division, MYSB Direct, is available nationwide and offers higher CD rates than the brick-and-mortar accounts, as well as an interest-bearing checking account and high-yielding money market account. MYSB’s app currently has no ratings by users on the Google Play Store and only a few on the Apple App store. Its website could be easier to navigate: You have to visit separate pages to see each account's details, rates and fee disclosures.
Customer support. Customer service hours for the bank are pretty minimal. You can reach representatives over the phone Monday through Friday, from 9:00 a.m. to 4 p.m. ET but customer service is unavailable on Saturdays and Sundays. You can also contact the bank through email or through an online form or at its one branch.
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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.
