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M.Y. Safra Bank Review 2022

Updated December 2, 2022
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 5 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 3.6 stars out of 5

MMA

Rating: 2.9 stars out of 5

About Bankrate Score

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Overview

M.Y. Safra Bank offers personal and business clients an array of deposit products and loans. It has a branch in New York City and offers an online banking division called MYSB Direct.

Highlights

  • ATM Fee Refunds
  • High APY
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

M.Y. Safra Bank operates a 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.

Pros

  • Checkmark

    CDs are available in 18 terms that span from 30 days to five years.

  • Checkmark

    M.Y. Safra Bank’s online division, MYSB Direct, offers competitive CD rates for some terms.

  • Checkmark

    A monthly rebate allowance is provided for non-M.Y. Safra Bank ATM fees.

  • Checkmark

    The bank also offers mortgage loans and home equity lines of credit.

  • Checkmark

    It also offers currency conversion and sells precious metals to customers.

Cons

  • M.Y. Safra Bank only has one branch.

  • No peer-to-peer payments service is available, such as Zelle or Popmoney.

M.Y. Safra Bank bank products

3.6
Rating: 3.6 stars out of 5
Bankrate Score

M.Y. Safra Bank savings overview

The Silver Savings account offers a higher than average APY, but it requires a minimum balance of $5,000 to earn any interest. Users can set up automatic transfers from a M.Y. Safra checking account. Customers can receive up to $30 in rebates per month for fees for using non-M.Y. Safra Bank ATMs.

Pros

  • Checkmark

    The yield on the Silver Savings account is higher than the national average.

  • Checkmark

    The SIlver Savings account requires a minimum opening deposit of just $100.

  • Checkmark

    Up to $30 in rebates is provided each month for fees associated with non-M.Y. Safra Bank ATMs.

Cons

  • A minimum balance of $5,000 is required to earn any interest in the Silver Savings account.

  • A high minimum relationship balance of $25,000 is needed to waive the $5 monthly fee, when the savings account balance drops below $1,000.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.2 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

M.Y. Safra Bank provides all the basic deposit products for both consumers and businesses. Many of the CD rates are competitive, whereas you’ll likely be able to find a higher yield on money market and savings accounts elsewhere.

The bank operates just one branch, located in New York City. An online division called MYSB Direct is available, however, which provides higher CD rates than for accounts opened in person.

M.Y. Safra Bank also provides deposit, cash management and lending services to private clients. It also offers currency conversion and the purchasing of U.S. Mint American Eagle Gold Coins.

About M.Y. Safra Bank

M.Y. Safra Bank’s roots date back to the 19th century when the Safra family began financing international trade. Today the bank offers a wide range of products, including deposit accounts, wealth management, loans, lines of credit and currency conversion. It operates just one branch in New York City, although it also offers online-only accounts.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.