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M.Y. Safra Bank Review 2022

Published December 2021 by Karen Bennett

AT A GLANCE
4.2

Bankrate Score

bank-logo

ATM fee refunds

High APYs

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.

  • CDs
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    5.0
  • Checking
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    4.5
  • Savings
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    3.6
  • MMAs
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    2.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    Vio Bank

    Member FDIC

    Savings account

    0.80 % APY

    $ 100

    Min. balance for APY

    Sallie Mae

    Member FDIC

    MMA

    0.75 % APY

    $ 0

    Min. balance for APY

    Overall

    4.2

    Bankrate Score

    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.

    What we like

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

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

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

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

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

    What we don't

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

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

    CD rates

    5.0

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 0

    Min. deposit

    M.Y. Safra Bank offers 18 terms of CDs from 30 days to five years. The bank’s online CDs earn higher rates and require lower minimum deposits than those opened at the branch. Rates for most of the online CDs are competitive when compared with those of other banks.

    What we like

    • Most online CDs pay a competitive annual percentage yield (APY).

    • Each online CD requires a minimum opening deposit of only $1,000 or less.

    What we don't

    • The four- and five-year online CDs do not earn a competitive yield.

    • Most of M.Y. Safra’s jumbo CDs pay the same yield as its standard CDs.

    • No bump-up or no-penalty CDs are offered.

    Checking accounts

    4.5

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    M.Y. Safra bank offers Basic, Silver and Gold checking accounts. The Gold account bears interest. The Basic account’s monthly fee cannot be waived, whereas the Silver and Gold account fees are waived for those with $1,500 and $2,500 average monthly balances, respectively. The fees can also be waived if direct deposits are made into the accounts or if there is a minimum relationship balance.

    What we like

    • The Silver Checking account receives up to $30 in monthly rebates for non-network ATM transaction fees.

    • The Gold Checking receives up to $40 in rebates a month for non-network ATM transaction fees.

    What we don't

    • M.Y. Safra Bank does not offer peer-to-peer payments.

    • The $3 Basic Checking account monthly fee cannot be waived.

    Savings accounts

    3.6

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

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

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

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

    What we don't

    • 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.

    Money market accounts

    2.9

    Bankrate Score

    Both the Platinum and High-Yield money market accounts earn the same rates, although better money market rates can be found elsewhere. A minimum of $5,000 is needed to open either account and earn the APY.

    You must maintain set minimum account balances or have minimum relationship balances with M.Y. Safra Bank to avoid monthly fees.

    What we like

    • Check-writing capabilities and an optional debit card are provided.

    What we don't

    • M.Y. Safra Bank’s personal money market accounts earn less-than-competitive rates.

    • A minimum balance of $5,000 is required to earn interest.

    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.

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Karen brings decades of writing and reporting experience to the table, including the roles of credit cards writer for travel website Million Mile Secrets and money and career writer for The Cheat Sheet. Her work has also appeared in USA Today, Illinois Legal Times, and several Chicago, Milwaukee, and Washington, D.C. newspapers. In addition, she’s worked in the areas of marketing and business development, and she was product manager for a consumer money-saving website. When she’s not writing Bankrate articles, she can often be found cheering her kids on at soccer games, cooking and reading up on saving for retirement and other personal finance topics.