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M.Y. Safra Bank Review 2024

Updated February 14, 2024
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At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
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CDs

Rating: 4.9 stars out of 5

Checking

Rating: 3.5 stars out of 5

Savings

Rating: 3.4 stars out of 5

MMA

Rating: 2.7 stars out of 5

About Bankrate Score

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 Refunds
Sponsored offers
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Bank logo
Member FDIC
Savings Account
3.90
%
APY
APY
Info Icon
As of 12/3/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
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Member FDIC
Savings Account
5.00
%
APY
APY
Info Icon
As of 12/3/2024
Rating: 4.5 stars out of 5
$500
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 12/3/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:

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

  • Checkmark Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

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

Cons

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

  • Higher yields for interest-bearing checking accounts can be found elsewhere.

  • MYSB’s app hasn’t been rated by users on the Apple App or Google Play Store, perhaps indicating not many people are using the app.

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

M.Y. Safra Bank logo

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M.Y. Safra Bank banking products

3.4
Rating: 3.4 stars out of 5
Bankrate Score

M.Y. Safra Bank savings overview

The Silver Savings account offers an APY that’s higher than the national average, 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 incurred using non-M.Y. Safra Bank ATMs.

Pros

  • Checkmark Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

    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.

  • The account is technically tiered, but you don’t actually earn a higher APY with higher balances.

  • M.Y. Safra Bank
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
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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.

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.

Customer experience

Physical presence and digital experience. 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. MYSB’s app currently has no ratings by users on the Apple app or Google Play Store.

Customer support. Customers can reach representatives over the phone on Monday through Friday, from 9:30 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.

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.