BTG Pactual bank review
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At a glance
Overview
Brazil-based banking giant BTG Pactual entered the U.S. market by acquiring and rebranding New York City-based, FDIC-insured M.Y. Safra Bank. It offers certificates of deposit (CDs), a checking account and a money market account (MMA) with competitive rates, which you can open online. While the website also references a savings account, there are no rate details and no apparent way to open one.
Highlights:
High APY Top CD Rates ATM Fee RefundsHighlights:
CDs
Checking
Savings
MMA
Customer Experience
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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 = 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.
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.
BTG Pactual pros and cons
Pros
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BTG Pactual offers competitive rates across its accounts, including checking.
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BTG Pactual offers a wide range of CD terms, plus a 13-month no-penalty option.
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Checking account customers get unlimited ATM fee rebates.
Cons
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No peer-to-peer payments service is available, such as Zelle.
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BTG Pactual's U.S. app has very few downloads and is unavailable in the app store
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Customer service hours are limited to weekdays and are best suited to East Coasters.
BTG Pactual banking products
BTG Pactual CD overview
Pros
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BTG Pactual's CDs pay a competitive APY.
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Each standard CD requires a minimum opening deposit of only $500, which could make it a good fit for building a CD ladder.
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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 no-penalty CD, which is higher than other online banks require.
BTG Pactual money market overview
Pros
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The BTG Pactual 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 order them after opening the account.
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The bank doesn't limit the number of transactions per month.
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 BTG Pactual can be used for this account, so current BTG Pactual customers can't use funds from their current accounts to meet the minimum balance requirement.
BTG Pactual checking overview
Pros
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The BTG Pactual 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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BTG Pactual 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 BTG Pactual Bank.
Customer experience
Physical presence. M.Y. Safra's single Manhattan branch is still open to the public and has rebranded to BTG Pactual.
Digital experience. BTG Pactual's website appears to be a work in progress — you must visit separate pages to see account options and rates, and Bankrate could not locate its detailed fee or Truth in Lending disclosures. Its U.S. app currently has no ratings by users on the Google Play Store and is unavailable on the App Store, though a BTG employee reached by phone said it has been submitted for approval. It looks bare-bones, with no handy features like peer-to-peer transfers, spend tracking or credit score monitoring. Online banking is available through BTG Pactual's website.
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.
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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.
