M.Y. Safra Bank Review 2024
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At a glance
CDs
Checking
Savings
MMA
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
- ATM Fee Refunds
- Top CD Rates
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
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 = 4.9/5
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 = 4.9/5
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 by our partners, which impacts how, where, and in what order the products appear.
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.
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.
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
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CDs are available in 18 terms that span from 30 days to five years.
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M.Y. Safra Bank’s online division, MYSB Direct, offers competitive CD rates for most terms.
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A monthly rebate allowance is provided for non-M.Y. Safra Bank ATM fees for nearly every deposit account.
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It also offers currency conversion and sells precious metals to customers.
Cons
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No peer-to-peer payments service is available, such as Zelle or Popmoney.
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Higher yields for interest-bearing checking accounts can be found elsewhere.
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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.
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M.Y. Safra Bank only has one branch.
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M.Y. Safra Bank banking products
M.Y. Safra Bank savings overview
Pros
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The yield on the Silver Savings account is higher than the national average.
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The SIlver Savings account requires a minimum opening deposit of just $100.
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Up to $30 in rebates is provided each month for fees associated with non-M.Y. Safra Bank ATMs.
Cons
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A minimum balance of $5,000 is required to earn any interest in the Silver Savings account.
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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.
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The account is technically tiered, but you don’t actually earn a higher APY with higher balances.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
M.Y. Safra BankAPYAPY last updated between 5/7 and 5/13.APYAPY last updated between 5/7 and 5/13.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, 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.
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
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.
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