M.Y. Safra Bank, FSB Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon

Pros:

  • Low opening required amounts
  • MYSB Direct CDs
  • CDs have competitive interest rates
  • Business accounts offered

Cons:

  • Accounts have monthly fees
  • CDs have high opening requires amounts
  • Most competitive rates require large sum
  • Must open MYSB Direct CD before MMA

What You Need to Know

M.Y. Safra Bank has low opening required amounts for their personal deposit accounts. Their basic checking account only requires $25 to open. The rest of their checking, savings, and money market accounts all only require $100 to open. Their business accounts only require $100 to open as well.

M.Y. Safra Bank offers online-only CDs through their online division called MYSB Direct. The CDs earn competitive interest rates. The 12-month, 36-month, and 60-month CDs earn rates higher than the national average. Each of the CDs requires $5,000 to open. You can open a CD no matter which state you live in.

CDs through M.Y. Safra Bank offer competitive rates. The classic CDs require $5,000 to open. Their rates are higher than other brick and mortar banks. They are competitive with online accounts. The rates for the jumbo CDs are only slightly higher than the classic CD rates. The jumbo CDs require $100,000 to open.

M.Y. Safra Bank offers business accounts. These accounts include checking, money market, and savings account. Business CDs are also offered. The opening balances for most business accounts are $100. However, to waive the monthly fee requires much higher balances. Those balances range from $1,000 to $5,000 depending on the account.

All M.Y. Safra Bank accounts have a monthly fee. The fees for personal deposit accounts range from $3 to $20 a month. Business accounts have fees ranging from $10 to $25 a month depending on the account. To waive the monthly fees requires an average monthly balance in the accounts. Those balances range from $1,000 to $5,000. The basic personal checking account has a $3 monthly fee that cannot be waived.

CDs through M.Y. Safra Bank have high required amounts. Each of the different terms requires $5,000 to open. The terms range from 30-days to 84-month CDs. M.Y. Safra Bank offers jumbo CDs. Those require $100,000 to open. The CDs through MYSB Direct require $5,000 to open.

The highest interest rates on M.Y. Safra personal deposit accounts requires large balances. The most competitive rates for personal and business checking require $250,000. The savings and money market accounts also require $250,000. Lower amounts earn interest, but the rates are not competitive.

MYSB Direct offers an online money market account and CDs. If you are not a resident of New York, you must open a CD first. Once the CD is open and funded, you can open the money market account. This account earns competitive interest rates for any balance under $500,000. Any amount over $500,000 earns a much lower rate. Both accounts require $5,000 to open.

Cool Things

MYSB Direct

M.Y. Safra Bank offers online CDs and a money market account through MYSB Direct. If you live out of the state of New York, you must first open a CD. After the CD is open and funded, you can then open the money market account. You cannot open an MMA without a CD first if you are not a resident of New York state. The interest rates for these accounts are competitive with other online accounts. The required opening amount is $5,000 for each of the CDs and the money market account.

Lending Services

M.Y. Safra Bank offers lending options for personal, business, and commercial needs. Personal lending options include home and personal loans. Commercial lending options include lines of credit, term loans, and mixed-use or flex space loans.

History

M.Y. Safra Bank has been in business for more than 150 years. They are an international bank. They have clients from all different countries and cultures. Employees at M.Y. Safra Bank work to show respect for the different cultures of their customers.

They offer personal deposit and business accounts. A variety of lending options are available. They offer online-only accounts through MYSB Direct. Those accounts include personal CDs or a money market account. To open the money market account, you must first open a CD through MYSB Direct. Once you open a CD, you can open the MYSB Direct MMA. Residents of New York state can open the MYSB Direct money market account without opening a CD first.

The interest rates for M.Y. Safra Bank are competitive if you have a set amount in the accounts. The interest rates for MYSB Direct accounts are competitive with other online accounts.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. M.Y. Safra Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

Electronic or wire transfers, ATM or debit cards, or checks. Some accounts require seven days’ notice before making a withdrawal.

Does this bank offer mobile banking?

Yes. M.Y. Safra Bank and MYSB Direct both offer a mobile app. Through the app, you can transfer money, pay bills, and make payments. You can deposit checks and make person to person payments.

Is this a good bank?

The interest rates for most accounts are competitive. Some accounts require large sums to get the most competitive rates. The accounts do have monthly fees. Waive those fees by having a set balance. MYSB Direct accounts offer competitive rates as well.

Is this bank free?

No. Most all M.Y. Safra Bank accounts have a monthly fee. The money market account through MYSB Direct has a fee. Waive the fees by having a set balance in the account. Those balances range from $1,000 to $5,000.

Is this bank secure online?

M.Y. Safra Bank complies with security measures required by federal law. They provide computer safeguards and secured files and buildings.

Does this bank offer competitive interest rates?

MYSB Direct money market account and CDs offer competitive interest rates. The M.Y. Safra Bank CDs also offer competitive interest rates. The checking accounts earn interest, but it requires a large balance. You must have $250,000 in the account to earn the most competitive rate.

Can I use this bank for my business accounts?

Yes, M.Y. Safra Bank offers business accounts. Checking, savings, money market accounts, and CDs are available. The opening balances are low. To waive the monthly fees requires a large balance.

How is the online bank different from the online banking my bank offers?

MYSB Direct accounts are entirely online. Their rates are much higher than typical brick and mortar rates. M.Y. Safra Bank accounts offer more competitive rates.

Do their checking accounts pay interest?

Yes. M.Y. Safra Bank personal checking accounts earn interest. The rates for the accounts are tiered. The most competitive rate requires a $250,000 balance. Balances below that amount earn interest, just not the highest rate.

How do I reach customer service?

By mail, phone, or email. You can visit their branch location.

Does this bank offer bill pay?

Yes. M.Y. Safra Bank offers bill pay through the website or the mobile app.

Can I deposit cash?

Cash can only be deposited through the branch location.

How long do transfers take?

Cash and electronic transfers are available the same day. Other deposits may take one to two business days. Those times depend on the form of deposit and the amount deposited.

Can I sign up for direct deposit to this account?

Yes. Money can be directly deposited into M.Y. Safra Bank and MYSA Direct accounts.

Bank Contact Information

Luana Savings Bank
499 Park Avenue
New York, NY 10022
212.652.7200

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