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M.Y. Safra Bank, FSB Review

How does your bank stack up?

  • Financial Rates: 2.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.0 Star Icon

Pros:

  • Low opening required amounts
  • MYSB Direct CDs and MMA
  • Classic and jumbo CDs terms offered
  • Business accounts offered

Cons:

  • Accounts have monthly fees
  • CDs have high opening required amounts
  • Rates low and require large sum
  • Cannot open MYSB Direct accounts online

What You Need to Know

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

Online-only CDs and a money market account are available through M.Y. Safra's online division called MYSB Direct. The CDs earn higher rates than the M.Y. Safra CDs. The CD terms range from three-months to five-years. Each of the CDs and the money market account require $5,000 to open.

M.Y. Safra Bank offers classic and jumbo CDs. The terms for each range from three-months to five-years. The classic CDs require $5,000 to open, and jumbo CDs require $100,000. The rates for the jumbo CDs are only slightly higher than the classic CD rates.

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

Accounts at M.Y. Safra Bank have a monthly fee. The fees for personal deposit accounts range from $3 to $20 a month. To waive the monthly fees requires an average monthly balance. Those balances range from $1,000 to $5,000. Not all fees can be waived.

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

The interest rates for M.Y. Safra accounts are low. To earn the highest rate requires a large account balance. Personal and business checking accounts require $250,000. The M.Y. Safra savings and money market accounts also require $250,000. Lower amounts earn interest, but the rates are not competitive.

MYSB Direct offers online-only accounts. But to open these accounts, you must visit a branch location or call customer service. Both the online-only CDs and money market account require contacting customer service. They cannot be opened entirely online.

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Digital or Mobile Banking

M.Y. Safra Bank offers a mobile app and online banking. Through these tools, you can:

  • Schedule and make bill payments
  • See account balances
  • View account statements
  • Transfer money between M.Y. Safra accounts
  • Deposit checks
  • Open other accounts
  • Set account alerts
  • Turn debit card on and off
  • See account balance without logging on through Instant Balance
  • Download information into Quicken or QuickBooks

Cool Things

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 and term loans.

History

M.Y. Safra Bank has been in business for over 150 years. They are an international bank and have clients from many countries and cultures. Employees at M.Y. Safra Bank work to show respect for their customers cultures.

They offer personal deposit accounts, business accounts, and lending options. Online-only accounts are available through MYSB Direct. Those accounts include personal CDs and a money market account.

The interest rates for M.Y. Safra Bank are more competitive if you have high account balance. MYSB Direct rates are higher, but still lower than other online accounts.

List of Common Bank Fees

  • ATM Fees in the United States: $0
  • ATM fees international: Not listed
  • Bill Pay: $0
  • CD Early Withdrawal Fees: Not listed
  • Excessive Withdrawal Fees: $15
  • Monthly Service Fees: $5-20
  • Overdraft Service Fees: $35
  • Paper Bank Statements: $5
  • Wire Transfers (Domestic): $10-20
  • Wire Transfers (International): $50

Frequently Asked Questions

Are all the accounts FDIC insured?

Yes. M.Y. Safra Bank is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The 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, bill pay, and checks. You can also access your money by visiting a local branch. Some accounts need seven days' notice before making a withdrawal.

Can I deposit cash?

Yes. Deposit cash at branch locations. Some ATMs may accept cash deposits.

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?

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

Are ATM transactions free?

M.Y. Safra Bank offers free ATM transactions at M.Y. Safra Bank ATMs.

Are ATM transaction fees reimbursed?

The Sliver checking and savings, Platinum money market, and M.Y. First checking offer up to $30 in ATM fee refunds. The Gold checking account receives up to $50 in refunded ATM fees.

Is mobile banking or a mobile app available?

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 bill pay offered?

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

Do the accounts offer competitive interest rates?

MYSB Direct money market account and CDs offer higher rates that M.Y. Safra accounts. Checking accounts earn interest but require $250,000 in the account to earn the most competitive rate.

Do checking accounts earn interest?

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

What are the most popular accounts?

The MYSB Direct accounts are popular.

What are the monthly maintenance fees?

Most M.Y. Safra Bank accounts have a monthly fee. The MYSB Direct money market account also has a fee. Waive most fees by having a set balance in the account. Those balances range from $1,000 to $5,000.

Is this one of the best banks?

M.Y. Safra offers a good variety of accounts. The accounts do have monthly fees and most interest rates are not competitive with online accounts.

How are my money and information protected?

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

Are any business accounts offered?

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.

What makes these accounts different?

MYSB Direct accounts are entirely online. Their rates are higher than typical brick-and-mortar rates.

How do I reach customer service?

By email, mail, phone, or by visiting a branch location. You can follow M.Y. Safra Bank on LinkedIn.

Bank Contact Information

M.Y. Safra Bank, FSB
499 Park Avenue
New York, NY 10022
212-652-7200

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