Applied Bank VS M.Y. Safra Bank, FSB

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.10%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Variety of different personal accounts
  • Low opening required amounts
  • Checking and saving rates are not tiered
  • Business accounts offered

Cons:

  • Accounts have low-interest rates
  • Jumbo CDs do not offer higher rates
  • Accounts have monthly fees
  • High interest in MMA requires a large sum
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
0.05%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon 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
Applied Bank Review

Applied Bank has a variety of different personal accounts. There are basic savings, checking, and money market accounts. Checking accounts for people over 50 are available. There are specific savings accounts for youth and specific goals like a vacation. CDs, loans, and credit cards are available through Applied Bank.

Most Applied Bank accounts have a low opening required amount. The savings and checking account requires $100 to open. The club savings account only requires $10 to open. The money market account requires $500 to avoid a fee and earn interest. The CDs require $1,000 to open. The checking account for those over 50 does not have required amounts.

The interest rates for Applied Bank checking and savings accounts are not tiered. The savings account only requires $100 to earn the most competitive rates. The Club Savings account only requires $10 to earn competitive rates. The checking account requires $1,000.

Applied Bank offers business accounts. They offer checking accounts, loans, and lines of credit for businesses. They also offer merchant processing options in select states. Online banking is available for business accounts.

Interest rates for Applied Bank accounts are low. The rates are similar to your typical brick and mortar bank rates. Even the CDs rates are low. The most competitive interest rates are the Club and youth saving accounts. Those rates are higher than the other savings account. They are still much lower than other online-only accounts.

Applied Bank offers jumbo CDs. These CDs require at least $95,000 to open. The interest rates for the jumbo CDs are not any higher than the regular CD interest rates. The jumbo CD terms range from six-months to five-years. Those CDs are available for businesses, nonprofits, and personal deposit accounts.

Applied Bank accounts have a monthly fee if you do not keep a minimum amount in the accounts. The amounts required to avoid the fee are low. The checking and savings accounts require $100. The money market requires $500. The monthly fee is $10 per account per month if minimum balances are not met. The only fees for CDs are for withdrawing money before the maturity date.

The highest interest rates for the Applied Bank money market account requires a large sum. To earn the most competitive rate requires $25,000 in the account. Amounts over $500 earn interest, just a much lower rate. Any amount over $25,000 earns the highest rate.

Read the full Applied Bank review.

M.Y. Safra Bank, FSB Review

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.

Read the full M.Y. Safra Bank, FSB review.

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