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BankDirect VS M.Y. Safra Bank, FSB

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • Low required opening amounts
  • Reimbursement of ATM fees
  • Variety of personal deposit accounts
  • Money market account earns good rates

Cons:

  • Highest MMA rate requires large amount
  • High required amount to open CDs
  • Checking accounts have a monthly fee
  • Must mail in application to open account
  • 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
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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
BankDirect Review

Most of the BankDirect accounts have a low amount required to open the account. BankDirect checking accounts only require $500 to open. Both BankDirect money market accounts require $500 to open. The basic savings account only requires $100 to open.

BankDirect does not own any ATMs; they reimburse their customers the ATM fees. The first four ATM withdrawals per statement cycle are refunded. The refunds are up to $2.50 per transaction. There is a withdrawal limit of $500 from an ATM each day.

BankDirect offers a variety of personal deposit accounts. There are three different checking accounts and two different money market accounts. There are a variety of different CD terms available. BankDirect offers one savings account. There are no business accounts available.

The BankDirect Money Market Plus account offers a competitive interest rate. BankDirect also offers a mileage money market account. This account earns American Airline miles. Both MMA require $500 to open. The mileage money market account earns much lower interest rates. You earn miles instead of interest. There is no monthly fee for either account.

To earn the high rates offered on the BankDirect Money Market Plus account you must have $10,000 in the account. Amounts under $10,000 do not earn any interest. Only $500 is required to open this account, but to earn any interest requires $10,000.

BankDirect offers a variety of different CD terms. The required amount to open any of the CDs is $10,000. There is no monthly fee. The interest rates for CDs are competitive. The 12-month, 18-months, 24-months and 36-month CDs offer the most competitive rates. To open a mileage CD also requires $10,000.

Two of the BankDirect checking accounts have monthly fees. The interest and mileage checking accounts both have a monthly fee. The fee is waived for the interest checking account if you have at least $2,500 in the account. The mileage checking does not list a way to waive that monthly fee.

Opening an account with BankDirect is not entirely online. To open an account, you must fill out the application online, then print off part and mail it in. You will then receive a welcome kit within one to two weeks. Once you get your kit, you can finish setting up your account.

Read the full BankDirect 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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