Ad Disclaimer

BankPurely VS M.Y. Safra Bank, FSB

Which bank is better for you?

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

Pros:

  • Low opening amount required and no fees
  • Checking account earns interest
  • High-interest rates on accounts
  • No set balance to earn highest rates

Cons:

  • No business accounts offered
  • MMA has high opening balance
  • Not a wide variety of accounts
  • Accounts opened through another website
  • 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
BankPurely Review

To open a BankPurely savings and checking account only requires $1. After the initial deposit, there is no amount required to keep in the account. There are no monthly maintenance fees. The BankPurely CDs only require $1,000 to open. There are four different CD terms available.

CheckingPurely account earns interest. The interest rates are competitive with other online checking accounts. The rates are much higher than your typical brick and mortar checking account rates. Free bill pay and mobile check deposits are available with the CheckingPurely account. There is no monthly fee or amount required to keep in the account.

All the accounts at BankPurely offer competitive interest rates. The account rates are much higher than your typical brick and mortar bank rates. They are competitive with other online-only accounts.

Any amount in the BankPurely accounts earns the highest interest rates offered. There is no specific amount required to earn competitive rates. Your balance will earn the highest interest rate, no matter what amount. The savings and checking account only need $1 to earn those rates. The CDs require $1,000. The MMA does require a higher amount of $25,000 to open and earn interest.

There are no business accounts currently offered through BankPurely. The only accounts are personal deposit accounts.

The money market account through BankPurely has a high opening required amount. The amount to open the account is $25,000. This account earns competitive interest rates. You receive an ATM card attached to the account.

BankPurely offers personal deposit accounts. There is only one savings account, one checking account, and one money market account offered. BankPurely does offer CDs, but there are only four different terms available. The CD terms are 12 months, 24 months, 36 months, and 60 months.

BankPurely is powered through iGObanking.com. To open a BankPurely account, you will be transferred to the iGObanking.com website. All the online banking functions are available under the iGObanking.com brand. Your account is through BankPurely, but the technology is through iGObanking.com. You will not see the BankPurely logo when you are opening an account. It is the right place to open the account as long as you see the iGObanking.com logo.

Read the full BankPurely 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.

Sponsored Offers

BMO Harris Bank
MMA 10/14/2019
APY 2.20%
Rate 2.17%
For APY $5,000
Monthly Fee $0.00
Checkbook Yes
Member FDIC Insured.
Next >
American Express National Bank
Savings 10/14/2019
APY 1.90%
Rate 1.88%
For APY $1
Monthly Fee $0.00
Checkbook No
No monthly fee. Competitive APY. 24/7 account access.
Next >