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CD Bank 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
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Pros:

  • Good variety of CD terms and no fees
  • Competitive interest rates on CDs
  • Can open any CD account online
  • Short-term CDs offer competitive rates

Cons:

  • Only CDs offered
  • Must link CDs to external accounts
  • High opening required amounts
  • Customer service not available 24/7
  • 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
CD Bank Review

There are a variety of CD terms offered through CD Bank. The terms range from three-month to 60-month terms. There are nine CDs offered between those terms. There are no fees to open the accounts or to maintain the account. The only fee is if you withdraw the money before the CD reaches maturity.

Each of the accounts offered through CD Bank offer competitive interest rates. The rates are competitive with other online CDs. The rates are much higher than typical brick and mortar bank rates.

CD Bank is an entirely online bank. You can open any CD term online as long as you meet the requirements. You must be at least 18 years old and a U.S. citizen or resident alien. The process to open a CD with CD Bank is completely online.

Usually, with CDs, the longer terms earn more competitive interest rates. However, some short-term CDs from CD Bank offer more competitive rates than the longer terms. The 9, 12, 18, and 24-month CD terms offer the most competitive interest rates.

CD Bank offers a limited amount of accounts. They only offer personal deposit CDs. Those CD terms range from three-month to 60-months. There are no other personal deposit accounts available. There are also no business accounts offered through CD Bank.

The easiest way to fund CD Bank accounts is to link the account to an external account. You can mail a check or request a wire transfer. To make electronic transfers does require a linked external account. Money can only be deposited into CD accounts at CD Bank during the grace period after the CD reaches maturity.

The amount required to open any CD with CD Bank is high. Each term requires $10,000 to open. You must also have $10,000 in the account to earn the most competitive interest rate. Balances under $10,000 do not earn the competitive interest rates.

Customer service for CD Bank has specific hours. They are open Monday through Friday from 9 a.m. to 5 p.m. Central Time. If you contact customer service after hours, they will address your issue the next business day.

Read the full CD 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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