-
Financial Rates:
2.0
-
Customer Service:
4.0
-
Website Experience:
4.0
-
Bank Fees:
3.0
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
-
Financial Rates:
5.0
-
Customer Service:
5.0
-
Website Experience:
3.5
-
Bank Fees:
4.0
Pros:
- Low opening required amounts
- Competitive interest rates on accounts
- Variety of accounts offered
- Free ATM transactions and fee refunds
Cons:
- Accounts have monthly fees
- Savings have high required daily balances
- CD early withdrawal penalties are high
- Excessive withdrawal fee high
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.
First IB only requires $25 to open the free checking and savings account. The Interest checking, Money Market Savings, and Tomorrow's Tycoons require $100 to open. CDs required $1,000 to open. The HSA does not have a required amount to open.
First IB accounts earn competitive interest rates. The account rates are competitive with other online-only accounts. To earn the best rate for the checking account only requires $500 in the account. The savings accounts do not have a set limit to earn the competitive interest rates.
A variety of accounts are available through First IB. The accounts include:
- Free checking
- Interest checking
- Money Market Savings
- Free savings
- CD terms from three to 60-months
- Health Savings Account
- Tomorrow's Tycoons savings account for children
- Coverdell Education Savings account
- IRA accounts
- Credit cards, personal, student, and auto loans
- Home equity loans and mortgages
- Business checking, savings, and CDs
- Business lending options
First IB is a member of the ATM Plus network, giving you access to millions of ATMs across the U.S. Certain accounts with First IB reimburse up to $10 each month in ATM fees. The Interest checking, money market, and regular savings offer the reimbursement option.
Most First IB accounts have a monthly fee. The fees range from $2 to $10 each month. Waive the fees by keeping an average daily balance in the accounts. The required balances vary between accounts.
The First IB Money Market Savings account requires a daily balance of $4,000 to avoid the monthly fee. The Interest checking account requires $500 to avoid the fee. Free savings and checking accounts do not have a required balance to avoid the monthly fee.
The early withdrawal penalty for First IB CDs are high. CD terms for three-months requires 90 days of interest. Terms from six to 18-months require 180 days of interest. The fee for CD terms over 24-months is 360 days of interest.
The government limits the withdrawals from savings accounts to six per month. The excessive withdrawal fee for First IB accounts is $30 per extra transaction, which is higher than other banks. The withdrawals restrictions apply to the money market and Free savings accounts.
Sponsored Offers
| Savings (Rate as of 4/25/2024) | |
| APY | 4.25% |
|---|---|
| Rate | 4.16% |
| For APY | $1 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/25/2024) | |
| APY | 5.15% |
|---|---|
| Rate | 5.02% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/25/2024) | |
| APY | 5.00% |
|---|---|
| Rate | 5.00% |
| For APY | $100 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC Plus, no monthly fees and unlimited free external transfers | |
| Savings (Rate as of 4/25/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
For details on our best products and how we chose them click here.
Rates proudly provided by 
For Bankrate's privacy policy, click here.
1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.