Popular Direct 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: 5.0 Star Icon
0.75%APY
Savings/MMA
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Pros:

  • High-interest rates on accounts
  • Account available everywhere
  • Variety of CD terms
  • Online and mobile banking

Cons:

  • Opening accounts requires large deposit
  • The savings account has a monthly fee
  • Only offer CDs and one savings account
  • Linked external account required
  • Financial Rates: 2.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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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
Popular Direct Review

The interest rates on Popular Direct accounts are very competitive. They are considerably higher than your typical brick and mortar banks. The rates are competitive with other online-only accounts.

Because Popular Direct is an online-only bank, the accounts are available everywhere. Applying for the account is quick and completed online. Everything you need for your account is accessed online. There are no branch locations.

Popular Direct offers a variety of different CD term lengths. The terms range from a three-month term to five-year terms. The other terms include six months, one year, eighteen months, two, three, and four-year terms. The interest rates increase the longer the term length.

All Popular Direct accounts come with online and mobile banking. With online banking, you can set up account notifications and see statements. You can transfer funds between the linked external account. Mobile and online banking allow you to transfer money between Popular Direct accounts. You can check account balances and deposit checks.

To open a savings account with Popular Direct, you must have $5,000 as your opening deposit. To open a CD with Popular Direct, you must have $10,000 as the opening required deposit. You will still earn interest if your balance drops below these required amounts.

Popular Direct savings account has a monthly fee. The fee is $4 per month if your balance falls below $500. No fee is charged if your balance remains above $500. There is also a fee for closing the account before 180 days after opening it. A $5 monthly fee is charged each month if your account is inactive for 12 months. Following the 12th month, the fee is charged each month the account is inactive.

Popular Direct only offers CDs and one savings account. They do not offer a checking account, money market account, or any business accounts. The CDs range from 30-day CDs to a five-year term.

Popular Direct requires you link your account to an external account. The linked account allows you to make deposits into your Popular Direct account. The external bank account cannot be changed within the first 60 days of opening the account.

Read the full Popular Direct 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 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.

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

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