M.Y. Safra Reviews: Checking, Savings, CD, Money Market, and IRA Rates

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Updated on Tuesday, December 1, 2020

M.Y. Safra Bank’s checking account options

Basic Checking Account

Earns interest but not enough to make up for the unavoidable monthly maintenance fee.

APY

Minimum Balance Amount



0.05%

$0 - $5,000

0.05%

$5,000 - $25,000

0.10%

$25,000 - $50,000

0.10%

$50,000 - $100,000

0.10%

$100,000 - $250,000

0.15%

$250,000 - $1,000,000

M.Y. Safra Bank requests that you contact them for a personal quote

Over $1,000,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3
  • ATM fees: None for the first 8 transactions per month. $1 per transaction after that.
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The M.Y. Safra Bank Basic checking account is suited for people who only want to keep a small balance. You can open this account for only $25 and there is no minimum balance requirement to keep the account open.

What’s nice about the Basic checking account is it offers the exact the same banking services as the bank’s Silver and Gold accounts: an ATM card, online banking, the ability to order checks and a limited refund on ATM fees worldwide.

However, this account has a couple significant downsides. First, it charges a $3 monthly maintenance fee no matter what. They don’t waive the fee for a minimum account balance. Also, this account only offers eight free transactions per month, including ATM withdrawals, checks and purchases with the debit card. The bank charges a $1 fee for every transaction over the monthly limit.

To open a basic checking account, you can visit the New York branch in person or you can complete and mail in their new account form. However, you cannot open this account online. The new account form will ask to list your personal information, fill out a W-9 for taxes and provide a government-issued ID.

Silver Checking accounts

While better than M.Y. Safra Bank’s Basic account — and comes with a silver coin, to boot — the Silver account is still not great compared to other accounts on the market.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

If you can meet the average balance requirements, the M.Y. Safra Silver checking account is a significant upgrade over the Basic checking account. This account gives you three ways to avoid the $10 monthly maintenance fee:

  • Keep an average monthly balance of at least $1,500;
  • Make at least one direct deposit of any amount during the statement cycle; or,
  • Maintain a balance of at least $25,000 in your combined M.Y. Safra Bank accounts

This account also lets you make unlimited transactions per month without being charged a fee. Finally, if your opening deposit is at least $250 and you sign up for direct deposit, M.Y. Safra Bank will give you a one-oz silver coin.

While that’s an interesting perk, keep in mind that the value of silver was only about $16 an ounce as of this writing. Also, this is not an interest bearing account.

To open a Silver checking account, you can visit the New York branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

M.Y. Safra Gold checking account

The bar of gold sign-up bonus is tempting but not enough to justify the high balance requirements.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The M.Y. Safra Gold checking account is nearly identical to the Silver checking account, with the same services. The main perk with this account is if you open with an initial deposit of at least $2,500 and set up a recurring direct deposit of at least $500, you will receive a 2.5-gram bar of gold. With a current price of about $40 per gram as of this writing, that gold bar is worth about $100.

In exchange, this account has larger balance requirements if you want to avoid the $15 monthly maintenance fee. To avoid the fee, you can:

  • Keep an average monthly balance of at least $2,500 in this account;
  • Make at least one direct deposit of at least $500 during the account cycle; or,
  • Maintain a combined average balance of at least $50,000 in all of your M.Y. Safra Bank accounts

If you can’t meet any of these three requirements, the high maintenance fee will quickly wipe out the value of the gold bar. This is also a non-interesting bearing account.

To open a Gold Checking account, you can visit the New York bank branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

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How M.Y. Safra Bank’s checking accounts compare

Of the three M.Y. Safra checking accounts, Silver and Gold look the best. The Basic account is not a good option because of the unavoidable maintenance fee and the monthly limit on transactions.

Compared to the competition, the Silver and Gold checking accounts do have some positive features. They let you make unlimited withdrawals and have limited rebate ATMs fees from withdrawals anywhere in the world. The silver coin or gold bar signup bonuses are also a unique welcoming gift if you qualify.

Still, there are online checking accounts out there that offer a much better combination of higher interest rates, smaller balance requirements and lower fees while also including free ATM access around the world.

M.Y. Safra Bank’s savings account options

M.Y. Safra Silver Savings Account

A better-than-average interest rate with a low, avoidable monthly fee. Not a bad combination.

APY

Minimum Balance Amount



0.25%

$0 - $5,000

0.25%

$5,000 - $25,000

0.25%

$25,000 - $50,000

0.25%

$50,000 - $100,000

0.75%

$100,000 - $250,000

0.75%

$250,000 - $1,000,000

M.Y. Safra Bank requests that you contact for a personal quote

Over $1,000,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The M.Y. Safra Silver savings account offers an interest rate that is a clear step up from the bank’s checking accounts. The interest rate stays the same for all account balances up to $100,000, before increasing significantly after you have more than $100,000.

This account charges a low $5 monthly maintenance fee which you can avoid by:

  • Keeping an average monthly balance of at least $1,000 in your savings account; or,
  • Having a balance of at least $25,000 combined in all of your M.Y. Safra accounts

Since this is a savings account, Federal Reserve rules limit you to six pre-authorized withdrawals per month, which includes checks, debit purchases, telephone, fax and internet transfers. However, you can make unlimited ATM withdrawals with this account. If you go over the six-transaction monthly limit, M.Y. Safra bank will charge a $15 fee per transaction.

To open a Silver savings account, you can visit the New York branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

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How M.Y. Safra Bank’s savings accounts compare

If you plan on keeping at least $1,000 in your account, the M.Y. Safra Silver savings account is worth a look. It offers a much better interest rate compared to accounts at large national banks, but unfortunately that’s not saying much. There are other savings accounts that offer an even better rate and have lower balance requirements than what is available at M.Y. Safra Bank.

On the plus side, the account gives you unlimited ATM access and only charges a $5 monthly fee if you fall below the minimum balance requirement. Since this account keeps the same interest rate for all account balances up to $100,000, it’s a better deal for smaller accounts versus larger ones. Someone who deposits $80,000 will not receive a higher return than someone who has $800 to put in.

M.Y. Safra Bank’s money market account options

M.Y. Safra Platinum Money Market Account

This money market offers a hefty gold coin for six-figure deposits but that’s still not enough to make up for the low interest rates.

APY

Minimum Balance Amount



0%

$0 - $5,000

0.25%

$5,000 - $25,000

0.25%

$25,000 - $50,000

0.25%

$50,000 - $100,000

0.25%

$100,000 - $250,000

0.25%

$250,000 - $1,000,000

M.Y. Safra Bank requests that you contact for a personal quote

Over $1,000,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The interest rates on the M.Y. Safra Platinum money market account are disappointing. They are exactly the same as what’s offered on the Silver savings account. And yet, this account has much higher balance requirements and fees. This account charges a $20 monthly maintenance fee that can only be avoided if:

  • You have a minimum average monthly balance of $5,000 in your Platinum money market account
  • You have at least $100,000 combined in all M.Y. Safra Bank accounts.

The Platinum money market account also has the Federal Reserve restriction of six pre-authorized transactions per month, but allows unlimited ATM access. If you go over the six-transaction monthly limit, M.Y. Safra Bank will charge a $15 fee per transaction.

The one clear advantage of this account is it’s eligible for another gold sign-up bonus. If you deposit at least $100,000 in the Platinum Money Market account, then open a Gold Checking account with $2,500 and set up recurring direct deposits for at least $500 and M.Y. Safra Bank will give you a 0.25-oz gold coin.

To open a Platinum money market account, you can visit the New York branch in person or you can complete and mail in their new account form. The new account form asks to list your personal information, fill out a W-9 for taxes and provide a government-issued ID. However, you cannot open this account online.

MYSB Direct Online Money Market Account

No gold coin bonus but this account comes with a much better interest rate.

APY

Minimum Balance Amount



0%

$0 - $5,000

0.25%

$500,000 +

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20 (waived when certain criteria is met)
  • ATM fees: None
  • ATM fee refunds: Fee refunds on 10 transactions up to a maximum cost of $30.
  • Overdraft fees: $35 per transaction, up to three items per day.

The MYSB Direct Online money market account offers a substantially better interest rate than the Platinum Money Market account. It has the same account rules as Platinum except you can only sign up for this account online.

The sign-up process asks for the same information as the manual new account opening process. Once that’s done, you can only fund the account with a maximum initial deposit of $20,000 through the platform but can add more later through wire transfers or check.

This account charges a $20 monthly maintenance fee that can only be avoided if:

  • You have a minimum average monthly balance of $5,000 in your MYSB Direct Online money market account
  • You have at least $100,000 combined in all M.Y. Safra Bank accounts.

The MYSB Direct Money Market account also restricts you to six pre-authorized transactions per month but allows unlimited ATM access.

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How M.Y. Safra money market accounts compare

Of the two M.Y. Safra Bank money market accounts, MYSB Direct Online is a much better deal thanks to its far-higher interest rate. Though it does not come with the gold coin sign-up bonus, you will likely earn more in interest than the value of the coin within a year.

While the MYSB Direct interest rate is solid and better than a lot of the competition, it is still not the best rate in the country as of the time of publishing. Also, the higher interest rate only applies on accounts up to $500,000. Anything above $500,000 earns a much lower rate. If you’d like to deposit more than this limit, you may want to look elsewhere.

Be sure to check out these other top money market accounts in the country before making a decision.

M.Y. Safra Bank’s CD rates

M.Y. Safra Classic CDs

Terrific interest rates but watch out for the steep penalty on early withdrawals.

Term

APY


30 days

0.20%

90 days

0.30%

6 months

0.35%

9 months

0.35%

12 months

0.35%

18 months

0.35%

24 months

0.40%

36 months

0.30%

48 months

0.30%

60 months

0.30%

84 months

3.20%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: None, but a $3 per month penalty will be charged on balances lower than $5,000.
  • Early withdrawal penalty: For closing the account, the greater of either all interest earned to that point or 90 days worth of interest. For a withdrawal, it depends on the CD terms.

The M.Y. Safra Classic CDs offer excellent variety, with terms that range from as short as 30 days to as long as seven years. The interest rates are also extremely competitive at every CD term.

However, where the M.Y. Safra Bank Classic CDs can get costly is with their early withdrawal penalty. If you close your account before the end of the term, you forfeit all the interest earned up to that point, or a minimum penalty of 90 days worth of interest. That means if you close a CD within 90 days of opening the account, you will lose some of your original deposit.

For early withdrawals, the penalty depends on the length of the CD term, how early you decided to take money out and how much money you withdraw. They calculate the penalty at the time of your withdrawal request. If your balance falls below $5,000 after the withdrawal, you will keep earning interest but M.Y. Safra Bank will start charging a $3 per month penalty.

You can open a M.Y. Safra Bank Classic CD online, by mailing in their new account form or by visiting their branch in New York City. You will need to list your personal information, fill out a W-9 for taxes and provide a form of ID to get things set up.

M.Y. Safra Jumbo CDs

The rates are still good but not much better than Classic, despite the six-figure jumbo deposit requirements.

Term

APY


30 days

0.25%

90 days

0.30%

6 months

0.35%

9 months

0.35%

12 months

0.35%

18 months

0.35%

24 months

0.40%

36 months

0.30%

48 months

0.30%

60 months

0.30%

84 months

3.25%

  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: None, but a $3 per month penalty will be charged on balances lower than $5,000.
  • Early withdrawal penalty: For closing the account, the greater of either all interest earned to that point or 90 days worth of interest. For a withdrawal, it depends on the CD terms.

The M.Y. Safra Jumbo CDs offer a small increase in the interest rate compared to their Classic CDs. It’s not much of a bump but still better than nothing if you were thinking of depositing over $100,000.

The Jumbo CDs also have the same costly early withdrawal penalty. If you close your account before the end of the term, you forfeit all the interest earned up to that point, or a minimum penalty of 90 days worth of interest. That means if you close a CD within 90 days of opening the account, you will lose some of your original deposit.

For early withdrawals, the penalty depends on the length of the CD term, how early you decided to take money out and how much money you withdraw. They calculate the penalty at the time of your withdrawal request. If your balance falls below $5,000 after the withdrawal, you will keep earning interest but M.Y. Safra Bank will start charging a $3 per month penalty.

You can open a M.Y. Safra Bank Jumbo CD online, by mailing in their new account form or by visiting their branch in New York City. If you open an account online, the largest CD you can open is up to $250,000. You will need to list your personal information, fill out a W-9 for taxes and provide a form of ID to get things set up.

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How M.Y. Safra Bank CDs compare

The M.Y. Safra Bank’s CDs are some of the best in the country. They offer a wide variety of terms along with top interest rates for all their CDs. If you plan on depositing at least $5,000, the minimum deposit for a Classic CD, this bank is worth seriously considering.

However, their biggest downside is the steep early withdrawal penalty. Before you sign up for a M.Y. Safra Bank CD, make sure you won’t need your money until the end of the term because an early withdrawal will cost you all your interest earnings.

If you are unsure about whether you will need money early, you could check out these other top CD options to find one that gives you more flexibility for taking money out while still offering a high interest rate.

M.Y. Safra Bank’s IRA rates

M.Y. Safra Classic IRA Rates ($5,000 minimum)

Fantastic interest rates for an IRA CD.

Term

APY


30 days

N/A

90 days

N/A

6 months

0.35%

9 months

0.35%

12 months

0.35%

18 months

0.35%

24 months

0.40%

36 months

0.30%

48 months

0.30%

60 months

0.30%

84 months

3.20%

M.Y. Safra Jumbo IRA Rates ($100,000 minimum)

Term

APY


30 days

N/A

90 days

N/A

6 months

0.35%

9 months

0.35%

12 months

0.35%

18 months

0.35%

24 months

0.40%

36 months

0.30%

48 months

0.30%

60 months

0.30%

84 months

3.25%

  • Minimum opening deposit: $5,000 ($100,000 for Jumbo rates).
  • Minimum balance amount to earn APY: None, but a $3 per month penalty will be charged on balances lower than $5,000.
  • Early withdrawal penalty: For closing the account, the greater of either all interest earned to that point or 90 days worth of interest. For a withdrawal, it depends on the CD terms.

The M.Y. Safra IRAs use the same interest rates as their non-IRA CDs. The only difference is you cannot use a 30-day or 90-day CD in a M.Y. Safra IRA.

If your total account balances at M.Y. Safra Bank add up to less than $5,000, they will charge a $3 monthly maintenance fee on your IRA. This $5,000 minimum includes funds in the IRA as well as any other deposit account at M.Y. Safra Bank.

The IRA CDs also have the same costly early withdrawal penalty. If you close your account before the end of the term, you forfeit all the interest earned up to that point. The minimum penalty is 90 days worth of interest so if you close a CD within 90 days of opening the account, you will lose some of your original deposit.

For early withdrawals, the penalty depends on the length of the CD term, how early you decided to take money out and how much money you take out. They calculate the penalty at the time of your withdrawal request

To open a M.Y. Safra IRA account, you can visit the New York branch in-person or you can complete and mail in their new IRA account form from home. However, you cannot open this account online. The new account form will ask to list your personal information, fill out a W-9 for taxes and provide a form of ID.

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How M.Y. Safra Bank’s IRA CDs compare

The M.Y. Safra IRAs are excellent because they offer the same top-notch interest rates as the non-IRA CDs. If you’d like to open an IRA CD, you could get one of the best rates in the country through M.Y. Safra Bank for accounts ranging from six months all the way to seven years.

The main downside of these accounts is it takes at least $5,000 to open an IRA CD and the CDs have very expensive early withdrawal penalties. If you are looking to open a smaller IRA CD or want one that might give you the ability to take money out early, these are some of the other top IRA CDs on the market.

M.Y. Safra Bank’s overall review

If you are looking for a CD or IRA CD, M.Y. Safra Bank is one of the best in the business thanks to their high interest rates and variety of CD terms. Their online money market also offers a competitive interest rate for someone who needs more access to their money.

However, the M.Y. Safra Bank checking, savings and Platinum money markets are not at this same high standard. Their balance requirements and fees are too high considering their low interest rates. To be sure, if you make a large enough deposit in a M.Y. Safra CD or IRA CD, they will waive the monthly maintenance fee on a checking or savings account. In this case, you might want to accept the free account to transfer money in and out of the CD. Otherwise it’s not worth setting one up.

And as a final note, don’t get too excited about their gold and silver coin sign-up bonuses. They are an unusual marketing touch but not valuable enough to go out of your way for.