M.Y. Safra Bank offers banking services to individuals and businesses. While many of its products are available only to residents of New York, where its main branch is located, the bank makes MYSB Direct available to United States citizens and residents. This online banking division enables anyone within the country to create money market accounts (MMAs) and high-yield certificates of deposit (CDs) to earn from their savings.
All rates and fees are current as of April 19, 2024, and are subject to change.
MYSB Direct
| Money market accounts (MMAs): | Earn up to 4.00% annual percentage yield (APY) |
| Certificates of deposit (CDs): | Earn up to 5.20% APY |
MYSB Direct rates and products
MYSB Direct offers a money market account and high-interest CDs with multiple terms, allowing you to set aside money for as long as you want. However, these are the only banking products you’ll get.
Money market accounts
M.Y. Safra provides one of the best MMAs, offering both standard interest and annual percentage yield on your money. With MYSB Direct, you can save between $5,000 and $250,000, but note that the interest and APY rates vary and can change anytime without notice.
Certificates of deposit
MYSB Direct offers multiple CD options with various terms and APY rates. You can set aside money to earn interest, which is compounded monthly for short periods or an extended period of up to five years.
Other MYSB Direct CD rates
MYSB Direct offers its customers standard CDs for 6–60 months. These CDs have some of the best rates you’ll find, earning a spot on our best 1-year CD and 3-year CD rates lists. The table below shows each CD term’s interest rate and APY available to MYSB Direct customers.
MYSB Direct offers a special CD that allows you to set aside funds and withdraw them before maturity without an early withdrawal penalty. You can withdraw after the first six days of creating a CD account. The bank allows you to make multiple withdrawals, up to three times, but there needs to be six days between each withdrawal. Also, a minimum balance of $5,000 is required to earn interest on this MYSB Direct CD.
More services MYSB offers
While M.Y. Safra Bank offers its customers plenty of banking services, including checking and savings accounts, personal and business loans, mortgages, conversion of foreign currencies and precious metals, and special management deposit services, MYSB Direct doesn’t offer such. You can only create a money market account or CDs.
Online banking
Since it’s an online bank, MYSB Direct provides customers with a full banking experience. That means you can manage your account from the comfort of your home.
Compare MYSB Direct alternatives
Is MYSB Direct right for you?
While MYSB provides multiple services and products to its New York residents, choosing its online banking division, MYSB Direct, means you’re comfortable navigating an online platform to manage your accounts. It also means you don’t mind missing out on many banking solutions since only MMAs and CDs are available on MYSB Direct. However, MYSB Direct’s high interest and APYs on the available accounts are massive selling points for those looking to multiply their savings.
Frequently asked questions
Is M.Y. Safra Bank legit?
Yes, M.Y. Safra Bank is physically located in New York State and is insured by the Federal Deposit Insurance Corp. (FDIC).
What is MYSB Direct?
MYSB Direct is M.Y. Safra Bank’s online banking service, and it includes high-yield CDs, a no-penalty CD, and an MMA for non-New York residents.
Is MYSB a good bank?
MYSB provides banking solutions for individuals and businesses. Its online banking division, MYSB Direct, is great for those outside of New York who want to earn high interest on their savings and don’t need a wide variety of banking products.
What is the penalty for early withdrawal of MYSB CD?
Withdrawing from a CD before it matures means that you will lose 90 days’ worth of interest or all earned interest if the total interest exceeds 90 days’ interest. However, this penalty doesn’t apply to MYSB Direct’s no-penalty CD.
