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My Safra Bank FSB CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 5.0 Star Icon
2.02%APY
1 Year CD

Pros:

  • Competitive interest rates for CDs
  • Variety of CD terms available
  • Can open CDs entirely online
  • Low opening required amounts

Cons:

  • No interest rate guarantee
  • Customer service not available 24/7
  • Link external accounts
  • Cannot add money to CDs

What You Need to Know

MYSB Direct CDs offer competitive interest rates. Their rates are competitive with other online CDs. They are much higher than the typical bank rates. Even the shorter-term CDs offer competitive interest rates. Those rates are very competitive with short-term online CDs.

There are a good variety of CD terms available through MYSB Direct. The terms range from three months to 72-months. Between these terms, there are a total of nine different CDs. MYSB Direct CDs are entirely online CDs.

You can open each of the MYSB Direct CD terms entirely online. These CDs range in terms from three-months to 72-month terms. The application is available on the M.Y. Safra Bank website.

The opening required amounts for MYSB Direct CDs are low. The MYSB Direct accounts require either $500, $750, or $1,000 to open. The required opening balances vary depending on the CD term.

The MYSB Direct CDs offer competitive interest rates on their terms. But there is not an interest rate guarantee. If the interest rates increase shortly after you open your CD, your rates will not increase. MYSB Direct guarantees rates for the life of the CD term.

MYSB Direct is an online division of M.Y. Safra Bank. These accounts are entirely online. Customer service for these accounts is not available 24/7. Reach customer service through email, phone, mail, or their branch location in New York. Customer service hours are Monday-Friday from 9 a.m. to 4 p.m. EST.

To deposit money into MYSB Direct CDs, you must link an account. The account can be another M.Y. Safra account or an external account. Because MYSB Direct accounts are entirely online, electronic transfers are necessary.

You cannot add money to your MYSB Direct accounts after the initial deposit. Once you open the CD, you must wait until it reaches maturity to add money to the CD. The opening required amounts for the MYSB Direct CDs is $500, $750, or $1,000 depending on the term.

Cool Things

Calculators

The M.Y. Safra website offers financial calculators. They offer a savings goal calculator and a CD calculator. The website also provides a mortgage loan and mortgage qualifier calculator. You input your personal information for personal results. They define the financial terms and offer charts to help you understand the results.

History

MYSB Direct offers online-only accounts under M.Y. Safra Bank. M.Y. Safra bank originally started through financing trade around the world. The bank started in Switzerland before coming to New York in 1961. Within 20 years, M.Y. Safra Bank became one of America’s largest banks.

M. Y. Safra Bank offers personal and business accounts. The online-only accounts offered through MYSB Direct are personal accounts. Those accounts include a money market account and CDs.

Frequently Asked Questions

Is MYSB Direct FDIC insured?

Yes. MYSB Direct is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does MYSB Direct offer?

They offer nine CD terms. The terms range from three-months to 72-month terms. Open all MYSB Direct CD terms online.

What is the required amount to open a CD with MYSB Direct?

The required amounts for MYSB Direct CDs are $500, $750, or $1,000 depending on the CD term.

How do I deposit money into MYSB Direct CDs?

Deposit money electronically into MYSB Direct accounts.

How do I access my money?

Through electronic transfers.

Do I have to open other MYSB Direct accounts before I can open a CD?

No. You can open MYSB Direct CDs without opening any other accounts.

Do MYSB Direct CDs offer competitive interest rates?

Yes. Each of the MYSB Direct CD terms offers competitive interest rates. The rates are competitive with other online CD terms.

Can I choose how to receive my interest payments from MYSB Direct CDs?

Contact customer service for more information on this matter.

What percentage am I charged if I withdraw money before the maturity date?

The penalty for withdrawing money early is at least 90 days of interest. The longer CD terms will have a larger fee.

How do I make changes during the grace period?

Contact customer service.

How will I know my MYSB Direct CD is nearing maturity?

By contacting customer service.

How long is the grace period between renewal?

The grace period is usually ten days after the CD reaches maturity.

Are MYSB Direct CD rates guaranteed for the entire term?

Yes. They guarantee interest rates for the life of the CD term.

Does MYSB Direct offer mobile banking?

Yes. You can download the M.Y. Safra Bank app for iPhone or Android. To use the mobile app, you must first sign up for online banking.

Is MYSB Direct a good bank?

The interest rates for MYSB Direct CDs are competitive. They offer a good variety of CD terms. You can open the CD terms online. Customer service has limited hours of operation.

Is MYSB Direct secure online?

M.Y. Safra Bank offers security measures that comply with federal law. Their computers and buildings provide safeguards to protect customer information.

What is the shortest MYSB Direct CD term offered?

The shortest term offered through MYSB Direct is a three-month term.

What is the longest MYSB Direct CD term offered?

The longest terms offered is a 72-month term.

Does MYSB Direct offer accounts other than CDs?

MYSB Direct also offers an online savings account.

Can I use MYSB Direct CDs for my business accounts?

M.Y. Safra Bank offers business accounts. The accounts through MYSB Direct are personal accounts.

How do I reach customer service?

Through phone, email, or mail. M.Y. Safra Bank does have a branch location in New York.

Bank Contact Information

Main Office and Branch
499 Park Avenue
New York, NY 10022
212.652.7200

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