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Home Savings Bank VS My Safra Bank FSB

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 3.0 Star Icon
0.25%APY
CD Account
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Pros:

  • Good variety of CD terms available
  • Competitive interest rates on CDs
  • CDs renew automatically
  • Early withdrawal fees low

Cons:

  • High opening required amounts
  • Must schedule CD closure before maturity
  • All banking needs must be done online
  • Does not offer interest rate guarantee
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
No Rate Information
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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
Home Savings Bank CD Review

Home Savings Bank offers a good variety of CD terms. They offer online only terms for those who do not live by a branch location and in-branch terms for those who do. There are a total of seven different CD terms for each type. The terms range from six-months to 60-months.

The CDs with Home Savings Bank offer competitive interest rates. The rates are much higher than typical bank rates. They are competitive with other online CD rates. Even the short-term CDs offer rates competitive with other short-term online CDs.

Home Savings Bank CDs will automatically renew after the CD reaches maturity. If you wish to keep your money in your Home Savings Bank CD, you do not have to contact customer service. The CD will automatically renew to the same CD term length. The rate will be determined on the day the CD renews.

The early withdrawal fees are low compared to other online CD accounts. For terms from six-months to 15-months, the fee is three months of interest on the withdrawn amount. For terms longer than 15-months, the fee is six-months of interest on the withdrawn amount.

The opening required amounts for Home Savings Bank CDs are high. Each CD term requires $5,000 to open. You can open any of the CD terms online with this set required amount. You must keep $5,000 in the CD to earn interest.

You cannot close your Home Savings Bank CD during the grace period. You must specify you want to close the account before the CD reaches maturity. You can set up to close your CD 30 days prior to the CD maturity date up to the day before maturity. Upon maturity, the money transfers into the initial account the money transferred from. Set up CD closure through online banking.

Home Savings Bank has specific online accounts. All activity for those accounts must be through online banking. Those activities include opening and closing CDs and all inquiries about the accounts. There is a $10 fee per transaction if any of this activity is done in a branch location.

Home Savings Bank does not offer an interest rate guarantee. The interest rate on the day you open the account is the rate you receive for the CD term. If the rates increase shortly after you open the CD, your interest rate will not increase.

Read the full Home Savings Bank review.

My Safra Bank FSB CD Review

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.

Read the full My Safra Bank FSB review.

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