Tuesday, 2 June 2020

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

M.Y. Safra Reviews: Checking, Savings, CD, Money Market, and IRA Rates
21 Sep
4:20

M.Y. Safra Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

M.Y. Safra Bank Personal Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

1.70%

CD Rates

M.Y. Safra Bank 12 Month Classic CD

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.30%

CD Rates

M.Y. Safra Bank 36 Month Classic CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

2.65%

CD Rates

M.Y. Safra Bank 60 Month Classic CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

M.Y. Safra Bank’s checking account options

magnifying glass

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

magnifying glass

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

magnifying glass

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 very best rate in the country. 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

magnifying glass

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

magnifying glass

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.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Source: https://www.magnifymoney.com/blog/reviews/my-safra-bank/

« »

Szemere

Related Articles