About M.Y. Safra Bank
M.Y. Safra Bank is a privately owned bank founded in 2013 by the Safra family. The family can trace is roots back to Switzerland as well as the founding of Republic National Bank in the 1960s.
M.Y. Safra Bank Overview
M.Y. Safra Bank is a full-service bank that offers CD, checking, money market, and savings accounts. The bank also offers online-only accounts with more competitive APYs through its MYSB Direct division.
| Full range of CDs with competitive APYs. | $15 excess withdrawal fees for personal money market and savings accounts. |
| No-Penalty CD available with a highly competitive APY. | Most checking and savings accounts have monthly service charges. |
| Variety of business and personal checking and savings accounts available. | Only one branch available in New York City. |
| Most monthly service charges can be waived. | Highest yielding accounts are only available online. |
M.Y. Safra Bank Offerings
CDs
A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period, known as a term. M.Y. Safra Bank offers CDs with terms ranging from one month to five years. The APYs on most of its CDs are higher than the national averages of 2.60%. Here are the details for some of the bank's CD offerings for the month! and 2025:
Checking Accounts
A checking account is a transactional account intended for everyday expenses. M.Y. Safra Bank offers several different business checking accounts. All of the checking accounts offer APYs that are below the national average of 0.01% for checking accounts. Here are the latest account details for June 2025:
Savings Accounts
A savings account is an interest-bearing account that pays you interest while you save for your financial goals. M.Y. Safra Bank offers a savings account for both business and personal use. The account offers an APY higher than the national average yield of 1.45% for savings accounts. Here are the latest savings account details for June 2025:
Bank Fees
Overdraft fee: $35
Account closure fee: $15 if closed within 90 days of account opening
Dormant account fee: $3 per month
Wire transfer fee: Domestic - Incoming is $0 and outgoing is $25; International - Incoming is $0 and outgoing is $50
Non-network ATM fee: None
Monthly service charge: $3-$20 depending on the account type
Stop payment fee: $30
Paper statement fee: $5 per statement copy
M.Y. Safra Bank Features
M.Y. Safra Bank's customer service line is available on weekdays from 9 a.m. to 4 p.m. EST. via phone. The 24-hour automated line is also available for basic account information and functions. The bank operates one branch in New York City but does offer online accounts available nationwide. The bank does not have any ATMs but offers rebates that vary depending on the type of account. The bank has an easy-to-use mobile app that allows customers to check balances, deposit checks, pay bills, and process transactions.
M.Y. Safra Bank FAQs
Our Take
M.Y. Safra Bank is a regional bank with one branch headquartered in New York City. It offers a full range of banking products that are available to New York residents through its branch, as well as a number of products available through its MYSB Direct online platform that are available to everyone. It offers highly competitive APYs on its online CD accounts and its online money market account. The bank does not operate any ATMs but offers generous rebates that vary depending on the type of account. Although it only operates one account, the bank offers a lot of excellent products with highly competitive APYs and is worth a look for any New York resident and anyone else who doesn't mind opening an online account through its MYSB Direct division.
Methodology
Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.