M.Y. Safra Bank, FSB was originally established in 2000 as T. Rowe Price Savings Bank. In 2013, the bank changed its name to M.Y. Safra Bank, and moved its headquarters from Baltimore, MD to New York, NY.
M.Y. Safra Bank offers its banking customers a variety of deposit products. These include personal checking accounts, personal savings accounts, personal money market accounts, and Certificates of Deposit (CDs). On the business side, M.Y. Safra Bank provides business checking accounts, business savings accounts, business money market accounts, and CDs. Customers are provided with access to online banking, bill pay, ATM, and debit cards.
The bank provides both interest and non-interest-bearing checking accounts, with interest-bearing accounts yielding higher rates for larger account balances. As for savings and money market accounts, at the time of this writing, the bank offers two interest rate tiers, depending upon account balance.
CD terms range from 7 days to 5 years and longer, and customers have the option of selecting custom terms with custom interest rates. “Jumbo” CDs, which requires large initial deposits, are also available.
In addition to these deposit accounts, the bank also provides various personal lending services, including mortgages and lines of credit. M.Y. Safra also offers its customers access to currency conversion and purchasing gold coins.
So Easy................
I recently opened a CD at Safra. Could not have been easier. Added bonus.they dont hold your money while you wait for them to verify your account by making small deposits in your funding account at your external bank. Everything was done in 2 days! Fantastic!
Great Bank
Great personal touch from the Branch Manager. He made me feel comfortable and guided me with my banking needs during a process that other banks made difficult. I would highly recommend the bank and the team to anyone that's looking for great service.
Lost Money On A CD
Leave them alone, unless you have a lot of money to invest. I had a small CD - just a little over $1,000. It was originally invested in T. Rowe Price, then T. Rowe Price started M.Y. Safra Bank. I trusted T. Rowe Price, so I left it with Safra. Turns out, Safra immediately began charging monthly "Retirement Plan Fees." Their monthly fee was greater than the small amount of interest I was accruing. By the time I was able to transfer the CD to another company, I had lost money on my CD. Why they needed to charge a Retirement Plan fee is out of sheer greed. Of course they're easy and helpful. Of course they will make it easy to open new accounts. After all, that's how they get your money. I was told that if you make a minimum deposit of $10,000, then they don't charge the monthly fee. Thank you, Safra, for looking out for the little guy.
BEWARE Of Early Withdrawal Penalty
I wanted to open a CD account here, but when I reviewed their Truth in Savings disclosure document online, I was shocked at their Early Withdrawal Penalty clause. The penalty is credited interest or 90 days of interest, whichever is HIGHER...You can lose everything! I will not recommend this bank at all, even if they have great CD rates.
Poor Client Relations . Inconsistent Staff Explanations.
I have been trying to withdraw a CD from this bank for at least 5 weeks. I have been my request was lost in the mail and then lost faxes . I requested the money be sent overnight, secured and tracked. I was told the check was cut and mailed one week ago. Apparently, it's a lost item again!
I have lost trust and respect from this unprofessional group and will be moving my assets..
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35154 |
| Year Established | 2000 |
| Employees | 25 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.49% |
| Return on Equity - YTD | 4.39% |
| Annual Interest Income | $3.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $357.8MM$373.6MM |
| Loans | Q1 2023vs Q1 2022 | $236.7MM$199.3MM |
| Deposits | Q1 2023vs Q1 2022 | $276.7MM$326.9MM |
| Equity Capital | Q1 2023vs Q1 2022 | $40.7MM$40.4MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $3.3MM$2.7MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $64.00K$31.00K |
| Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |