M.Y. Safra Bank has made a significant update to their savings product line with an enhanced 13-Month No-Penalty CD. This product now offers an Annual Percentage Yield (APY) of 5.00%, placing it competitively in the market.
Aimed at savers looking for both high returns and flexibility, this offer reflects a strategic move by the New York-based institution.
The offer is available nationwide.
M.Y. Safra Bank Offer
The 13-month MYSB Direct Online No-Penalty CD stands out with its 5.00% APY. This rate applies to deposits of $5,000 or more, with the requirement that these funds be new to M.Y. Safra Bank.
An appealing aspect of this CD is the allowance for two penalty-free withdrawals, offering flexibility not commonly found in traditional CDs. The increase from an initial 4.85% APY in late October 2023 to the current 5.00% APY marks a significant improvement, making it a competitive choice among similar products nationwide.
Rate last updated January 17, 2024.
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Key details of the 13-month No-Penalty CD include:
- Minimum deposit: $5,000 of new money, not previously deposited with M.Y. Safra Bank.
- Early withdrawal: Up to two penalty-free withdrawals are permitted. The third withdrawal will result in account closure.
- Withdrawal restrictions: No withdrawal of the principal amount is allowed within the first six days of account funding or following a partial withdrawal.
- Account balance requirement: A minimum balance of $5,000 is needed to earn the stated APY.
About M.Y. Safra Bank
M.Y. Safra Bank, headquartered in New York City, was established following the sale of T. Rowe Price Savings Bank to financier and banker Jacob E. Safra in 2013.
This move was a response to evolving regulations in the banking sector.
The Safra family has a longstanding history in banking, dating back to the 19th century with global operations. M.Y. Safra Bank, named after Moise Y. Safra.
Our Take on the Offer
M.Y. Safra Bank’s 13-month No-Penalty CD is an attractive option for those seeking a balance between a high yield and flexibility.
The increase to a 5.00% APY makes it a strong contender in the current market, especially for customers looking for short-term, high-yield savings with some liquidity.
The bank’s solid reputation and historical background add to the appeal, making this offer a noteworthy consideration for savvy savers nationwide.