MYSB Direct Review July 2024: high-yield money market account and CDs

All rates and fees are current as of July 2, 2024, and are subject to change.

MYSB Direct

Money market accounts (MMAs):	Earn up to 4.00% annual percentage yield (APY)
Certificates of deposit (CDs):	Earn up to 5.20% APY

View offer

at Fiona

Pros and Cons

Pros

• Competitive CD rates
• Open to anyone within the U.S.
• Higher interest rates and APYs than many banks

Cons

• No checking accounts
• No savings accounts
• Limited banking services

Who is MYSB Direct good for?

MYSB Direct MMAs and CDs make the bank a good fit for those looking to earn high interest and APY on their money. If you’re looking for a no-penalty CD, you’ll also love this bank, with its 13-month no-penalty CD, which allows you to withdraw up to three times before your CD matures. Finally, if you want to set up and run your account without visiting a physical branch, MYSB Direct is good for you since it’s online-only.

Who shouldn’t use MYSB Direct?

If you’re looking to manage day-to-day transactions, MYSB Direct won’t be a great option. It doesn’t offer free checking accounts or high-yield savings accounts like some banks. Also, the few available accounts require minimum deposits, which makes it unsuitable for low-income earners looking for a bank without minimum balance requirements or service fees.

View offer

at Fiona

MYSB Direct rates and products

MYSB Direct offers a money market account and high-interest CDs with multiple terms, allowing you to set aside money for as long as you want. However, these are the only banking products you’ll get. 

Money market accounts

M.Y. Safra provides one of the best MMAs, offering both standard interest and annual percentage yield on your money. With MYSB Direct, you can save between $5,000 and $250,000, but note that the interest and APY rates vary and can change anytime without notice.

Certificates of deposit

MYSB Direct offers multiple CD options with various terms and APY rates. You can set aside money to earn interest, which is compounded monthly for short periods or an extended period of up to five years. 

Other MYSB Direct CD rates

MYSB Direct offers its customers standard CDs for 6–60 months. These CDs have some of the best rates you’ll find, earning a spot on our best 1-year CD and 3-year CD rates lists. The table below shows each CD term’s interest rate and APY available to MYSB Direct customers.

MYSB Direct offers a special CD that allows you to set aside funds and withdraw them before maturity without an early withdrawal penalty. You can withdraw after the first six days of creating a CD account. The bank allows you to make multiple withdrawals, up to three times, but there needs to be six days between each withdrawal. Also, a minimum balance of $5,000 is required to earn interest on this MYSB Direct CD.

More services MYSB offers 

While M.Y. Safra Bank offers its customers plenty of banking services, including checking and savings accounts, personal and business loans, mortgages, conversion of foreign currencies and precious metals, and special management deposit services, MYSB Direct doesn’t offer such. You can only create a money market account or CDs.

Online banking

Since it’s an online bank, MYSB Direct provides customers with a full banking experience. That means you can manage your account from the comfort of your home.

Compare MYSB Direct alternatives

MYSB Direct	Ally Bank	SoFi
Savings APY	Savings APY	Savings APY
N/A	4.20%	Up to 4.60%*
Checking APY	Checking APY	Checking APY
N/A	0.10%–0.25%	0.50%
Money market account rates	Money market account rates	Money market account rates
Up to 4.00% APY	4.2%	N/A
Top CD APY	Top CD APY	Top CD APY
Up to 5.20%	Up to 4.50%	N/A
View offer at Fiona	View offer at Bankrate	View offer at SoFI

*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Is MYSB Direct right for you?

While MYSB provides multiple services and products to its New York residents, choosing its online banking division, MYSB Direct, means you’re comfortable navigating an online platform to manage your accounts. It also means you don’t mind missing out on many banking solutions since only MMAs and CDs are available on MYSB Direct. However, MYSB Direct’s high interest and APYs on the available accounts are massive selling points for those looking to multiply their savings. 

Frequently asked questions