Is M.Y. Safra Bank legit?

Yes, M.Y. Safra Bank is physically located in New York State and is insured by the Federal Deposit Insurance Corp. (FDIC).

MYSB Direct is M.Y. Safra Bank’s online banking service, and it includes high-yield CDs, a no-penalty CD, and an MMA for non-New York residents.

MYSB provides banking solutions for individuals and businesses. Its online banking division, MYSB Direct, is great for those outside of New York who want to earn high interest on their savings and don’t need a wide variety of banking products.

What is the penalty for early withdrawal of MYSB CD?

Withdrawing from a CD before it matures means that you will lose 90 days' worth of interest or all earned interest if the total interest exceeds 90 days' interest. However, this penalty doesn't apply to MYSB Direct's no-penalty CD.

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MYSB DIRECT REVIEW JANUARY 2025: HIGH-YIELD CDS AND MMAS

MYSB Direct Review January 2025: high-yield money market account and CDs

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