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.
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!
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.
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..
|FDIC Certificate #||35154|
|Return on Assets - YTD||0.1%|
|Return on Equity - YTD||0.9%|
|Annual Interest Income||$8.8MM|
|Assets and Liabilities|
|Assets||Q3 2018vs Q3 2017||$363.0MM$287.5MM|
|Loans||Q3 2018vs Q3 2017||$211.7MM$161.5MM|
|Deposits||Q3 2018vs Q3 2017||$321.8MM$248.3MM|
|Equity Capital||Q3 2018vs Q3 2017||$39.2MM$37.3MM|
|Loan Loss Allowance||Q3 2018vs Q3 2017||$2.1MM$2.2MM|
|Unbacked Noncurrent Loans||Q3 2018vs Q3 2017||$85.00K$0|
|Real Estate Owned||Q3 2018vs Q3 2017||$0$0|
Rates for M.Y. Safra Bank are currently being reviewed.
|M.Y. Safra Bank Locations|
|T. Rowe Price Savings Bank||499 Park Avenue||New York, NY 10022|