M.Y. Safra Bank | FAQ
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Frequently Asked Questions

Frequently Asked Questions
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We all have questions when it comes to our money. Below is a list of frequent client questions. If you are unable to find the answer to your questions, you may complete the form below or contact our Bankers at (212) 652-7200. We are here to assist you.

Yes, deposits at M.Y. Safra Bank are insured up to the maximum limit allowed, please see our FDIC page for full details.

Interest is compounded monthly and paid on the 1st of every month.

Your CD interest can be taken out monthly via ACH or check, but this will eliminate the benefit associated with compounding.

A penalty will be imposed if you withdraw/close out prior to a CD’s maturity. The penalty equals 90 days of interest – if interest earned during the term is greater than 90 days of interest, penalty will equal all interest earned.  Penalties do not apply to No Penalty CDs.

When you make a CD deposit that Bank anticipates those funds being on deposit for the term of the CD and makes investment decisions based upon that timeline and therefore we may incur fees or penalties.

Beneficiaries can be added at account opening or any time.

Yes, we do, and it is available in both the Apple and Google app stores, or it can be downloaded.

1099s generated on an annual basis for any account that earned $10 or more in interest. Generally, 1099’s are mailed to the primary account owner by January 31st.


Our rates are subject to change and are not locked in until the account is opened and funded.

M.Y. Safra Bank was established in 2013.

There are no fees for CDs unless it’s closed prior to maturity. Here is the fee schedule for our other accounts.