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Banesco USA Bank Review 2022

Updated December 2, 2022
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At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 4.6 stars out of 5

MMA

Rating: 4.6 stars out of 5

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Overview

Banesco USA is good for those who want a depository institution with a local feel and the conveniences of online and digital banking.

Highlights

  • High APY
  • Low Min Deposit
  • Top CD Rates
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Banesco USA is an FDIC-insured institution with headquarters in South Florida.

Pros

  • Checkmark

    Customers have surcharge-free access to over 55,000 ATMs.

  • Checkmark

    Many deposit products are available and offer competitive APYs.

  • Checkmark

    The checking accounts offer unlimited checks and a debit card.

Cons

  • Requirements must be met to waive monthly fees on some accounts.

  • Some accounts have minimum deposit requirements that are slightly higher than other banks.

Banesco USA Bank bank products

4.6
Rating: 4.6 stars out of 5
Bankrate Score

Banesco USA Bank savings overview

Banesco’s savings account — BanesGrow — pays a very competitive yield. Only $300 is needed to open the account and earn interest. There’s a $5 monthly fee, but it’s waived when customers maintain an average daily balance of $300.

Pros

  • Checkmark

    The savings account pays a great APY.

Cons

  • There is a $5 monthly fee unless a $300 balance is maintained.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.5 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

Banesco customers have free access to more than 43,000 ATMs in the U.S. at locations such as CVS, Walgreens and Target, and over 55,000 ATMs worldwide.

Banesco has added BanescoVoice, an automated telephone system for accessing accounts. You can reach a representative weekdays 8:30 a.m. to 5 p.m.

Reviews of Banesco’s mobile banking app are favorable. Customers using the app can deposit checks, pay bills and more.

About Banesco USA Bank

Banesco USA was founded in January 2006 to offer banking services and products to residents and business owners in South Florida and Puerto Rico. The bank is headquartered in Coral Gables, Florida, and is part of the worldwide financial group Banesco International.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.