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Banesco USA Bank Review 2022

Published February 2022 by Libby Wells

AT A GLANCE
4.5

Bankrate Score

bank-logo

High APYs

Low Minimum Deposit

Top CD rates

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

  • Savings
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    4.6
  • MMAs
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    4.6
  • CDs
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    4.0
  • Checking
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    4.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    0.70 % APY

    $ 2,500

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Overall

    4.5

    Bankrate Score

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

    What we like

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

    • Many deposit products are available and offer competitive APYs.

    • The checking accounts offer unlimited checks and a debit card.

    What we don't

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

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

    Savings accounts

    4.6

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.70 % APY

    $ 2,500

    Min. balance for APY

    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.

    What we like

    • The savings account pays a great APY.

    What we don't

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

    Money market accounts

    4.6

    Bankrate Score

    Banesco’s money market account — BanesFlex — pays a competitive yield, though the BanesGrow savings account APY is higher. BanesFlex requires a $2,500 balance to open and earn interest, and also to waive the $5 monthly service fee. It comes with limited check-writing privileges as well.

    What we like

    • BanesFlex pays a competitive APY.

    • The account comes with check-writing privileges.

    What we don't

    • The $2,500 opening deposit requirement is rather high.

    • The minimum daily balance to avoid a $5 monthly charge is $2,500.

    CD rates

    4.0

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Banesco offers a few CDs with terms ranging from six months to three years, so some standard terms, such as five years, aren’t available.

    Yields across all CD terms are very competitive. Customers need to deposit at least $1,500 to open a CD, which may be prohibitive for some.

    What we like

    • Banesco pays competitive yields on its CDs.

    What we don't

    • The $1,500 required deposit may be too high for some customers.

    • Some standard CD terms are not available.

    Checking accounts

    4.2

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Banesco offers two checking accounts: Personal Checking and NOW Account.

    Personal Checking: This product is the bank’s basic checking account and the one scored for this review. It requires just $100 to open. There’s a $15 monthly fee, but it’s waived with an average daily balance of $100. Account holders have access to unlimited checks and a Visa debit card. The account doesn’t pay interest.

    NOW Account: This account is similar to the Personal Checking version, but it pays a little interest. It requires only $100 to open, and offers access to unlimited checks and a Visa debit card. There’s a $15 monthly fee; unlike the Personal Checking account, the NOW Account requires an average daily balance of $1,500 to waive the fee. Customers have surcharge-free access to more than 55,000 ATMs through the Allpoint network.

    What we like

    • Both accounts offer unlimited checks and a debit card.

    • Customers have fee-free access to thousands of ATMs.

    • An interest checking account option is available.

    What we don't

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

    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.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.