Banesco USA Bank Review 2019

Banesco USA Bank Logo


Banesco USA is a bank headquartered in South Florida eager to grow through investing in better customer service and digital enhancements.


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About Banesco USA Bank

Banesco USA was founded in January 2006 to offer banking services and products to business owners, their families and residents in southern Florida and Puerto Rico. The bank is headquartered in Coral Gables, Florida, and part of the worldwide financial institution Banesco International. Banesco USA closed 2018 with $1.28 billion in total assets.

Banesco USA offers a mix of deposit and lending products. Some are available online while others must be accessed at a physical branch in South Florida or Puerto Rico. The bank is good for those looking for a financial institution with a regional feel as well as some digital bells and whistles.


  • Banesco USA customers can freely use over 43,000 ATMs in the U.S. through the Allpoint network.
  • The BanesGrow Savings account offers a competitive APY.
  • Regional bank with a growing number of digital offerings.


  • The online offerings lag behind some of its larger or online-only competitors.
  • Branch access is limited to South Florida and Puerto Rico.
  • Interest rates for savings products are not favorable to those with small balances.

Banesco USA Bank Services

Savings Rating


BanesGrow is Banesco USA’s savings account. It has one of the most competitive yields available. Another perk is that you need only $300 to earn its top-tier yield. This gives the BanesGrow account a very competitive combination of a reasonable minimum balance and a top-tier yield. The BanesGrow account also offers up to six withdrawals per month. The account has a minimum opening deposit requirement of $100, and a $300 daily balance is needed in order to avoid the $5 maintenance fee.


  • Offers a competitive yield.
  • Requires only a $100 minimum to open the account.
  • Requires only $300 to earn the top-tier yield.


  • The yield is competitive, but higher yields are available elsewhere.
  • Some savings accounts have lower or no minimum balance requirements.

Savings accounts available from other banks

CDs Rating


Banesco offers several traditional CDs for savers who are comfortable locking up their funds for months at a time. As with other standard CDs, an early withdrawal applies for pulling money out of the account before it matures. Penalties vary depending on the term length. Few details regarding CDs are available online, and account-related disclosures aren’t available until after the CD is opened by the customer.


  • Yields are competitive on a national scale.
  • The minimum deposit is relatively low.
  • Customers can ask for interest to be paid before the maturity date.


  • Interest is not compounded.
  • Some standard CD terms are not available.
  • No special CDs are available.

CDs available from other banks

2.10% APY
2.05% APY
2.00% APY
Checking Rating


Banesco USA offers the NOW Account as its interest-bearing checking account. The account can be opened with as little as $100 and offers tiered rates for those who have a balance of at least $1,500. Those who maintain the $1,500 daily balance can also avoid the $15 monthly fee. One drawback: Customers have to open the account within a branch. The other option from Banesco USA is the Personal Checking Account. It requires $100 to open, and the $15 monthly fee can be waived for those who maintain a daily balance of $100. However, this account also must be opened within a branch.


  • Tiered rates offer interest on balances equal to or greater than what some banks offer through their savings products.
  • Access to more than 43,000 ATMs in the U.S. through the Allpoint network.
  • Unlimited checks.


  • Cannot open checking accounts online.
  • No interest available for balances less than $1,500.
  • $1,500 minimum balance to avoid $15 monthly fee.

Checking accounts available from other banks

MMAs Rating


The BanesFlex Money Market Account offers a top-tier APY if you have a large balance. It offers check-writing privileges, and you can issue six checks or withdrawals a month. The BanesFlex does have a large minimum balance, at $100,000, to get the bank’s top rate in this account. Daily balances under $100,000 earn a significantly lower APY. If you plan on keeping less than $100,000 in the account, there are a few accounts with lower minimum balance requirements and higher — or comparable — APYs. You need a minimum of $2,500 to open the BanesFlex account, and you also need to stay above a $2,500 daily balance in order to avoid the $5 maintenance fee.


  • Get a free first basic check order at the time of account opening.
  • Banesco Visa Check card comes with the account.
  • Make up to six withdrawals per month. Check writing is included in that six-transaction maximum.


  • Need $100,000 or more to earn the highest APY.
  • Balances between $2,500 and $99,999.99 earn about half the APY that balances $100,000 or more earn.
  • If your balance is under $2,500, you won’t earn interest.

MMAs available from other banks

Bank Experience Rating


Banesco USA earns high marks for its ATM access. As a customer, you’ll have access to more than 43,000 ATMs in the U.S. for free at locations like Costco and CVS. In the world, you’ll have access to more than 55,000 ATMs. You will, however, have a more limited window of reaching a client care specialist on the phone compared to other banks. Here, you can reach a specialist only on weekdays from 8:30 a.m. - 5:00 p.m. The reviews of its mobile banking app are favorable. On the app, you are able to take care of banking basics, like deposit the check. If you’re looking for more cutting-edge features, you may want to bank elsewhere.

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