Skip to Main Content

Banesco USA Bank Review 2024

Updated February 2, 2024
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.4 stars out of 5

Checking

Rating: 3.5 stars out of 5

Savings

Rating: 3.1 stars out of 5

MMA

Rating: 3.4 stars out of 5

About Bankrate Score

Overview

Banesco USA primarily operates in South Florida and Puerto Rico, making this a good depository institution for U.S. customers in the Miami area. Notwithstanding the local feel of the bank, you can use your Banesco Visa debit card at any of the more than 55,000 Allpoint ATMs worldwide without surcharge fees.

Highlights

  • High APY
  • Low Min Deposit
  • Top CD Rates
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/24/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 5/24/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
5.30
%
APY
APY
Info
As of 5/24/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees, unlimited withdrawals, better for the planet

Overall

Banesco USA is an FDIC-insured institution with headquarters in South Florida.This bank offers everything you’d expect from a large depository institution, from personal checking to money market accounts. While they offer competitive rates for their CDs, Banesco USA’s savings account APYs have fallen behind rising interest rates, making them less attractive than they were just a year ago. 

Banesco uses digital payments network Zelle for customers to send and receive money.

Pros

  • Checkmark

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

  • Checkmark

    Many deposit products are available and offer competitive APYs.

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.

CTA We want to know what you think about Banesco USA

We want to know what you think about Banesco USA

Do you have experience with Banesco USA? Let us know your thoughts.

Banesco USA Bank banking products

3.1
Rating: 3.1 stars out of 5
Bankrate Score
Invest Rate
1.35% APY
Info
Loan
$300 minimum deposit to open

Banesco USA Bank savings overview

Banesco’s savings account — BanesGrow — pays a yield well above the national average, but much higher rates can be found at other banks. Only $100 is needed to open an account, but you need a minimum balance of $300 to earn interest. There’s a $5 monthly fee, but it’s waived when customers maintain an average daily balance of $300.

Pros

  • Checkmark

    There’s a low minimum deposit.

Cons

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

  • Withdrawals are limited to six a month before incurring a fee.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Banesco USA Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/24/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $35
Non-sufficient funds fee $35
Monthly maintenance fee $5 – $15
Account closure fee (within six months of account opening) $20
Out-of-network ATM fee $2
Excessive transaction fee $10

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.

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. To complete other banking activities that can’t be done through the automated system, you can reach a representative weekdays 8:00 a.m. to 6:00 p.m.

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

Banesco has six locations in Florida and one branch in Puerto Rico.

How does Banesco USA Bank compare to other banks?

Banesco USA Bank vs. Suncoast Credit Union

Both Banesco USA and Suncoast Credit Union are based in Florida, though Suncoast branches can be found all over Florida, stretching from Chiefland (near Gainesville) all the way down to Naples. In contrast, Banesco has just a handful of branches in South Florida. However, you or an immediate family member must live, work, worship or go to school in Florida to join Suncoast Credit Union. Anyone can open an account at Banesco.

Both institutions offer a full suite of deposit products, ranging from CDs to money market accounts, but Banesco USA tends to offer much higher yields on those deposit products, especially its CDs.

Banesco USA Bank FAQs

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.