Banesco USA Bank Review 2021

Published January 2021 by Libby Wells

AT A GLANCE
3.7

Bankrate Score

bank-logo

Low Minimum Deposit

Top CD rates

Banesco USA offers deposit products and home equity loans and personal loans. The bank is good for those who want a depository institution with a local feel and the conveniences of online and digital banking. Banesco USA had $1.28 billion in assets at the end of 2019.

  • Savings
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    2.6
  • CDs
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    4.5
  • Checking
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    3.6
  • MMAs
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    2.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    3.7

    Bankrate Score

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

    What we like

    • Banesco USA customers can freely use over 55,000 ATMs in the U.S. through the Allpoint network.

    • It is a regional bank offering checking, savings and money market accounts, certificates of deposit, and home equity and personal loans.

    • The requirements to open deposit accounts are reasonable.

    What we don't

    • Branch access is limited to South Florida and Puerto Rico.

    • Some account details are not available on the website and require calling or emailing the bank.

    • Some accounts cannot be opened online and require visiting a branch.

    Savings accounts

    2.6

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    BanesGrow Savings is Banesco USA’s savings account. Customers must visit a branch to open the account.

    The BanesGrow account also offers up to six withdrawals per month. The account has a minimum opening deposit requirement of $100.

    What we like

    • The minimum opening deposit is only $100.

    • It comes with online and mobile banking.

    What we don't

    • You must visit a branch to open the account.

    • The APY is not disclosed on the website.

    • There are other banks that pay more interest.

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

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Banesco offers several traditional CDs for savers who are comfortable locking up their funds for up to three years. Like most standard CDs, there are penalties for withdrawing funds before the maturity date.

    Few details regarding CDs are available online, and account-related disclosures aren’t available until after the CD is opened by the customer.

    What we like

    • Yields are competitive on a national scale and are posted on the bank website.

    • The minimum deposit is relatively low.

    • CDs come in five terms, from six months to three years.

    • CDs can be opened at a branch or online.

    What we don't

    • Some standard CD terms are not available.

    • There are no specialty CDs offered.

    Checking accounts

    3.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Banesco USA has two checking accounts: Personal Checking and the NOW Account, an interest-bearing account. Personal Checking can be opened with $100. The $15 monthly fee can be avoided by maintaining a $100 balance. NOW Account requires $100 to open, but a daily balance of $1,500 is required to avoid the $15 service charge. Both checking accounts come with a Visa check card, unlimited checks, electronic statements and access to mobile and online banking.

    One drawback: The accounts can be opened only on weekdays, between 9 a.m. and 5 p.m. with assistance from customer care.

    What we like

    • Personal Checking has a reasonable opening deposit requirement.

    • Customers have access to more than 55,000 ATMs worldwide through the Allpoint network.

    • Both checking accounts come with unlimited checks.

    • Both checking accounts come with a Visa check card and access to online and mobile banking.

    • The NOW Account gives customers an interest-bearing option.

    What we don't

    • Opening a checking account requires contacting customer service on weekdays between 9 a.m. and 5 p.m.

    • The APY on the NOW Account is not posted on the bank's website.

    • The NOW Account has a high balance requirement to avoid the monthly fee.

    Money market accounts

    2.7

    Bankrate Score

    The BanesFlex Money Market Account offers some check-writing privileges and access to online and mobile banking.

    The BanesFlex account requires $2,500 to open and a daily balance of $2,500 to avoid a $15 monthly service fee. A balance of $25,000 is required for the account to earn interest. The APY is not great; many other banks pay a lot more.

    Customers who exceed the monthly transaction limit are charged $10 for each occurrence.

    What we like

    • BanesFlex comes with some check-writing privileges.

    • BanesFlex offers access to online and mobile banking.

    What we don't

    • A balance of $25,000 is required to earn interest.

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

    • The APY is not disclosed on the bank's website.

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

    Bank experience

    Banesco USA earns high marks for ATM access. 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 improved its customer experience with the addition of BanescoVoice, an automated telephone system for accessing accounts. There is a limited window for reaching a client care specialist on the phone compared with other banks. You can reach a specialist only on weekdays from 8:30 a.m. to 5 p.m.

    The reviews of its mobile banking app are favorable. Customers using the app can deposit checks, pay bills and more.

    The bank has five branches in Miami-Dade County and one in Puerto Rico.

    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. @EAWELLS77

    Libby Wells Twitter Created with Sketch. @EAWELLS77

    Libby Wells, Bankrate's chief copy editor, has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She has spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.