At a glance

3.9

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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

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

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

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Banesco USA Bank banking products

3.1

Bankrate Score

Compare top savings rates

FEATURES

1.35% APY

APY last updated between 5/7 and 5/13.

$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

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.

Rate history for Banesco USA Bank's Savings account

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 last updated between 5/7 and 5/13.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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 last updated between 5/7 and 5/13.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Banesco USA Bank CD overview

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 online, which may be prohibitive for some. Moreover, customers can’t earn higher rates with higher balances; rates are locked in and determined by the term you choose.

Pros

Banesco pays competitive yields on most of its CDs.

Cons

The $1,500 required deposit may be too high for some customers.
Some standard CD terms are not available.

Rate history for Banesco USA Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Banesco USA Bank

APY

APY last updated between 5/7 and 5/13.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Banesco USA Bank

APY

APY last updated between 5/7 and 5/13.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Banesco USA Bank money market overview

Banesco’s money market account — BanesFlex — pays a competitive yield, BanesFlex requires a $2,500 balance to open and waive the $5 monthly service fee. You must maintain a minimum balance of $300 to earn interest. It comes with limited check-writing privileges as well; withdrawals are limited to six a month before incurring a fee.

Pros

BanesFlex pays a somewhat competitive APY.
The account comes with check-writing privileges.

Cons

The $2,500 opening deposit requirement is rather high.
The minimum daily balance to avoid a $5 monthly charge is $300.

3.5

Bankrate Score

Compare top checking rates

Banesco USA Bank checking overview

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

Banesco’s USA basic checking account, called Personal Checking, is the one we 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. The account comes with a Visa debit card. The account doesn’t pay interest.

Banesco USA also offers another checking account that pays a little interest, called the NOW account. It requires only $100 to open and offers a Visa debit card. There’s a $15 monthly fee, but you can waive it if you meet the average daily balance of $1,500. Customers have surcharge-free access to more than 55,000 ATMs through the Allpoint network. Both accounts come with expensive overdraft fees if you exceed your balance.

Pros

Both accounts offer unlimited checks, but each checkbook comes with a cost.
Customers have fee-free access to thousands of ATMs.
An interest checking account option is available.
Only $100 is needed to open the account.

Cons

High monthly fee if you aren’t able to waive it by maintaining the minimum balance.
Both accounts feature expensive overdraft fees.

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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

Banesco USA is for customers in the South Florida area and Puerto Rico, which is where all Banesco USA branches are located. However, even if you live outside of those areas, you’ll have access to more than 40,000 fee-free ATMs.
Yes. Banesco USA Bank is FDIC-insured up to the amount allowed by law: $250,000 per depositor, per account type.
While Banesco USA is an independently chartered bank based in Florida, the institution is an offshoot of Banesco Banco, which is one of the largest banks in Venezuela (where it was originally founded).

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.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Banesco USA Bank APY APY last updated between 5/7 and 5/13. APY last updated between 5/7 and 5/13	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	1.35%	0.58%
04/30/2024	1.35%	0.58%
04/23/2024	1.35%	0.58%
04/16/2024	1.35%	0.58%
04/09/2024	1.35%	0.58%
04/02/2024	1.35%	0.58%
03/26/2024	1.35%	0.57%
03/19/2024	1.35%	0.57%
03/12/2024	1.35%	0.57%
03/05/2024	1.35%	0.57%
02/27/2024	1.35%	0.58%
02/20/2024	1.35%	0.58%
02/13/2024	1.35%	0.58%
02/06/2024	1.35%	0.58%
01/30/2024	1.35%	0.58%
01/23/2024	1.35%	0.58%
01/16/2024	1.35%	0.58%
01/09/2024	1.35%	0.58%
01/02/2024	1.35%	0.58%
12/26/2023	1.35%	0.57%
12/12/2023	1.35%	0.57%
12/05/2023	1.35%	0.57%
11/28/2023	1.35%	0.60%
11/21/2023	1.35%	0.60%
11/14/2023	1.35%	0.60%
11/07/2023	1.35%	0.60%
10/31/2023	1.35%	0.58%
10/24/2023	1.35%	0.58%
10/17/2023	1.35%	0.58%
10/10/2023	1.35%	0.58%
10/03/2023	1.35%	0.58%
09/26/2023	1.35%	0.57%
09/19/2023	1.35%	0.57%
09/12/2023	1.35%	0.57%
09/05/2023	1.35%	0.57%
08/29/2023	1.35%	0.54%
08/22/2023	1.35%	0.54%
08/15/2023	1.35%	0.54%
08/08/2023	1.35%	0.54%
08/01/2023	1.35%	0.54%
07/25/2023	1.35%	0.54%
07/18/2023	1.35%	0.54%
07/11/2023	1.35%	0.54%
07/10/2023	0.55%	0.54%
07/04/2023	1.35%	0.54%
06/27/2023	1.35%	0.49%
06/20/2023	1.35%	0.49%
06/13/2023	1.35%	0.49%
06/06/2023	1.35%	0.49%
05/30/2023	1.35%	0.47%
05/23/2023	1.35%	0.47%
05/16/2023	1.35%	0.47%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Banesco USA Bank APY APY last updated between 5/7 and 5/13. APY last updated between 5/7 and 5/13	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	0.55%	1.41%
04/30/2024	0.55%	1.40%
04/23/2024	0.55%	1.40%
04/16/2024	0.55%	1.40%
04/09/2024	0.55%	1.40%
04/02/2024	0.55%	1.40%
03/26/2024	0.55%	1.41%
03/19/2024	0.55%	1.41%
03/12/2024	0.55%	1.41%
02/27/2024	0.55%	1.40%
02/20/2024	0.55%	1.40%
02/13/2024	0.55%	1.40%
02/06/2024	0.55%	1.40%
01/30/2024	0.55%	1.41%
01/23/2024	0.55%	1.41%
01/16/2024	0.55%	1.41%
01/09/2024	0.55%	1.41%
01/02/2024	0.55%	1.41%
12/26/2023	0.55%	1.41%
12/12/2023	0.55%	1.41%
12/05/2023	0.55%	1.41%
11/28/2023	0.55%	1.40%
11/21/2023	0.55%	1.40%
11/14/2023	0.55%	1.40%
11/07/2023	0.55%	1.40%
10/31/2023	0.55%	1.40%
10/24/2023	0.55%	1.40%
10/17/2023	0.55%	1.40%
10/10/2023	0.55%	1.40%
10/03/2023	0.55%	1.40%
09/26/2023	0.55%	1.37%
09/19/2023	0.55%	1.37%
09/12/2023	0.55%	1.37%
09/05/2023	0.55%	1.37%
08/29/2023	0.55%	1.31%
08/22/2023	0.55%	1.31%
08/15/2023	0.55%	1.31%
08/08/2023	0.55%	1.31%
08/01/2023	0.55%	1.31%
07/25/2023	0.55%	1.29%
07/18/2023	0.55%	1.29%
07/11/2023	0.55%	1.29%
07/04/2023	0.55%	1.29%
06/27/2023	0.55%	1.26%
06/20/2023	0.55%	1.26%
06/13/2023	0.55%	1.26%
06/06/2023	0.55%	1.26%
05/30/2023	0.55%	1.25%
05/23/2023	0.55%	1.25%
05/16/2023	0.55%	1.25%

Banesco USA Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Banesco USA

Banesco USA Bank banking products

Banesco USA Bank savings overview

Pros

Cons

Rate history for Banesco USA Bank's Savings account

Banesco USA Bank CD overview

Pros

Cons

Rate history for Banesco USA Bank's CD accounts

Banesco USA Bank money market overview

Pros

Cons

Banesco USA Bank checking overview

Pros

Cons

Bank fees

About Banesco USA Bank

Bank experience

How does Banesco USA Bank compare to other banks?

Banesco USA Bank vs. Suncoast Credit Union

Banesco USA Bank FAQs

Who is Banesco USA Bank best for?

Is Banesco USA Bank safe?

Who owns Banesco bank?

Review methodology

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