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Compare Banesco USA accounts
Banesco USA Review: Overall Rating
Banesco USA Pros and Cons
About Banesco USA
Banesco USA is a Hispanic American-owned bank primarily in Florida. Though it is part of Banesco International, the bank is independent from Banesco’s other banks abroad.
The bank has 6 locations in Florida and one location in Puerto Rico.
Banesco USA also has more than 55,000 ATMs worldwide and 43,000 ATMs in the US and Puerto Rico. If you use an ATM that isn’t owned by Allpoint or Banesco, there is a $2 transaction fee.
In addition to the location hours, Banesco USA has an online Client Care Center. People can call or email a contact care specialist on weekdays from 8 a.m. to 6 p.m.
The bank has mobile apps on Google Play and the Apple store with ratings of 4.7 out of 5 stars and 4.7 out of 5 stars respectively.
Banesco USA is an FDIC member, so deposits are insured for up to $250,000 for individuals and $500,000 for joint accounts.
The Role of Hispanic American-led Institutions
Hispanic American-led financial institutions provide local services and products to largely Hispanic American and underserved communities. Banesco USA’s website includes easy accessibility features that adjust the website’s content for better sight and hearing functionality. You can also easily change the language to Spanish or Portuguese if you’d prefer.
These banks are often more closely tied to these communities than national banks. In the last few years, Banesco USA has worked with several organizations. The bank has worked with Junior Achievement to introduce financial literacy in K-12 education. It also joined up with Fundación Comunitaria de Puerto Rico to help reconstruction efforts in Puerto Rico.
Is Banesco USA Trustworthy?
Banesco USA does not have any public controversies, and the bank has an A+ rating from the Better Business Bureau. A good BBB rating means that a company effectively manages customer disputes.
A high BBB rating will not ensure that your experience will be perfect. Even when a company has a good BBB rating, it’s important to get alternative perspectives through friends, family, or online reviews to get a better picture of whether a bank may be a good option for you.
Banesco USA FAQs
Yes, Banesco USA is a legitimate bank. Its bank accounts are FDIC-insured up to $250,000 per depositor, per category. If the bank shuts down, your insured deposits are protected.
Banesco USA has locations in a few cities in Florida (Aventura, Coral Gables, Hialeah, West Palm, and Miami). It also has one branch in Hato Rey, Puerto Rico.
As of December 31, 2022, the bank has $3 billion in assets.
Banesco USA Bank Account Reviews
BanesGrow Savings Account
BanesGrow Savings Account
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
1.35%
Minimum Deposit Amount
$100
- High APY
- Easy to waive monthly maintenance fee
- $100 minimum opening deposit
- $5 monthly maintenance fee
- Interest compounded monthly
Insider’s Take
If you’re a Florida resident looking for a Hispanic-owned bank with decent savings accounts and CDs, you may find that Banesco USA ticks all of your boxes
Product Details
- Hispanic American-owned bank
- 4 branch locations in Florida and 1 branch in Puerto Rico
- Interest compounded monthly
- Avoid the $5 monthly maintenance fee by keeping at least $300 in your account monthly
- Member FDIC
- 55,000 ATMs worldwide
The BanesGrow Savings Account pays 1.35% APY (Annual Percentage Yield), which is a higher interest rate than the average savings account in the US. However, there is a minimum $100 opening deposit and a $5 monthly service fee.
If you can maintain $300 in your account daily, you won’t have to pay the monthly maintenance fee. You must also keep a minimum daily balance of $300 to earn interest.
Banesco USA also has other personal savings account options, but the maintenance fee may be higher.
Banesco Personal Checking Account
Banesco USA Personal Checking Account
Fees
$15 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$100
- Unlimited checks
- Visa check card offering
- Easy to waive monthly maintenance fee
- $35 overdraft fee
- $2 transaction fee for out-of-network ATMs
- $100 minimum opening deposit
- $15 monthly maintenance fee
Insider’s Take
If you’re a Florida resident looking for a Hispanic-owned bank with decent savings accounts and CDs, you may find that Banesco USA ticks all of your boxes
Product Details
- Hispanic American-owned
- Bank with 4 branches in Florida and 1 in Puerto Rico
- To waive the $15 monthly maintenance fee, keep a monthly balance of at least $100 in your account
- Member FDIC
Banesco USA has several checking account options. The Banesco USA Personal Checking Account requires a $100 minimum opening deposit, and you should maintain that balance daily to avoid a $15 monthly service fee.
BaneSmart CD
BaneSmart CD
Annual Percentage Yield (APY)
0.50% to 5.10%
Minimum Deposit Amount
$1,500
- High APY
- Standard variety of term options
- $1,500 minimum opening deposit
- Early withdrawal penalties
Insider’s Take
If you’re a Florida resident looking for a Hispanic-owned bank with decent savings accounts and CDs, you may find that Banesco USA ticks all of your boxes
Product Details
- Hispanic American-owned bank
- 4 branch locations in Florida and 1 in Puerto Rico
- Interest compounds monthly
- Member FDIC
- Terms range from 6 months to 3 years
- Early withdrawal penalties: 7 days of interest for terms less than one month; 90 days of interest for terms between 31 days and a year; 270 days of interest for terms between 1 year and 18 months; 270 days of interest for terms between 541 days and 720 days; 1 year of interest for terms between 721 days and 1094 days; 18 months of interest for terms shorter than 3 years
Banesco USA offers a good APY for short-term BaneSmart CDs under 18 months. However, the minimum opening deposit required is $1,500.
These CDs may be a good option if you want a place for your money to be left untouched and are looking for a competitive CD rate for a short term.
BanesFlex Money Market Account
BanesFlex Money Market Account
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
1.35%
Minimum Deposit Amount
$2,500
- Possible to waive monthly maintenance fee
- $2,500 minimum opening deposit
- $5 monthly maintenance fee
- Interest compounded monthly
Insider’s Take
If you’re a Florida resident looking for a Hispanic-owned bank with decent savings accounts and CDs, you may find that Banesco USA ticks all of your boxes
Product Details
- Hispanic American-owned bank
- 4 branch locations in Florida and 1 branch in Puerto Rico
- Interest compounded monthly
- To waive $5 monthly maintenance fee, keep a daily balance of $2,500
- Member FDIC
The BanesFlex Money Market Account is a decent option if you can open an account with at least $2,500. You’ll need to maintain a $2,500 daily balance to avoid the $5 monthly service fee.
How Banesco USA Compares
Banesco USA vs US Century Bank
US Century Bank and Banesco USA have solid Dds. However, it all depends on your needs. If you prioritize getting a long-term CD or want to open an account with a lower minimum opening deposit, then U.S. Century Bank may a better fit. For higher CD rates, you might prefer Banesco USA.
If you’re more focused on opening a savings or checking account, then both banks are solid options. U.S. Century Bank has a free checking account and the option of overdraft protection. However, Banesco USA has a higher rate for its savings and money market accounts.
Banesco USA vs Sunstate Bank
Sunstate Bank has a greater range of options for savings and money market accounts with lower minimum opening deposits. For example, Sunstate Bank has a youth savings account with a $25 minimum opening deposit.
On the other hand, Banesco USA has more locations and makes it easier for people to waive the monthly maintenance fee.
Why You Should Trust Us: How We Reviewed Banesco USA
At Personal Finance Insider, we rate savings, checking, CD, and money market accounts using our banking methodology and CD methodology.
Each account receives a rating between 0 and 5. We evaluate a bank’s ethics, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.
