Banesco USA is a Florida-based bank that offers competitive rates on some of its short-term certificates of deposit (CDs). However, those looking for good yields on longer fare should search elsewhere, especially if you have trouble affording the $1,500 minimum deposit requirement.
Account details and annual percentage yields (APYs) are accurate as of January 16, 2024.
About Banesco USA CDs
Banesco USA offers fixed-rate CD terms ranging from six months to three years. You can open a CD with a minimum deposit of $1,000 to open a CD in a branch $1,500 to open a CD online. However, there are just six bank branches, located in South Florida and Puerto Rico, to choose from.
Banesco USA certificates of deposit rates differ based on the term length. The six-month term offers the highest APY at 5.25%, but it’s only available to residents of Puerto Rico and must be opened in person at the Puerto Rico branch, leaving the nine-month term at 5.10% and the one-year term at 4.90%. The two-year and 36-month terms have the lowest APYs, paying 0.50% and 0.55%, respectively.
Banesco USA’s CDs earn simple interest, whereas many other CDs earn compound interest, which offers a marginally higher return, though less so on shorter-term CDs.
Like other banks, Banesco USA charges an early withdrawal penalty. The amount you’ll pay ranges between seven and 540 days of interest, depending on the CD term.
How much can you earn with a Banesco USA CD?
The amount you can earn with a CD depends on the term you select, the yield it offers and the amount you plunk down. The table below shows how much you can earn on a $10,000 deposit for each of Banesco’s CD terms, assuming you leave your money until the CD matures.
Use our calculator to see how much you could earn with a particular CD.
It’s also important to pay attention to the fine print. For instance, you can earn 5.00% on a 13-month CD if you’re a resident of Puerto Rico, open the CD in Puerto Rico and put down at least $100,000. Given those limitations, we didn’t include it in the table below.
How Banesco USA CD rates compare
As you shop around for a CD, it’s important to compare rates from multiple financial institutions.
Banesco USA offers better rates than its competitors for a few of its CD terms but considerably lower rates for other terms. For example, Banesco USA offers just 0.50% APY for its 24-month CD, while Zions Bank, Texas Capital Bank and Frost Bank offer 3.05% APY, 3.61% APY and 3.50% to 3.75% APY, respectively, for their 24-month CDs.
*Varies depending on balance amounts ranging from $1,000 to $100,000+ .
How to get a Banesco USA CD
Banesco USA allows you to open a CD in two ways: in a branch or online. You can visit a Banesco USA branch in the following locations in Florida:
- Aventura.
- Coral Gables.
- Hialeah.
- West Palm Beach.
- Miami.
There is also a branch in Hato Rey, Puerto Rico.
To open a CD on the Banesco USA website, follow these steps:
- Indicate whether you’re an existing customer or opening a new account.
- Choose a CD term, ranging from six months to three years.
- Provide your personal information, physical address, contact information, identification information and employment information.
After you complete the application, you can link a bank account to transfer your deposit and open your CD.
Other products Banesco USA offers
In addition to CDs, Banesco USA also offers the following products:
- Checking account. Banesco USA offers two checking accounts (Banesco Personal Checking), one of which allows you to earn interest on your balance (Banesco NOW Checking). Both accounts have a monthly fee, which you can avoid by maintaining a minimum daily balance.
- Money market account. There is the Banesco Money Market Account with a minimum balance of $2,500 that pays 1.35% APY. This is lower than most of Banesco USA’s CD rates, but a money market account doesn’t require you to keep your money locked up like a CD does.
- Consumer loans. Banesco USA offers home equity loans as well as personal and auto loans.
Banesco USA review
Banesco USA is a regional bank that was founded in 2006 and is headquartered in Miami. It has six branches in Florida and one in Puerto Rico. As of September 2023, it’s the 293rd-largest bank in the United States, with assets of more than $3.7 billion.
Banesco USA is a relatively small bank. It doesn’t have a large lineup of financial products and services like many other banks do, but local customers may appreciate the ability to visit a branch in person.
While Banesco USA has received few online reviews, it has an A-plus rating from the Better Business Bureau and has no complaints with the Consumer Financial Protection Bureau.
Frequently asked questions (FAQs)
Everyone has different needs, so whether Banesco USA is a good bank for you depends on your situation. It may be a good option if you live in Florida and want to work with a local bank. But if you’re looking for an online bank, you may be able to find another option that better suits your needs.
Yes, Banesco USA uses Zelle, which allows customers to send, request or receive money directly from their Banesco bank account.
Banesco USA’s CD rates are competitive for some terms, including six months, nine months and one year. But its longer terms offer less favorable rates.
Yes, Banesco USA’s accounts are insured by the Federal Deposit Insurance Corporation, for up to $250,000 per depositor.
