Banesco USA Review

How does your bank stack up?

  • Financial Rates: 2.5 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.0 Star Icon
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Savings/MMA · Member FDIC Insured


  • Low opening amounts for most accounts
  • Good variety of accounts available
  • Competitive interest rates on accounts
  • Options to contact customer service


  • Cannot open all accounts online
  • Accounts have monthly fees
  • MMA have high opening amounts
  • Tiered interest rates on some accounts

What You Need to Know

Most Banesco USA accounts have low opening required amounts. The personal deposit checking and savings accounts only require $100 to open. The personal deposit CDs require $1,500 to open.

Banesco USA has a good variety of accounts. They offer personal checking, savings, and money market accounts. They offer personal and business CDs with terms from 3-months to 60-months. They offer business checking, savings, and money market accounts. Banesco offers personal and business international banking accounts, along with lending options.

The Banesco USA accounts offer competitive interest rates. The rates are competitive with other online accounts. The rates are much higher than typical bank rates.

There are a variety of ways to contact customer service. You can call during business hours or can have Banesco call you. You send an email, and customer service will call you. You can visit a local branch location or follow Banesco on social media. You can access account information anytime through BanescoVoice or logging in online.

Not all Banesco USA accounts can be opened online. To open their checking accounts, you must contact customer service. Other accounts may not be able to open online. Personal deposit money market and savings accounts can be opened online. Personal deposit CDs are also able to be opened online.

Most Banesco USA accounts have monthly fees. The fees range from $5 to $15 each month. To waive the fees, you must keep a set account balance in the specific account. This balance is not a combination of Banesco USA accounts. Those balances range from $100 to $2,500 depending on the account.

The Banesco USA money market accounts have high opening required amounts. Each of the personal deposit money market accounts require $2,500 to open. You must keep that amount in the accounts to avoid a monthly fee. If the amount falls below $2,500, the fee is between $5 to $15 per month.

Some Banesco USA accounts have tiered interest rates. The BanesFlex money market account requires $2,500 to earn any interest. But, to earn the most competitive rate offered you must have $100,000 in the account. Balances under this amount earn a much lower rate. The BanesGrown savings account only requires $300 to earn the most competitive rate.

Cool Things

Banesco Blog

The Banesco blog offers financial topics to help customers increase their knowledge. You can learn about saving money and family budgets. There are tips on cybersecurity and getting a business loan. Find the link to the blog on the Banesco website.


Banesco USA started in 2006. They have four business centers in Southern Florida and one in Puerto Rico. They are FDIC insured and are a state-chartered bank in Florida. In 2017 their total assets were over $1 billion. Their total deposits are over $800 million.

Banesco USA offers personal and business accounts. Those accounts include savings, checking, and money market accounts. They offer CD terms and lending options. You can apply for some Banesco accounts online.

Awards and Recognition

  • 5 Star Rating from Bauer Financial Rating Service

Giving Back

Banesco USA has helped Imagination Factory. They lent Imagination Factory money to help them build their center. This program helps students learn to be self-sufficient. They create learning opportunities encouraging children to think and learn for themselves.

Frequently Asked Questions

Is Banesco USA FDIC insured?

Yes. Banesco USA is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

Through ATM, debit cards, checks, or bill pay. You can make electronic transfers between Banesco accounts.

Does Banesco USA offer mobile banking?

Yes. With the mobile app, you can see account balances and history. You can transfer money between Banesco accounts, pay bills, and deposit checks.

Is Banesco USA free?

No. Most Banesco accounts have a monthly fee. Waive the fee by keeping a set account balance in the account. Those account balances range from $100 to $2,500 depending on the account.

Is Banesco USA a good bank?

Most accounts offer competitive interest rates. You can open savings accounts, money market accounts, and CDs online. Some accounts have tiered interest rates. To earn the most competitive rates requires a high account balance.

Is Banesco USA secure online?

They offer security measures that comply with federal laws. Their computers have safeguards. Their files and buildings are secure. Banesco USA restricts personal information employees can see. Banesco offers Trusteer Rapport. You can download this application to your computer for free.

Does Banesco USA offer competitive interest rates?

Most Banesco USA accounts offer competitive interest rates. These rates are competitive with other online accounts. Some accounts have tiered interest rates. You must keep the set account balance to earn competitive rates.

Can I use Banesco USA for my business accounts?

Yes. Banesco USA offers business accounts. They offer business savings, checking, and money market accounts. They offer CDs for businesses and lending options.

How is Banesco USA online banking different from the online banking my bank offers?

The interest rates are much higher. You can sign up for most Banesco USA accounts online. Everything for your account is online.

Do Banesco USA checking accounts pay interest?

The NOW checking account earns interest. The interest rates are not listed on the website. Contact customer service to find out rates.

How do I reach customer service?

Reach customer service through phone, email, or visiting a local branch location. You can send a request to have Banesco customer service call you. You can follow Banesco on Facebook, Twitter, YouTube, Instagram, and LinkedIn.

Does Banesco USA offer bill pay?

Yes. You can pay bills through the website or on the mobile app.

Can I deposit cash?

Yes, at a local branch location. Some ATMs may accept cash deposits.

How long do transfers take?

Transfers made before 4 p.m. EST on business days typically fund immediately. Transfers made after that time fund the following business day. Some transfers may take longer depending on the transfer and the amount.

Can I sign up for direct deposit to Banesco USA accounts?

Contact customer service to ask about direct deposit.

Bank Contact Information

1 (888) 228-1597

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Savings (Rate as of 7/18/2024)
APY 4.25%
Rate 4.16%
For APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
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Savings (Rate as of 7/18/2024)
APY 4.50%
Rate 4.50%
For APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >