Banesco CD Rates and Features for 2025
Written by
Rudri Patel
Edited by
Melanie Grafil
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A certificate of deposit (CD) pays a guaranteed rate of interest for a specified period of time, and your money is typically insured by the FDIC. The key to helping your savings grow with CDs is finding the best possible rate. As rates change all the time, there can be quite a bit of variation from bank to bank, and from month to month.
Current Banesco CD Rates: October 2025
Banesco has competitive rates on its CDs, which range in term length from three months to 36 months.
| CD Term | Annual Percentage Yield (APY) | Minimum Deposit |
|---|---|---|
| 3 months | $1,000 | |
| 6 months | $1,000 | |
| 9 months | $1,000 | |
| 12 months | $1,000 | |
| 18 months | $1,000 | |
| 24 months | $1,000 | |
| 36 months | $1,000 |
Pros and Cons of Banesco CDs
Every financial product has advantages and disadvantages, including Banesco CDs. Below is a closer look at both sides of the product.
Pros
- Competitive APYs: Banesco APYs are often higher than those of its competitors.
- FDIC insured: CD accounts at Banesco are FDIC insured, which gives savers peace of mind about their funds.
- Low minimum deposit: CDs have a minimum deposit of just $1,000.
Cons
- Limited CD terms: Banesco only offers only seven terms for CDs.
- Early withdrawal penalty: If you need to get your funds out early, you’ll face an early withdrawal penalty.
- Interest payout requirements: For CDs longer than 12 months, interest cannot remain in the account and must be paid out annually, which may not suit all investors.
How Much Can You Earn With a Banesco CD?
Here’s a simple example showing estimated earnings with a Banesco CD:
| Deposit Amount | Term Length | APY | Estimated Interest Earned* |
|---|---|---|---|
| $1,000 | 3 months | $9.85 | |
| $2,000 | 12 months | $75 | |
| $3,000 | 24 months | $196.67 |
How To Open a Banesco CD Account
Opening a new account with Banesco is easy and takes only a few minutes. Whether you’re a new or existing customer, follow these steps.
- Pick a CD term: Before you can open an account, you need to choose a CD term. Terms range from three to 36 months. Select the term you want and then proceed to the next step.
- Fill out the form: You must provide personal information, including your address, contact information, full name, Social Security number and employment. You must be at least 18 years old to open an account.
- Upload a picture of your ID: After completing the digital form, you must scan and upload a photo of your identification card. You can use a driver’s license, military ID or state ID.
- Submit the application: This is the final step. You should receive a response within a few days.
How Do Banesco CD Rates Compare With Other Banks?
Banesco CD rates are competitive and above-average, but how do they compare with other banks’ rates?
| Bank | 1-Year CD Rate | 5-Year CD Rate | Minimum Deposit |
|---|---|---|---|
| Banesco | N/A | $1,000 | |
| First Horizon | $1,000 | ||
| Popular Direct | $10,000 | ||
| Ally Bank | $0 | ||
| Capital One* | $0 |
More Than Just Rates: What To Consider When Choosing a Bank
While CD rates are important, other factors matter too — such as minimum deposit requirements, account fees and access to online or branch banking.
MOST COMPARABLE
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$5 quarterly, waivable
$0
No monthly service fee
APY
APY
APY
Min Opening
Min Opening
Min Opening
$50
$0
$0
MOST COMPARABLE
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
No monthly service fee
No monthly service fee
APY
APY
APY
to
Up to
to
Min Opening
Min Opening
Min Opening
$1,000
$0
$0
Are Banesco CDs Right for You?
Banesco CDs have some solid perks, but they won’t suit every type of saver.
Ideal For
- Savers seeking high APYs
- Individuals who have at least $1,000 to $1,500 to invest
- People who don’t need immediate access to their cash
Not Great For
- People needing liquidity
- Users looking for a fully digital experience
4 Tips for Getting the Best CD Rates
Want the best rate on your CD? Here are some tips that may help:
1. Consider Relationship Banking Perks
You may get a higher APY if you have multiple accounts at the same bank or a long-term history.
2. Compare Multiple Terms
Research online and in-person banks to evaluate what rates work best for you.
3. Look for Promotional or Limited-Time Offers
Banks often offer promotional rates or special offers on their CDs. Check online or ask in person for those offers.
4. Use a CD Laddering Strategy if Liquidity Matters
Use CD laddering as a strategy so that you can have cash on hand when you need it.
FAQ on Banesco CD Rates
Opening a CD can be an excellent way to earn risk-free interest. Here's what to consider before opening a Banesco CD.- What is the minimum deposit for a Banesco CD?
- Banesco requires a minimum of $1,000 to open a CD.
- Do I need a Banesco account to open a CD?
- No, you do not need a Banesco account to open a CD. However, you must fund a Banesco CD with funds outside of your current Banesco accounts.
- Can I open a CD online?
- Yes, you can open a CD online at Banesco.
- What happens if I withdraw before the term ends?
- Withdrawing funds early from your CD account will incur penalties.
- Are Banesco CD rates competitive in August 2025?
- Yes, rates are competitive, especially for short-term CDs.
Melanie Grafil, Taylor Milam-Samuel and Karen Doyle contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 16, 2025.
*Capital One interest rates accurate as of Oct. 16, 2025. See website for all current rates.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- FDIC. 2024. "National Rates and Rate Caps."
- TreasuryDirect.gov. "About U.S. Savings Bonds."
