Banesco USA Review: Good CD Rates, Checking Minimums Required

See what Banesco has to offer for your banking needs.

Banesco USA, a subsidiary of Venezuela-based Banesco Banco Universal, C.A., is an FDIC-insured local bank that serves South Florida. It provides customers with a range of financial services and products, as well as online and mobile banking. It also offers customers options for domestic and international banking, though international accounts require a higher minimum to open and a higher minimum account balance, and they incur heftier fees.

Read more to determine if Banesco and its online banking services are best for you.

Banesco Products and Services

Banesco USA offers services for both international and domestic customers. From checking and savings accounts to CDs, Banesco provides a variety of products that could work for you.

International Banking

Banesco provides its customers with the proper forms needed for establishing an international bank account, including the W-8BEN form.

Know: 13 Banking Fees You Should Never Pay

Open an Account
Sponsors of

Banesco Checking Accounts

Banesco offers customers both domestic and international checking accounts. Both standard checking accounts come with the following:

  • Unlimited check writing
  • Visa check card
  • Online banking
  • No charge for electronic statements
  • BanescoMobile Banking

Banesco also offers domestic and international customers the option of interest checking through its NOW Accounts, which come with the same benefits as its standard account but with the ability to earn interest. All accounts require a daily minimum balance to avoid a below-balance maintenance fee.

Banesco Checking Accounts
AccountTypeMinimum to OpenMinimum BalanceBelow-Balance Fee
Personal CheckingDomestic$100$100$15
Personal CheckingInternational$3,000$3,000$20
NOW AccountDomestic$100$1,500$15
NOW AccountInternational$3,000$3,000$20

Banesco Savings Accounts

Banesco offers customers both domestic and international savings accounts. Both standard savings accounts come with online banking and no charge for electronic statements, and both use BanescoMobile Banking.

Banesco Savings Accounts
AccountTypeMinimum to OpenMinimum BalanceBelow-Balance Fee
Personal SavingsDomestic$100$300$15
Personal SavingsInternational$3,000$3,000$20

Banesco CDs

Banesco offers customers both domestic and international certificates of deposit. Term ranges go from 30 days to five years with flexible payout terms based on your preference or convenience: monthly, quarterly, semi-annually or at maturity. Interest rates are contingent upon account balance. All accounts require a minimum deposit. Banesco explicitly states that only U.S. residents may apply for CD accounts.

Banesco CDs
6 months$1,500< $250,0001.85%
6 months$250,000> $250,0001.85%
12 months$1,500< $250,0002.35%
12 months$250,000> $250,0002.35%
18 months$1,500< $250,0002.50%
18 months$250,000> $250,0002.50%
24 months$1,500< $250,0002.65%
24 months$250,000> $250,0002.65%
36 months$1,500< $250,0002.70%
36 months$250,000> $250,0002.70%
Rates are accurate as of July 23, 2018.

Find Out: How Often Do CD Rates Change?

Banesco Visa Check Card

The Banesco Visa check card allows you to tap into your funds via either your personal checking account or NOW account. Once in your possession, you can use it fee-free at any one of Allpoint’s 55,000 ATMs worldwide, 43,000 of which are in the U.S. Features include:

  • Access to more than 390,000 ATMs in the U.S., 660,000 in South America and more than a million worldwide — fees might apply
  • Domestic and international pay services in Visa-affiliated stores, including nearly 6 million in the U.S. and at least 2 million in South America
  • Zero-liability Visa protection

You can also monitor your account using Banesco’s check card alert, which notifies you about discrepancies with your card and account. Alerts include:

  • Denied transactions
  • Exceeding account balance
  • Purchases
  • Transfers between Banesco USA accounts

Select only the alerts you want to see, and adjust based on your needs.

Take Advantage: Best Credit Card Offers, Deals and Bonuses


Banesco’s mobile banking feature helps personalize your banking experience. Mobile banking affords customers flexibility and responsiveness when it comes to overseeing their accounts. BansecoMobile uses Touch ID as a security measure, which uses your fingerprint to log in. However, if you just want to preview your account balance, you can do so without logging in. Either individuals or businesses can make check deposits using BanescoMobile check deposit. The mobile feature also lets users locate a nearby Banesco branch or ATM.

Open an Account
Sponsors of

Should You Bank With Banesco USA?

Banesco USA provides both domestic and international customers with a full-service range of banking services that benefits individuals and businesses. BanescOnline and BanescoMobile are helpful for the banker on the go. For those who prefer to bank local, Banesco has four branch locations in southern Florida and one in Puerto Rico. The checking and savings accounts come with some pretty standard features, but it appears international bankers are at a distinct disadvantage when it comes to minimum opening deposits and minimum account balances. Banesco’s CDs have competitive APYs that are far higher than any national average, especially the 36-month CD, which nearly rounds out to a full 3% APY.

Banking with Banesco probably benefits local Floridians most, given its limited branch range.

Up Next: 6 Small Investment Ideas When You Have Less Than $500

More on Banks

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account. 

About the Author

Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Sean’s first foray into writing happened when he enlisted in the Marines, with the occupational specialty of combat correspondent. He covered military affairs both in garrison and internationally when he deployed to Afghanistan. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California.