Banesco USA Review: Wide Range of Account Offerings With Competitive Rates

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Banesco USA
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: Banesco USA is headquartered in Miami, with four locations in Southern Florida and one in Puerto Rico. The bank offers personal and business banking, including checking and savings accounts, money market accounts, CDs and loans.
  • Products
  • Fees
  • Banking Experience
  • Rates
How did we calculate this?


  • Good interest rates on checking accounts and CDs
  • Free access to over 50,000 ATMs worldwide
  • Low minimum balance requirements to waive monthly fees


  • Website is not intuitive
  • Only five branches

Banesco USA Overview

Banesco USA offers savings, checking, money market and CD accounts, as well as loans, for consumers. For businesses, Banesco USA offers checking, savings, money market and CD accounts, as well as loans, cash management solutions and merchant services.

Banesco USA has five branch locations in Florida and Puerto Rico. Their customers have access to 43,000 Allpoint ATMs in the U.S., and 55,000 worldwide, with no surcharges for withdrawals.

Key Features

Here are some of the key features for customers of Banesco USA.


The Banesco USA personal checking account pays no interest and has a $100 minimum opening balance. There’s also an interest-bearing NOW account that has a $100 minimum opening balance requirement, but a $1,500 minimum balance requirement to waive the $15 monthly maintenance fee. The Banesco Money Market account requires $2,500 to open and pays APY as long as you maintain a $300 daily balance.

Banesco USA also offers CD accounts, for terms that range from 6 months to 36 months. Customers can also get consumer loans, including home equity loans, auto loans and personal loans.


Banesco USA has maintenance fees on some of their accounts, which can be waived if certain conditions are met. The conditions are not onerous but they are specific, so you’ll have to pay close attention to avoid the fees.

For example, for a no-interest checking account, you have to maintain a $100 daily balance to avoid the $15 monthly maintenance fee. If you have a NOW account, you need to maintain a $1,500 daily balance to avoid the fee. However, the only requirement to avoid the fee is the minimum balance — you don’t have to have direct deposit or a certain number of debit transactions.

Banking Experience

Banesco USA has only five branch locations, although customers have access to 43,000 ATMs in the U.S. The company offers online banking and a mobile banking app. Online banking includes bill pay, a branch locator and the ability to send and receive money with Zelle. The mobile app is well-reviewed, with a 4.8-star rating on the App Store, and a 4.6-star rating on Google Play.


Banesco USA’s interest rates are very competitive on many products, but there are a few with low rates. One of the lower rates is on the Banesco BanesFlex savings account, which pays APY.

CD rates at Banesco USA are better on shorter-term CDs than on longer-term ones. Here are the current CD rates, as of March 8, 2023.

Term APY
6 months
12 months
18 months
24 month
36 month

There is also a 13-month CD that pays APY, available in Puerto Rico only.

How Banesco USA Stands Out

Banesco USA is a full-service bank, best suited for those who live in South Florida or Puerto Rico. Interest rates on savings accounts and on shorter-term CDs are quite competitive, and the bank offers online banking and a mobile banking app.

Comparable Banesco USA Options

Smart shoppers compare before they buy, and this is true for banks as well. Here are a couple of other banks you might consider.

First National Bank of South Miami

First National Bank of South Miami offers checking and savings products through branches in South Miami, Coral Gables and Falls, Florida. They offer five different checking accounts with varying minimum balances and service fees, as well as savings, money market and CD accounts, plus credit cards and loans. First National Bank of South Miami also offers private banking, wealth management, and trust and fiduciary services.

Regions Bank

Regions Bank is a larger bank that serves the South, Midwest and Texas. This full-service bank offers checking and savings accounts, credit cards, investments, mortgages, and loans for consumers, small businesses and commercial customers.

How To Apply

If you are a new customer of Banesco USA, you will need to go to a branch to open your account. To apply, you’ll need your personal information, such as name, address, email address, phone number, social security number and a government-issued ID such as a driver’s license or passport. You will also need to provide the funds you want to deposit in the account.

Who Banesco USA Is Best For

Banesco USA is a good choice for those who live in South Florida or Puerto Rico, and who want to keep their accounts at a local bank. It’s also a good choice for those who are looking for a good interest rate and are willing to watch the fine print to make sure they get it.

Final Take

Banesco USA provides a lot of the banking products and services that most people need, and it offers solid rates on savings accounts and CDs. If you’re looking for a local bank to move your business to, and you live in South Florida or Puerto Rico, Banesco USA is certainly worth a look.


Here are the answers to some of the most frequently asked questions regarding Banesco USA.
  • Is Banesco USA a real bank?
    • Yes, Banesco USA provides FDIC-insured deposit accounts and other banking services. It is independent of Banesco banks located in other countries.
  • What are Banesco USA savings rates?
    • The BanesFlex Money Market Account pays 1.35% APY. Banesco CD rates range from 0.50% APY to 0.40% APY, depending on the term of the CD.
  • Where is Banesco USA located?
    • Banesco USA has a headquarters location in Miami, branch locations in Aventura, Coral Gables, Hialeah and Brickell, Florida, in addition to a branch location in Puerto Rico.

Data is accurate as of March 8, 2023, and is subject to change.

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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About the Author

Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC,, and more.
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