Review of Banco do Brasil Americas’ Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Updated on Thursday, October 1, 2020

Banco do Brasil checking account options

Banco do Brasil Americas Classic Checking account

A basic checking account with a high balance requirement and maintenance fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil Classic Checking account only requires a starting deposit of $100. However, it will charge a $10 monthly maintenance fee unless you meet one of the following:

  1. Your account balance does not fall below $2,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $2,000.
  3. You make a direct deposit of any amount during the statement cycle.

In exchange, this account offers basic checking services like a debit card and online banking. It allows up to $1,500 per day in debit purchases and up to $500 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas’ charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. This checking account also lets you make free transfers to people in Brazil.

You can only open the Banco do Brasil Americas Classic Checking account at a Banco do Brasil branch in Florida. This account cannot be set up online or by phone. This account is only available for someone with a Social Security number and a U.S. address. You will need to bring your driver’s license, proof of address and initial deposit to set up the account.

SEE DETAILS Secured

on BB Americas Bank’s secure website

Banco do Brasil Americas Gold Checking account

A free order of checks is nice, but not enough to make up for the massive balance requirement to avoid the monthly fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil Gold Checking account only requires a starting deposit of $100. However, it will charge a costly $15 monthly maintenance fee unless you meet one of the following requirements:

  1. Your account balance does not fall below $10,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $10,000.

This account offers the same features as the Classic Checking account and includes a free first order of checks. The Gold Checking account increases your debit card limits so you can spend up to $5,000 per day and withdraw up to $1,000 per day in cash.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. As with the bank’s other checking accounts, this one allows you to make free transfers to people in Brazil.

You can only open the Banco do Brasil Americas Gold Checking account at a Banco do Brasil branch in Florida. This account cannot be set up online or by phone. This account is only available for someone with a Social Security number and a U.S. address. You will need to bring your driver’s license, proof of address and initial deposit to set up the account.

SEE DETAILS Secured

on BB Americas Bank’s secure website

Banco do Brasil Americas e-Classic Checking account

Mostly the same as the Classic Checking account, except it can be opened anywhere, anytime online.
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

The Banco do Brasil e-Classic Checking account offers the same features as Classic Checking except you open it online rather than at a Banco do Brasil Americas’ branch. This account does require a larger opening deposit of at least $1,000. It will charge a $10 monthly maintenance fee unless you meet one of the following:

  1. Your account balance does not fall below $2,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $2,000.
  3. You make a direct deposit of any amount during the statement cycle.

In exchange, this account offers basic checking services like a debit card and online banking. It allows up to $1,500 per day in debit purchases and up to $500 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. One unique benefit from Banco do Brasil checking accounts is that they allow you to make free transfers to people in Brazil.

You can open a Banco do Brasil e-Classic Checking account through its online application. You will need to provide a U.S. driver’s license, a U.S. address, a Social Security number and a U.S. bank account routing number and account number to fund the account. This account is only available for someone with a Social Security number and a U.S. address.

SEE DETAILS Secured

on BB Americas Bank’s secure website

Banco do Brasil Americas International Checking account

A U.S. checking account for international applicants who don’t have a Social Security number and U.S. address.
  • Minimum opening deposit: $3,000 when opened at bank branch, $3,000 when opened online by CAPES/CNPq Scholars and $10,000 when opened online by other existing BB S.A. customers.
  • Monthly account maintenance fee: $15 (waived if certain criteria are met)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

For customers who want a U.S. bank account but don’t have a Social Security number and U.S. address, Banco do Brasil Americas offers its International Checking account. This account has very high initial deposit requirements. It’s $3,000 if you open the account at a bank branch or if you open the account online and are a CAPES/CNPq Scholar. It’s $10,000 if you open online in other situations.

This account also charges a sizable $15 per month maintenance fee that can only be avoided if:

  1. Your account balance does not fall below $10,000 at any point during the month.
  2. Your combined average monthly balance across Banco do Brasil deposit accounts does not fall below $10,000.

In exchange, this account offers basic checking services like a debit card, online banking and a free first order of checks. It allows up to $5,000 per day in debit purchases and up to $1,000 per day in cash withdrawals.

You can make free ATM withdrawals from Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto and Allpoint networks. Thanks to these partnerships, you can receive free ATM access to your money nationwide. If you use an out-of-network ATM, Banco do Brasil Americas charges a $3 fee and does not refund fees from the owner of the ATM.

This account does not earn interest. This checking account also allows you to make free transfers to people in Brazil.

You can open this account at a Banco do Brasil Americas bank branch or online through its website. If you open this account online, you must be an existing Banco do Brasil S. A. customer or be a CAPES/CNPq Scholars with a prepaid card. The online application is Portuguese and will ask for your existing Banco do Brasil account information.

SEE DETAILS Secured

on BB Americas Bank’s secure website

magnifying glass

How Banco do Brasil Americas’ checking accounts compare

For the average U.S. customer, Banco do Brasil Americas’ checking accounts do not offer much. They all require large deposits to avoid the costly monthly maintenance fee. None of them pay interest and they only offer basic checking services. The national ATM access through Presto and Allpoint is convenient for a regional bank but is a feature available with many other banks.

For international customers and people with ties to Brazil, these accounts offer a bit more. The free transfers to Brazil could be a huge benefit for someone who needs this feature and want to save on transfer fees. In addition, visitors and new immigrants from Brazil might find the international account useful because it can be opened without a U.S. address or Social Security number.

However, for people who can qualify for a regular U.S. checking account, there are better checking account options with lower fees and more perks, including the ability to earn interest.

Banco do Brasil savings account options

Banco do Brasil Savings account

Pays interest, but not enough for all the rules, withdrawal restrictions and potential fees.

APY

Minimum Balance Amount to earn APY

0.15%

$1,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5
  • ATM fees: N/A
  • ATM fee refunds: N/A
  • Overdraft fees: $35 per transaction

The Banco do Brasil Americas Savings account can be opened with a deposit of only $100 but you will need to deposit more to make this account worthwhile. This account charges a $5 monthly maintenance fee whenever your balance falls below $300. Also, the account only earns interest when your balance stays above $1,000 for the month.

This account makes it extremely difficult to access your money. First, you can only take money out either by visiting a Banco do Brasil Americas branch, which are only in Florida, or by scheduling a wire transfer, which costs $30 for a domestic transfer and $45 for an international transfer.

In addition, if you make more than six transactions or withdrawals per month, Banco do Brasil Americas will charge an extra $20 penalty for each excess transaction.

You can only open a Banco do Brasil Americas savings account by visiting one of its bank branches. It cannot be opened online or over the phone. You will need to bring your ID and deposit to fund the account. This account is available for international clients who do not have a Social Security number or U.S. address.

SEE DETAILS Secured

on BB Americas Bank’s secure website

Member FDIC

magnifying glass

How Banco do Brasil Americas’ savings account compares

The benefits from the Banco do Brasil Americas Savings account are not enough to make up for all the potential fees and restrictions. This account makes it far too difficult to access your money since you can only take money out through expensive wire transfers or by visiting a bank branch.

While the interest rate is better than large national banks, it’s still far from a competitive rate and you need to keep a minimum balance of at least $1,000 to earn anything. At the same time, the account charges a monthly maintenance fee if you don’t keep at least $300 in the account. It’s not expensive and it’s easy to avoid, but plenty of savings accounts do not have this fee.

Since this account can only be opened at a Banco do Brasil Americas branch in Florida, it won’t be an option for many readers anyway. Even if you could open this savings account, you’d be better off choosing from this list of savings accounts, as they have lower fees, fewer restrictions and higher interest rates.

Banco do Brasil Americas CD rates

Banco do Brasil Americas CDs

Better rates than those at the large national banks, but still not that great.

Term

APY (CD < $100 million)

APY (CD > $100 million)

6 months

0.30%

0.35%

1 year

0.35%

0.45%

2 years

0.40%

0.50%

3 years

0.40%

0.60%

4 years

0.40%

0.60%

5 years

0.40%

0.60%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months

Banco do Brasil Americas offers CD terms that range from 6 months up to 5 years. It’s a decent variety, but unfortunately the interest rates aren’t that impressive. Banco do Brasil Americas does not increase the rate unless you deposit more than $100 million, in which case it does give you a bump.

These CDs charge a sizable early withdrawal penalty. It’s worth 90 days of interest for CD terms up to 12 months and a whopping 180 days of interest for terms over 12 months. At the maturity date, these CDs automatically renew for the same term. You have a 10-day grace period after the maturity date to stop the auto-renewal.

These CDs can only be opened at a Banco do Brasil Americas branch. International applicants can also open these accounts. The only requirement is you have the funds to set up the account, as well as your ID.

SEE DETAILS Secured

on BB Americas Bank’s secure website

Member FDIC

Banco do Brasil e-CDs

A few of the regular Banco do Brasil Americas CDs can be opened online.

Term

APY (CD < $100 million)

APY (CD > $100 million)

2 years

0.40%

0.50%

3 years

0.40%

0.60%

5 years

0.40%

0.60%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months.

Three of the Banco do Brasil Americas CDs can be opened online: the 2 year term, 3 year term and 5 year term. The e-CDs currently have the minimum deposit requirements, earn the same interest rates and charge the same penalty for early withdrawals as their normal CDs.

You can only set up e-CDs with funds that aren’t currently part of a Banco do Brasil Americas deposit account. It’s a little bizarre because banks typically have this requirement when they offer a promotional CD, with a higher than usual interest rate. But the e-CDs still pay exactly the same rates as the normal CDs.

You can open a Banco do Brasil Americas e-CD using its online application. You will need to submit your Social Security number, driver’s license and a proof of U.S. address to open the account. International applicants without this information can open an e-CD online only if they are a BB S.A Client or CAPES/CNPq Prepaid Card Scholar.

SEE DETAILS Secured

on BB Americas Bank’s secure website

Member FDIC

magnifying glass

How Banco do Brasil Americas’ CDs compare

Banco do Brasil Americas’ CDs are not horrible, but they don’t blow us away either. Its interest rates are better than the non-existent rates at the national banks but they don’t compare well versus the best CDs on the market. The bank’s early withdrawal penalties are also severe.

We find it a little strange that this bank has two categories of rates: Under $100 million and over $100 million, but nothing in between. Even if you do deposit $100 million, you still are nowhere near earning the best possible interest rate on your CD.

If you want to earn high interest rates, these CDs will pay you more and you don’t even need to deposit $100 million.

Banco do Brasil Americas’ money market account option

Banco do Brasil Money Market account

Not a bad money market account, especially for larger deposits.

APY

Minimum Balance Amount to earn APY

0.20%

$0.01

0.30%

$10,000

0.40%

$100,000

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $20 (avoided so long as balance stays above $1,000)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 per transaction

It only takes a minimum deposit of $100 to open a Banco do Brasil Americas Money Market account. This account also earns interest even if you only have a penny in your account. However, with this account you should always try to keep at least $1,000 in your account because if the balance ever falls below $1,000, Banco do Brasil Americas charges a $20 monthly maintenance fee.

Since this is a money market account, Banco do Brasil Americas limits how often you can access funds. You can only make six transfers or withdrawals out of the account per month. This includes debit purchases, checks, and online or phone transfers. If you make more than six transactions in a statement cycle, Banco do Brasil Americas will charge you a $20 per transaction penalty.

The good news is this account lets you make unlimited ATM withdrawals and these withdrawals do not count toward your monthly limit. You can make free withdrawals out of Banco do Brasil Americas’ ATMs as well as ATMs that are part of the Presto or Allpoint networks.

You can open the Banco do Brasil Americas Money Market account at one of the bank’s branches in Florida. Banco do Brasil Americas also offers an online version of this account, called the e-Money Market account, which is exactly the same, except you can open it through the bank’s website.

To open the e-Money Market account online, you will need your driver’s license, Social Security number, proof of a U.S. address and an existing bank account to fund the account. International customers without this information can also open this account if they are an existing Banco do Brasil S.A. customer or a CAPES/CNPq Prepaid Card Scholar.

SEE DETAILS Secured

on BB Americas Bank’s secure website

Member FDIC

magnifying glass

How Banco do Brasil Americas’ money market account compares

Out of all the Banco do Brasil Americas deposit accounts, its money market account is the one we like best. It’s free so long as you have at least $1,000 in your account and Banco do Brasil Americas pays interest on all deposits. It also offers a decent rate, especially for balances over $100,000.

We also like that this account gives you unlimited, free ATM withdrawals. You can earn a solid interest rate while still having flexible access to your savings. Finally, you can open an account easily online with its e-Money Market account.

Still, this Money Market account does have some downsides. It charges a $20 monthly fee as soon as your balance falls below $1,000. There are also accounts that pay a much higher interest rate, even compared to Banco do Brasil Americas’ highest category. While its money market account is OK, these alternative money market options could be even better for your savings.

Banco do Brasil Americas’ IRA options

Banco do Brasil IRA CD rates

The same average rates from Banco do Brasil Americas’ CDs but set up through an IRA.

Term

APY (CD < $100 million)

APY (CD > $100 million)

1 year

0.35%

0.45%

2 years

0.40%

0.50%

3 years

0.40%

0.60%

4 years

0.40%

0.60%

5 years

0.40%

0.60%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months

Banco do Brasil Americas’ CDs can be set up through an IRA. All the terms are available for the IRA CDs except for 6 months. The IRA CDs earn exactly the same interest rates and have the same early withdrawal penalty: 90 days of interest for terms up to 12 months and 180 days of interest for terms greater than 12 months.

You can only set up a Banco do Brasil Americas IRA CD if you are a domestic client with a Social Security number. International clients cannot set up an IRA since it’s an American retirement account. You can set up a Banco do Brasil Americas IRA by visiting one of its bank branches. According to a Customer Service Representative, you can also email [email protected] and they will provide you with further instructions within 48 hours. You will need to provide your Social Security number, driver’s license, proof of a U.S. address and a way to fund the account.

SEE DETAILS Secured

on BB Americas Bank’s secure website

Member FDIC

magnifying glass

How Banco do Brasil Americas’ IRA CDs compare

Banco do Brasil Americas’ IRA CDs are just as unexciting as its regular CDs. It makes sense since they are mostly the same deposit accounts.

Its interest rates are only OK. They also stay the same for deposits ranging from $1,000 all the way up to $100 million. If you deposit $100 million, you do get a rate bump, but chances are that won’t apply to too many readers. We don’t also don’t like the steep early withdrawal penalties on the IRA CDs.

If you want to earn the best interest rates on your retirement savings, these other IRA CDs could be a better option than Banco do Brasil Americas.

Overall review of Banco do Brasil Americas’ banking products

If all you need is a regular deposit account, Banco do Brasil Americas is probably not the place for you. Out of all of its accounts, the money market account looks best. It offers decent interest rates and free unlimited ATM withdrawals at Banco do Brail owned ATMs, a feature not seen on every money market account. But even that account doesn’t match up well against the top choices on the market.

Its checking accounts, CDs and IRA CDs are serviceable but far from excellent. Its savings account is not worth using at all because it pays less interest while having more withdrawal restrictions than the Banco do Brasil Americas’ money market account.

Having said all that, Banco do Brasil Americas could be worth using for international customers, especially those from Brazil. Many of the Banco do Brasil accounts can be opened without a Social Security number or permanent U.S. address. It also offers full customer service in Portuguese, something you won’t find at just any American bank. And if you plan on transferring money to Brazil, you can do this for free with a Banco do Brasil Americas checking account.

Someone with a strong connection to Brazil might want to work with Banco do Brasil Americas. Someone who only wants regular U.S. deposit account should look elsewhere.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Do you have a question?