Banesco USA Review: Checking, Savings, CD and Money Market Accounts

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Updated on Sunday, November 1, 2020

Banesco USA checking account options

NOW account

This account earns interest but you’ll have to call the bank to hear about the current rate.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $0 at Banesco USA and Allpoint ATMs. $2 for out of network ATMs.
  • ATM fee refund: none
  • Overdraft fee: $35

This account, while it does earn some interest, requires a higher minimum balance in order to earn the APY. If you’re not sure that you can maintain a $1,500 daily balance in the account — required to waive the $15 month maintenance fee — you may be better off with the personal checking or savings account.

Like the non-interest bearing Personal checking account, this account also comes with a free Visa check card, electronic statements, online and mobile banking which you can register for once you open an account. The app allows you to log in using Touch ID for iPhones and access to bill pay and mobile check deposit. The account also works with the Popmoney app where you can send and receive money when you log into online or from your smartphone.

The Visa card offers zero-liability protection — as in you’re not responsible for unauthorized charges. The card also allows international access, with free ATM access at more than 55,000 surcharge-free machines in the Allpoint network along with local Banesco USA machines.

How to get NOW account

You need to go in person to open a NOW account. Click here to find a location closest to you. The bank may require information such as your government-issued ID, Social Security card and a way to fund the account.

Personal checking account

This account doesn’t earn interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $0 at Banesco USA and Allpoint ATMs. $2 for out of network ATMs.
  • ATM fee refund: none
  • Overdraft fee: $35

This is Banesco USA’s basic checking account and it’s best for those who are looking for a simple checking option and intend on using it fairly frequently. While the $15 monthly maintenance fee seems a bit steep — particularly since the account doesn’t pay interest — you can waive it by maintaining a $100 minimum daily balance in the account.

Other features include free online and mobile banking, electronic statements (paper statements are $1 per month) and a Visa check card. You can use your card for free at any Banesco USA or Allpoint ATM — there are more than 55,000 surcharge-free machines. The card can also be used internationally and offers Visa’s zero-liability protection, meaning that you’re protected against unauthorized charges.

The mobile banking app gives you access to bill pay, mobile check deposit and the ability to log in using the Touch ID feature in your iPhone. You can also send money using the Popmoney app or when you log into your account online.

How to get Banesco USA’s personal checking account

You can only open a Banesco USA personal checking account in person. Click here to find a location closest to you. You may need to bring information such as Social Security card, a government-issued ID and a way to fund the account.

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How Banesco USA’s checking accounts compare

Simply put, Banesco USA’s checking accounts fall way short compared to other online banks. Their rates are significantly lower than their peers, some of which offer rates 5 to 10 times those at Banesco USA. In addition, many competitors are also offering other perks, such as no monthly maintenance fees, free checks and ATM fee refunds.

Considering you can only open this account in person, you’re better off picking a bank from our list of the current best checking account rates.

Banesco USA savings account options

Personal savings account

This savings account is great for those looking for an account to park their short-term savings or emergency fund.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account earns interest, but you’ll have to find out what the rates are by calling the bank. You don’t get ATM access but you can link it to a Banesco USA checking account if you want to write checks and withdraw cash. Otherwise you can access your money by doing an ACH transfer to an external account.

There is a monthly maintenance fee but if you can maintain a $300 minimum daily balance you can get the fee waived. Interest earned is credited to your account at the end of each statement cycle.

Because this is a savings account, you’re limited to six withdrawals a month as per Federal Reserve Regulation D. If you make more than six withdrawals a month, you’ll be charged a $10 fee for each one. You also get access to mobile and online banking, which you can register for after you open an account.

How to get the personal savings account

You can only open the personal savings account at a local branch. You may be asked to provide information such as your Social Security number, a government-issued ID and a way to fund the account. Click here to find a location closest to you.

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How Banesco USA’s savings account compares

As far as rates go, Banesco USA is on par compared to our list of the current best savings accounts rates. This account doesn’t require a high opening deposit and offers you a way get ATM access if you link it to your checking account.

However, other online banks have no minimum balances and no monthly maintenance fee. Banesco USA’s is pretty steep at $15. As well, you can only open this account in person which is the major downfall. Unless you live near one their branches, you’ll need to look elsewhere.

Banesco USA CD rates

Certificates of deposit

You can open this account online — with a $1,500 minimum deposit — and it offers pretty competitive rates.
TermAPY
6 months0.50%
12 months0.70%
18 months0.65%
24 months0.60%
36 months0.55%
$250,000 minimum deposit
TermAPY
6 months0%
12 months0%
18 months0%
24 months0%
36 months0%
  • Minimum opening deposit: $1,500
  • Minimum balance amount to earn APY: $1,500 or $250,000
  • Early withdrawal penalty: Depends on length of term. Penalty is based on amount withdrawn:
    • 3 months to 6 months – 3 months interest
    • 1 year – 3 months interest
    • 18 months – 6 months interest
    • 24 months – 9 months interest

Banesco USA’s CDs offer fixed rates, which is great for those looking for a guaranteed return on a conservative investment vehicle. While interest is paid according to your preference — monthly, quarterly, twice a year or when it matures — it is not compounded. Account holders have the option to either keep interest earned in the CD or deposited to another Banesco USA account.

When your CD matures, you have a 10-day grace period during which you can either withdraw funds, make additional deposits, renew for another term or close the account. Otherwise, it’ll automatically be renewed.

You can access your statements and account information via online banking.

How to get Banesco USA’s CDs

You can open a CD account by filling out an online application form. You’ll be asked to agree to receive electronic statements and other forms of correspondence, then pick the CD term you want. Afterwards, you’ll need to provide personal details such as your name, address, beneficiary details, employment information and government-issued ID. The same will need to be completed if you’re opening a joint account. You can then fund your account.

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How Banesco USA’s CD rates compare

The certificates of deposit offered by Banesco USA pay a decent rate, just under the top rates currently on our list of the current best CD rates. Combined with the easy online application process, these CDs could be an option worth exploring.

Banesco USA money market account options

Personal money market account

Offers a promotional rate for new accounts but requires high minimum balances.
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money market account could be a good choice if you want to have check writing capabilities – which you can’t get with the savings account. This account earns interest, but like the other accounts that need to be opened in person, you’ll need to call the bank to discover the current rates.

Right now Banesco USA is offering promotional rates which we’re told is only for new customers and no time limit on when the rate is over. However, you need to have pretty high deposit amounts to be able to qualify for those rates.

Account holders can waive the monthly minimum fee if they keep a $2,500 minimum daily balance. Also, since this counts as a savings account, Federal Regulation D limits you to a maximum of six withdrawals a month. If you go over that amount, Banesco USA will charge you a $10 excessive withdrawal fee.

How to get Banesco USA’s personal money market account

As with most of Banesco USA’s banking products, its money market account can only be opened in person. You may need to provide personal details such as your Social Security number, a government-issued ID and a way to fund the account. Click here to find a location closest to you.

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How Banesco USA’s money market account compares

Even with promo rates, the money market account could be much lower than some of its online competitors. Many on our list of the best money market accounts have low minimum opening deposits, no monthly maintenance fees and rates twice to three times the amount you see here. Yes, you do get limited check writing capabilities, but so do some other banks. The bottom line: You’re better off looking elsewhere.

Overall review of Banesco USA’s banking products

Banesco USA’s savings and CD accounts have some pretty competitive rates; in fact, some of the highest we’ve seen out there. You can even open the CD online. Also, the monthly maintenance fee for the savings account can easily be waived if you can meet their relatively low $100 minimum balance requirement.

Where the bank falls short is with its money market and checking accounts. When we contacted the bank, the rates aren’t exactly what we’d call great and there are better rates elsewhere. Both accounts require minimum balance amounts — $2,500 and $1,500, respectively — that are slightly higher than other online banks.

Even if those rates don’t bother you, there’s still the downside that accounts can only be opened at a brick-and-mortar location in South Florida or Puerto Rico. Right now, the only account worth getting in person is the savings account; there are similar rates out there so you’ll easily find a great alternative.

That leaves Banesco USA’s great CD option with its competitive rates. Otherwise, do some comparison shopping for the other account options.