Banesco USA Bank review: Hispanic American-owned bank in Florida that pays high interest rates

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Overall bank rating

Pros and cons

Savings

The BanesGrow Savings Account is one of Banesco USA's most appealing products. The account pays BanesGrow Savings Account, which is much higher than the average savings account interest in the US. However, there is a minimum $100 opening deposit and a $5 monthly maintenance fee.

If you can maintain $300 in your account daily, you won't have to pay the monthly maintenance fee. You must also keep a minimum daily balance of $300 to earn interest.

Banesco USA also has other personal savings account options, but the maintenance fee may be higher.

Checking

Banesco USA has several checking account options. The Banesco Personal Checking Account requires a $100 minimum opening deposit, and you should maintain that balance daily to avoid a $15 monthly maintenance fee.

CD

Banesco USA offers a good APY for a BaneSmart Certificate of Deposit between six months and three years. However, the minimum opening deposit required is $1,500.

These CDs may be a good option if you want a place for your money to be left untouched and are looking for a competitive CD rate for a short term.

Money market account

The BanesFlex Money Market Account is a decent option if you can open an account with at least $2,500. You'll need to maintain a $2,500 daily balance to avoid the $5 monthly maintenance fee. The interest rate is also not as high as the BanesGrow Savings Account rate.

How Banesco USA works

BanesGrow Savings Account is a Hispanic American-owned bank primarily in Florida. Though it is part of Banesco International, the bank is independent from Banesco's other banks abroad.

The bank has 4 branches in Florida and one branch in Puerto Rico. At the end of 2021, a new branch will be opening in Miami, FL.

Banesco USA also has more than 55,000 ATMs worldwide and 43,000 ATMs in the US and Puerto Rico. If you use an ATM that isn't owned by Allpoint or Banesco, there is a $2 transaction fee.

In addition to the location hours, Banesco USA has an online Client Care Center. People can call or email a contact care specialist on weekdays from 8:00 a.m. to 5:00 p.m. There is also a 24-hour automated calling system.

Banesco USA's website includes easy accessibility features that adjust the website's content for better sight and hearing functionality. You can also easily change the language to Spanish or Portuguese if you'd prefer.

The bank has mobile apps on Google Play and the Apple store with ratings of 4.2 out of 5 stars and 4.8 out of 5 stars respectively.

Banesco USA is an FDIC member, so deposits are insured for up to $250,000 for individuals and $500,000 for joint accounts.

Is Banesco USA trustworthy?

Banesco USA does not have any public controversies, and the bank has an A+ rating from the Better Business Bureau. A good BBB rating means that a company effectively manages customer disputes.

In the last few years, Banesco USA has worked with several organizations. The bank has worked with Junior Achievement to introduce financial literacy in K-12 education. It also joined up with Fundación Comunitaria de Puerto Rico to help reconstruction efforts in Puerto Rico.

A high BBB rating will not ensure that your experience will be perfect. Even when a company has a good BBB rating, it's important to get alternative perspectives through friends, family, or online reviews to get a better picture of whether a bank may be a good option for you.

How Banesco USA compares to similar institutions

Below, you'll find how Banesco USA compares to two other Hispanic-owned institutions based in Florida: US Century Bank and Sunstate Bank.

Banesco USA vs US Century Bank

US Century Bank and Banesco USA both have competitive offerings when it comes to CDs. However, it all depends on your needs. If you are looking for a bank with longer term options or a lower minimum deposit, then US Century may a better fit. For higher CD rates, you might prefer Banesco USA.

If you're more focused on opening a savings or checking account, then both banks are solid options. US Century Bank has a free checking account and the option of overdraft protection. However, Banesco USA has a higher rate for its savings and money market accounts.

Banesco USA vs Sunstate Bank

Sunstate Bank has a greater range of options for savings and money market accounts with lower minimum opening deposits. For example, Sunstate Bank has a youth savings account with a $25 minimum opening deposit.

On the other hand, Banesco USA has more locations and makes it easier for people to waive the monthly maintenance fee.