At a glance

Overview

Banesco USA is a regional bank serving South Florida and Puerto Rico, offering competitive CD rates that can be opened online. While the bank maintains a local presence, customers get fee-free access to over 55,000 Allpoint ATMs worldwide through their Banesco Visa debit cards.

Highlights:

Top CD Rates

Highlights:

Top CD Rates

3.9

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

CDs

4.3 /5

Checking

3.0 /5

Savings

3.1 /5

MMA

4.0 /5

Overall

Banesco USA is an FDIC-insured bank that offers a full slate of deposit products, including CDs, savings, checking and money market accounts. While you’ll find attractive rates on its CDs and money market accounts, its other deposit products have below-average interest rates and expensive fees. The bank is best suited for Miami-area residents seeking competitive CD rates or local banking services with broad ATM access.

Pros

Customers have surcharge-free access to over 55,000 ATMs.
Banesco offers a solid range of CD terms with competitive yields.
The online money market account features a robust APY.
Minimum opening deposit requirements are generally low.

Cons

Requirements must be met to waive monthly fees on some accounts.
Banesco USA charges a variety of expensive fees.
The yield on Banesco’s online savings account is much lower than what you can find shopping around, especially at online-only banks.

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Banesco USA Bank banking products

Banesco USA Bank online savings account

3.1

/5

See methodology Compare savings rates

Pros

There’s a low minimum deposit.

Cons

Significantly higher yields can be found elsewhere.
There is a $10 monthly fee unless a $300 combined monthly balance is maintained.
Withdrawals are limited to six a month before incurring a fee.

Rate history for Banesco USA Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Banesco USA Bank

APY

APY last updated between 2/15 and 2/21.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Banesco USA Bank certificates of deposit

4.3

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

4.25%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.

Minimum deposit:

$1,500.00

3/5

The minimum deposit amount a financial institution requires in order to open a CD.

Range of term lengths:

3 mos – 3 yrs

4/5

A designated amount of time that funds must be held within a CD.

Early withdrawal penalty:

Good

4/5

A penalty incurred when funds have been withdrawn from a CD before its maturity date.

Offer no-penalty or bump-up CDs:

No

0/5

A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.

Offer IRA CDs:

No

0/5

An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.

Pros

Banesco pays competitive yields on most of its CDs.
There’s a solid range of CD terms to choose from.
You can open a CD online.

Cons

While relatively standard, the $1,000 minimum opening requirement is higher than many online banks require.
Depending on the term, the early withdrawal penalties can be harsh.

Rate history for Banesco USA Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Banesco USA Bank

APY

APY last updated between 2/15 and 2/21.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Banesco USA Bank online money market account

4.0

/5

See methodology Compare MMA rates

Pros

The account comes with a stellar APY.
The online money market account features check-writing privileges.
Customers get access to Zelle, the popular peer-to-peer transaction platform.

Cons

The online money market account doesn't come with a Visa debit card.
The $2,500 opening deposit requirement is rather high.
The minimum daily balance to avoid a $15 monthly charge is $2,500, both of which are high.
Transactions out of the account are limited to six per month; Banesco USA charges a fee for transactions above that limit.

Banesco USA Bank basic checking account

3.0

/5

See methodology Compare checking rates

Pros

Customers have fee-free access to thousands of ATMs.
Only $100 is needed to open the account.

Cons

There’s a high monthly fee if you aren’t able to waive it by maintaining the minimum balance, which is also relatively high.
You can only open the account at a branch.
Both accounts feature expensive overdraft fees.

Compare more: Bankrate's best saving account offers

How Banesco USA Bank compares to other banks

Compare different account types offered by Banesco USA. Annual percentage yields (APYs) shown were updated between Feb. 15, 2025 and Feb. 21, 2025.

Selected bank Banesco USA savings account Member FDIC Bankrate score Rating: 3.1 stars out of 5 3.1 Bankrate Savings rating = 3.1/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Axos Bank savings account Member FDIC Bankrate score Rating: 3.1 stars out of 5 3.1 Bankrate Savings rating = 3.1/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Feb. 15, 2025 and Feb. 21, 2025.
1.35%	0.61%
Minimum balance for APY
$300.00	$0.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$675	$305

While Banesco USA's savings account has a low $100 opening deposit, its yield falls well below top online banks' rates. The account requires a $300 average monthly balance to earn interest and avoid a $10 monthly fee. With a six-withdrawal monthly limit, this account may only suit those who need a basic savings vehicle with local branch access.	Axos Bank’s High-Yield Savings account features a reversed tier structure, meaning higher balances earn less interest. The highest yield is slightly above the national average, but well below what you can find by shopping around. Customers can request an ATM card.

The online savings account has a low minimum deposit requirement.	There are no monthly fees. Customers can request a free ATM card.	N/A
Savings accounts with higher yields can be found elsewhere. There’s a monthly fee, which many online bank accounts don’t charge. There’s a $10 fee for surpassing the six-per-month withdrawal limit.	Interest rates are very low, and higher balances earn lower yields.	N/A

Selected bank Banesco USA CD Member FDIC Bankrate score Rating: 4.3 stars out of 5 4.3 Bankrate CD rating = 4.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Live Oak Bank CD Member FDIC Bankrate score Rating: 3.9 stars out of 5 3.9 Bankrate CD rating = 3.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Feb. 15, 2025 and Feb. 21, 2025.
4.25%	4.30%
Minimum deposit
$1,500.00	$2,500.00
Term
1 yr	1 yr

Banesco USA's certificates of deposit stand out with competitive rates across terms from three months to two years. The $1,000 minimum deposit is reasonable for the high yields offered, making these CDs particularly attractive for savers looking to maximize their returns.	Live Oak Bank offers a wide array of CDs, ranging from three months to five years. Most of the terms offer competitive yields, though the longer-term CD yields are less competitive than the shorter-term ones. Customers need $2,500 to open an account.

All Banesco USA CDs offer top-notch yields. CD customers get access to online and mobile banking.	Some Live Oak CDs come with competitive yields. There are a large range of terms to choose from. Interest can be automatically disbursed monthly without penalty.	N/A
Some banks have lower minimum deposit requirements. Depending on the term, the early withdrawal penalties can be harsh.	A $2,500 minimum deposit is required to open an account, which is high. Special CDs, such as no-penalty and bump-up CDs, are not offered.	N/A

Selected bank Banesco USA money market account Member FDIC Bankrate score Rating: 4 stars out of 5 4.0 Bankrate Money Market rating = 4.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable CIBC Bank USA money market account Member FDIC Bankrate score Rating: 3.4 stars out of 5 3.4 Bankrate Money Market rating = 3.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Feb. 15, 2025 and Feb. 21, 2025.
4.00%	0.25%
Minimum balance for APY
$300.00	$10,000.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$2,000	$125

Banesco USA’s online money market account offers an impressive annual percentage yield (APY) that competes with leading banks, plus check-writing capabilities. However, consider the $2,500 minimum opening deposit and ongoing balance requirement to avoid the $15 monthly fee. Note that this account doesn't include a debit card, which may limit its utility for some savers.	The CIBC Bank USA Personal Money Market Account offers a tiered APY structure, but the yields are low. There’s also a steep $15 monthly fee, though you can waive it by maintaining a balance above $2,500.

Banesco USA’s online money market account earns a competitive interest rate. Customers get access to Zelle and check-writing privileges.	The account comes with an ATM card and check-writing privileges.	N/A
There’s a high monthly fee and minimum opening deposit requirement. Withdrawals are limited to six per month; a $10 fee applies each time customers surpass that limit. The account doesn’t come with a debit card.	Higher APYs can be found from other banks. There's a $15 monthly fee for accounts with less than $2,500.	N/A

Bank fees

Fee	Charged?
Overdraft fee	$35
Non-sufficient funds fee	$35
Monthly maintenance fee	$0 – $15
Out-of-network ATM fee	$2
Excessive transaction fee	$10

Customer experience

Customer support. Customers can reach service representatives over the phone and email. Unlike most banks, Banesco doesn’t disclose its customer service hours online.

ATM access. Banesco customers have free access to more than 43,000 ATMs in the U.S. at locations such as CVS, Walgreens and Target, and over 55,000 ATMs worldwide.

Digital experience. The bank offers a secure website and mobile app (available on the Apple App and Google Play stores) with standard features including bill pay, Zelle transfers, and free FICO score access. The app is highly-rated, though relatively few users have reviewed it.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Banesco USA Bank APY APY last updated between 2/15 and 2/21. APY last updated between 2/15 and 2/21	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
02/04/2025	1.35%	0.61%
01/07/2025	1.35%	0.56%
10/01/2024	1.35%	0.57%
09/03/2024	1.35%	0.61%
07/16/2024	1.35%	0.59%
07/10/2024	0.55%	0.59%
05/07/2024	1.35%	0.59%
04/02/2024	1.35%	0.58%
03/05/2024	1.35%	0.57%
02/27/2024	1.35%	0.59%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Banesco USA Bank APY APY last updated between 2/15 and 2/21. APY last updated between 2/15 and 2/21	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
02/04/2025	2.50%	1.54%
01/07/2025	2.50%	1.43%
10/08/2024	2.50%	1.41%
10/01/2024	2.00%	1.41%
09/17/2024	2.00%	1.42%
09/03/2024	0.55%	1.42%
08/06/2024	0.55%	1.43%
07/02/2024	0.55%	1.41%
06/04/2024	0.55%	1.42%
05/07/2024	0.55%	1.41%
04/02/2024	0.55%	1.40%
03/12/2024	0.55%	1.41%
02/27/2024	0.55%	1.40%

Banesco USA Bank Review 2025

The Bankrate promise

At a glance

Overview

Highlights:

Highlights:

Overall

Pros

Cons

We want to know what you think about Banesco USA

Banesco USA Bank banking products

Banesco USA Bank online savings account

Pros

Cons

Rate history for Banesco USA Bank's Savings account

Banesco USA Bank certificates of deposit

Pros

Cons

Rate history for Banesco USA Bank's CD accounts

Banesco USA Bank online money market account

Pros

Cons

Banesco USA Bank basic checking account

Pros

Cons

How Banesco USA Bank compares to other banks

Bank fees

Customer experience

Review methodology

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