Loading
Tap on the profile icon to edit
your financial details.

Banesco USA Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Banesco USA Savings
2.47% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 2006, Banesco USA Bank has $1 billion in assets and deposits totaling $917 million, which makes it a medium-size bank. Banesco USA, whose headquarters are in Coral Gables, Florida, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 stars out of 5, Banesco USA should be solidly in contention for your choice of bank. Banesco USA offers a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a $15.00 monthly fee, which ranks on the higher end of monthly fees. Institutions that offer free checking as well as a high interest rate savings account are your best option for accruing the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.3
SmartAsset Average: 3.5

With a savings rate of 2.47%, Banesco USA ranks poorly compared to other U.S. banks. Its CD rates are 0.75% and 1.24% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Banesco USA's Savings Rates Compare

Banesco USA Savings 2.47 National Average 0.26 Compare Offers
Back to Overview

Fees

3.4
SmartAsset Average: 4.4

Banesco USA Bank generally has high fees compared to the average U.S. bank. At $15.00/month, Banesco USA is not great for those who want a simple banking experience. For those who often withdraw money from the ATM, it is fair because it has an out-of-network ATM fee of $2.00, which is reasonable compared to other U.S. banks. Additionally, it has an overdraft fee of $35.00, which is on par with the national average. Banesco USA unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll need to locate a Banesco USA ATM or accept the ATM charge.

Monthly Fee $15.00 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
Back to Overview

Service Quality

4.2
SmartAsset Average: 3.7

Banesco USA Bank is a brick-and-mortar bank, with five total branches in Florida and . It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday and 9:00 a.m. to 5:00 p.m. ET. Banesco USA's online and mobile banking platforms receive high marks from users. With 28 ratings across iOS and Android platforms, the Banesco USA mobile app has an overall rating of 4.5 out of 5 (compared to the national average of 3.8). Banesco USA's mobile app lets you manage your accounts by monitoring account balances, sending and receiving funds as well as accessing support representatives. Banesco USA gets a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.9
SmartAsset Average: 4.8

Banesco USA is a medium-size bank with assets totaling $1 billion and $917 million in deposits. Its Texas Ratio is 2.44%, suggesting that the bank is in superb financial shape and improbable to fail. Additionally, Banesco USA is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Back to Overview

Compare Banesco USA to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 2.47% APY $300
Checking Account 0.05% APY $1500
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 0.95% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.09% APY
  • 60 Month: 1.24% APY
$1000 for all terms
Money Market Accounts 0.15% APY 0.25% APY $10000 $15000

Banesco USA Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Banesco USA does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Banesco USA's CD rates are fair compared to other U.S. banks.

Back to Overview

Find a Banesco USA Near Me

Banesco USA has five physical branches across the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure