Banesco USA, an ordinary bank, offers limited account options. To find out if Banesco USA is right for you, continue reading the review below.
Since Banesco USA is a local bank, you will have to open most of their accounts in person. Their website also doesn’t display a large amount of information either.
Checking Account Options
Banesco USA offers two checking accounts with similar benefits. However, they both will have to be open at a physical branch.
This is an interest bearing checking account that requires an opening deposit of $100.
There’s also a $15 monthly fee, but that can be waived if you maintain a daily balance of $1,500.
You will also receive a Banesco USA Visa® Check Card, unlimited checks, eStatements and access to all Banesco USA ATMs for free.
This standard checking account requires another $100 opening deposit, but it doesn’t earn interest.
If you maintain a daily balance of $100, you can waive the $15 monthly fee.
This account has everything a standard checking account offers.
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Savings Account Options
Banesco USA has one savings accounts that offers a few benefits. You will have to open their savings account in person.
BanesGrow Savings Account
- Open this account with $100
- There is a $15 monthly fee, but you can waive it by keeping a daily balance of $300
- It earns really competitive interest rates
- You will receive unlimited deposits
- You are allowed up to 6 withdrawals per month
- Online and mobile banking
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Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
Banesco USA has one money market that earns tiered interest rates. You will have once again open this account in person.
BanesFlex Money Market:
- Open this account with $2,500
- Waive the $15 monthly fee by keeping a daily balance of $2,500
- This account earns tiered interest rates
- Check writing privileges
- You are allowed up to 6 transfers per statement cycle
- Free Online Banking and Bill Pay
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CD Account Options
Banesco USA offers CDs with competitive rates. You will need a minimum deposit of $1,500 to open any of their CDs.
Their CDs earn pretty high competitive rates and the terms range from 6 months – 36 months.
To learn more about their CDs, click here.
Unlike the other accounts, you can open a CD account online. The CDs will automatically renew upon maturity.
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Reasons to Bank with Banesco USA
- Their CD accounts earn higher than average interest rates.
- You can open their CDs online.
- Their savings and money market accounts earn a pretty high APY.
- They have easily waiveable monthly fees and not too high minimum balance requirements.
Reasons Not to Bank with Banesco USA
- They are only located in Florida. They have a total of 5 physical branches.
- Very little account options and you have to open all of them (except CDs) in person.
- You might actually have to make an account on their website first to find additional information, otherwise they don’t provide much information.
- They don’t have 24-hour banking.
- Their customer service isn’t opened on weekends.
- Their online website honestly lacks crucial information that other banks have.
- Lacking a youth or senior checking account.
Banesco USA Routing Number
The routing number for Banesco USA varies depending on state and regions. You can also check the lower left corner of your Banesco USA check.
Contact Customer Service
You can reach Banesco USA at 1-888-228-1597.
To speak to a customer representative, their business hours are:
- Monday – Friday: 8:30 a.m. to 5:00 p.m.
How Banesco USA Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
- BAC Florida Bank: Also located in Florida, BAC Florida Bank has very similar account options and prefers you to visit a branch in person to open any of their accounts as well.
Bottom Line
If you happen to live in Florida and prefer smaller, local banks and would rather open an account in person, then Banesco USA is perfect for you.
Even though they have a very small amount of account options, their savings and money market accounts earn exceptionally high and competitive rates.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If Banesco USA has the variety and options you’re looking for, apply today! For more options from a variety of banks, see our list of the best bank promotions!
Excellent Customer Service!