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Banesco USA CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 4.0 Star Icon
  • Opening Required Amount: 4.0 Star Icon

Pros:

  • Competitive interest rates on CDs
  • Low opening required amounts
  • Can open BaneSmart CDs online
  • Options on how to receive interest

Cons:

  • Limited CD terms available online
  • Does not offer interest rate guarantee
  • Interest on 12-months must be paid out
  • Fund accounts through mailing a check

What You Need to Know

Cool Things

Banesco Blog

The Banesco USA website offers a blog. Here they post information on a variety of financial topics. Some of these topics include family budgets and how to save money effectively. Find the blog link on the Banesco website.

History

Banesco started in January of 2006. They are primarily an online bank. They do have four business centers in Florida and one in Puerto Rico. Banesco USA is a division of Banesco International. Banesco International offers banking needs in 15 different countries.

Banesco USA offers personal and business accounts. Their online CD terms include six, 12, 18, 24, and 36-months. You can open these CD terms online.

Awards and Recognition

  • ”Business of the Year” by the South Florida Business Journal in 2019
  • ”Five-Star Rating” by Bauer Financial Inc.
  • ”Ponce De Leon” Excellence Business Awards by Chamber of Commerce of Spain in the United States

Giving Back

Banesco USA loaned Imagination Factory money. The money helped them purchase the land for their building. Imagination Factory is a program to help kids learn how to be self-sufficient. They learn skills to help them throughout their life.

Frequently Asked Questions

Is Banesco USA FDIC insured?

Yes. Banesco USA is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does Banesco USA offer?

Banesco offers five different CD terms. The terms range from six to 36-months.

What is the required amount to open a CD with Banesco USA?

The CDs opening required amounts are $1,000-1,500, depending on the term. Some BaneSmart CDs require a $1,500 balance to earn interest.

How do I deposit money into Banesco USA CDs?

Through electronic transfers, wire transfers, or by mailing in a check.

How do I access my money?

Through electronic transfers or calling customer service to request a check. To avoid a fee, you can only withdraw money from Banesco BaneSmart CDs during the grace period.

Do I have to open other Banesco USA accounts before I can open a CD?

No. You can open a BaneSmart CD without opening any other Banesco accounts.

Do Banesco USA CDs offer competitive interest rates?

Yes. Banesco USA CDs earn competitive interest rates.

Can I choose how to receive my interest payments from Banesco USA CDs?

Yes. You can choose to receive your interest monthly, quarterly, or semi-annually. You can also choose to receive the interest at the CD maturity. The money can be deposited into any of your Banesco USA accounts.

What percentage am I charged if I withdraw money before the maturity date?

The early withdrawal penalty amount is from three to nine months’ worth of interest. The penalty depends on the CD term length.

How do I make changes during the grace period?

By visiting a local branch location or contacting customer service.

How will I know my Banesco USA CD is nearing maturity?

Contact customer service to find out your CDs maturity date.

How long is the grace period between renewal?

The grace period is ten days after the CD reaches maturity.

Are Banesco USA CD rates guaranteed for the entire term?

Yes. Banesco BaneSmart CD rates are guaranteed for the life of the CD term.

Does Banesco USA offer mobile banking?

Yes. With the mobile app, you can see account balances and transfer money. You can upload checks with mobile deposit.

Is Banesco USA a good bank?

The interest rates for Banesco USA CDs are competitive. There are not many BaneSmart CD terms to choose from, but each term offers competitive rates. The opening required amount for some CDs is $1,000, but to earn interest, you must have $1,500 in the CD. There may be more CD options if you visit a branch location.

Is Banesco USA secure online?

Banesco offers security measures that comply with federal laws. Their computers have safeguards. Their files and building are secure. Banesco restricts personal information employees can see.

What is the shortest Banesco USA CD term offered?

The shortest term is a six-month term.

What is the longest Banesco USA CD term offered?

The longest term is a 36-month term.

Does Banesco USA offer accounts other than CDs?

Yes. They offer personal and business accounts. Those accounts include checking, savings, and money market accounts. They offer CDs and loans for personal and business accounts as well.

Can I use Banesco USA CDs for my business accounts?

Yes. They offer personal and business CDs.

How do I reach customer service?

By phone, email, or you can have a customer service representative call you. You can follow Banesco USA on Facebook, Instagram, LinkedIn, Twitter, YouTube.

Bank Contact Information

Deposit Address:
9500 Northwest 41st Street
Suite 100
Doral, Florida 33178
1-888-228-1576

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