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Financial Rates:
5.0
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Customer Service:
5.0
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Variety of Terms:
4.0
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Opening Required Amount:
4.0
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
The Banesco USA BaneSmart CDs offer competitive interest rates. These rates are much higher than typical bank rates. Banesco USA CDs offer rates competitive with other online CDs.
The Banesco CDs have low opening required amounts. The amounts range from $1,000 to $1,500 depending on the account. You must keep these balances in your CD accounts to earn competitive interest rates.
You can open each BaneSmart CD term online. The application is on the Banesco USA website. You do not need to visit a branch location.
There are options on how and when you receive your interest payments. You can choose to receive BaneSmart CD interest payments monthly, quarterly, or semi-annually. You can also choose to receive the interest when the CD reaches maturity. You can deposit interest earnings into any Banesco USA accounts.
There are limited BaneSmart CD terms available through Banesco USA. The terms range from six to 36-month CDs. There are a total of five CDs available online. More CD terms may be available at a branch location.
The BaneSmart CDs do not offer an interest rate guarantee. If the interest rates increase shortly after you open your CD, your rates will not increase. The interest rates for BaneSmart CDs are competitive. But, there is not a guarantee if the rates increase.
Banesco CD terms longer than 12-months have limits on interest payments. The annual percentage yield cannot stay in the account. A payout is necessary. Withdrawing the money before the CD reaches maturity will result in a fee. Contact customer service for more information on this matter.
There are limited ways to fund your BaneSmart Banesco CD. To initially fund your CD, you need to mail in a check. The CD terms range from six to 36-months.
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
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.
Banesco offers five different CD terms. The terms range from six to 36-months.
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.
Through electronic transfers, wire transfers, or by mailing in a check.
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.
No. You can open a BaneSmart CD without opening any other Banesco accounts.
Yes. Banesco USA CDs earn competitive interest rates.
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.
The early withdrawal penalty amount is from three to nine months’ worth of interest. The penalty depends on the CD term length.
By visiting a local branch location or contacting customer service.
Contact customer service to find out your CDs maturity date.
The grace period is ten days after the CD reaches maturity.
Yes. Banesco BaneSmart CD rates are guaranteed for the life of the CD term.
Yes. With the mobile app, you can see account balances and transfer money. You can upload checks with mobile deposit.
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.
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.
The shortest term is a six-month term.
The longest term is a 36-month term.
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.
Yes. They offer personal and business CDs.
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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