Banesco USA Review – Forbes Advisor

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Banesco USA is a Florida-based bank that provides personal and business banking products and services. Founded in 2006, this community bank operates four branches in South Florida and one in San Juan, Puerto Rico. Banesco USA is a division of Banesco International of Venezuela, although it operates independently from the other divisions of the financial group.

This review focuses on Banesco USA banking products and services. Here’s a detailed look at what Banesco offers and how it compares to other banks. Account details and annual percentage returns (APY) are accurate as of April 22, 2022.

Account Basics


Banesco USA offers two checking account options: Personal Checking and Now Account.

Personal Checking is a standard checking account. It comes with unlimited debit card and paper checks. The account requires a minimum deposit of $100 and has a monthly fee of $15 for balances below the $100 threshold.

The Now account offers identical functionality to Personal Checking, except that it is an interest-bearing account. It also requires a minimum deposit of $100, but a minimum daily balance of $1,500 is required to avoid a monthly fee of $15.


BanesGrow is Banesco USA’s only savings account. It earns a competitive APY, currently at 0.65% APY. Consumers are limited to six withdrawals per month with a BanesGrow account. Transactions beyond the monthly withdrawal limit incur a fee of $10 each. A minimum deposit of $100 is required to open a BanesGrow account, but you will need to maintain a daily balance of at least $300 to avoid a monthly maintenance fee of $15.

Money Market

A BanesFlex money market account also earns 0.65% APY but requires a minimum deposit of $2,500. You must also maintain a minimum daily balance of $2,500 or pay a monthly maintenance fee of $15. This hybrid checking/savings account allows up to six checks or withdrawals per month. Excess transactions incur a fee of $10 each.


Another way to maximize your savings at Banesco USA is to use its certificates of deposit. BaneSmart CDs offer high yield interest in exchange for keeping your money in the bank for the long term. The CDs are available in five terms ranging from six months to 36 months. A minimum deposit of $1,500 is required to open a CD account through the bank.

Like most banks, Banesco USA charges an early withdrawal penalty for withdrawing your funds before a CD reaches maturity. The penalty ranges from seven days of interest to 540 days of interest, depending on the length of the term.

Unlike CDs from many other banks, BaneSmart CDs limit your ability to earn compound interest if you select a longer term. As the bank’s website says, “For terms longer than 12 months, the APY cannot remain on deposit and payment is mandatory.”

Other accounts and services

In addition to its personal banking products, Banesco USA offers a few lending solutions and a host of business products and services, including:

  • Home Equity Loans
  • Car loans
  • Boat credits
  • Business checking accounts
  • Company savings accounts
  • Corporate Money Market Accounts
  • Company Deposit Certificates (CD)
  • Business loans
  • Cash management solutions
  • Merchant Services

Distinctive features

For its online banking customers, Banesco USA provides an additional level of security through its Banesco digital token. Located in the bank’s mobile app, the digital token allows you to generate a unique, one-time use key to securely transact online.

Access on the go

Banesco USA offers easy access to its accounts through its website and mobile app, available for iOS and Android.

Banesco USA’s app scores 4.8 out of 5 stars in the Apple App Store and 4.5 out of 5 stars in Google Play. The mobile app lets you manage your accounts, transfer funds, deposit checks and pay bills. It also comes with free access to FICO credit score.

Through BanescoVoice, customers can get automated telephone banking access 24/7 by calling 1-888-228-1576. You can check your balances and account history, transfer money, make payments and more. If you want to speak to someone, you can call 1-888-228-1597 during business hours (Monday through Friday, 8:30 a.m. to 5 p.m.). Customer support is also available by emailing [email protected]

Banesco USA customers have access to more than 55,000 free ATMs worldwide through the Allpoint ATM network. The bank charges $2 per transaction for using out-of-network ATMs. Keep in mind that the ATM owner will likely charge you a small fee.


  • Competitive APYs on savings products
  • Large network of free ATMs
  • Highly rated mobile banking app
  • Chequing accounts with unlimited checks and debit card

The inconvenients

  • For some accounts, higher minimum deposit requirements than other banks
  • Must meet account balance requirements to avoid monthly fees
  • Only a handful of local branches, in South Florida and Puerto Rico

How Banesco USA positions itself

Banesco USA is a typical traditional bank that might be a good choice for Florida residents who want to earn a high APY on deposit accounts. Some of its accounts require higher minimum deposits than other banks and require you to meet balance requirements to avoid costly monthly maintenance fees.

If you live in the Miami area and are looking for a local bank that offers online and mobile banking, Banesco USA is a decent choice. But most online banks offer similar services without requiring you to go through so many steps to get free banking services.

Frequently Asked Questions (FAQ)

Is Banesco USA FDIC insured?

Yes, Banesco USA is FDIC insured (FDIC Certificate #57815). The federal government insures Banesco USA banking products up to $250,000 per depositor, for each class of account ownership. FDIC insurance protects your money in the event of a bank failure.

How do I open an account with Banesco USA?

Some Banesco USA accounts, such as savings, money market, and CD accounts, can be opened in person or online through the bank’s website. For other products you may need to call Banesco or visit a branch.

To open an account, you will need to provide personal information to verify your identity, including government-issued identification, physical address, social security number, and date of birth.

Where is Banesco located?

Banesco USA currently has four branches in South Florida in Aventura, Coral Gables, Hialeah, and Miami, with another branch in Miami slated to open in 2022. There is also a branch in San Juan, Puerto Rico.

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