Banesco USA


Overview / Commentary
786-725-3000
150 Alhambra Circle, Suite 100
Coral Gables, FL 33134

Banesco USA is headquartered in MIAMI and is the 13th largest bank in the state of Florida. It is also the 342nd largest bank in the nation. It was established in 2006 and as of September of 2023, it had grown to 338 employees at 5 locations. Banesco USA's money market rates are 12X the national average, and it boasts an A+ health rating.

Reviews (7)

Great Promotions, Excellent Service

Posted by: |

I have been with the bank for over 2 years now and I've received nothing but excellent service so far. Even though my current account is purely online they are always available to help and the officers are always responsive.

Nice Bank

Posted by: |

have been doing business with this bank over 2 years and they are excellent to do business with

Compounding And Posting

Posted by: |

I needed to put some cash to work for me exactly one year ago so I got an 18 month CD from Banesco. They were paying about the best interest I could find at 3.5%. I discovered an undisclosed way they pay interest. They don't compound interest and payment of interest earned is at the end of the CDs term.
I realise I was in a tight market back then and I would most likely settled on the odd interest scheme they have over there. I recently phoned Banesco to talk about redeeming early and learned they dock you three months interest which will be my next move.

Fees For Moving Money

My only hesitation here are the fees. Incoming wire transfers - $15. Incoming ACH - 20 cents per occurence. Charging a fee for money coming into the bank is silly. They are nickel and diming, erasing any benefit of higher interest rate.

CD Application Refusal

Posted by: |

Banesco Bank refused a CD application for my 19-yr old daughter, no reason given, after we submitted all requested info and verified the $4K we wanted to open the CD fir was ready to transfer from her che king account. I’ve opened MANY CDs with online banks in the last 10 years and never had an application refused. Banesco didn’t have the common courtesy to even tell us why we were denied.
Banesco lost this customer; will never bank with them and will advise anyone I know looking at online banks to avoid them. Utterly ridiculous!

Worst Service Ever

Posted by: |

I opened a savings account online. Bank then lowered rates. Attempted to transfer money using ACH. There is a $2000/transaction limit on outgoing transfers and can only do one transaction per 5 day period. Still attempted the ACH; failed. Called to get money sent to me by check. Spent one hour on the phone. Clueless customer service person kept putting me on hold; suggested that she could try to remove limits on ACH (she could not after more time wasted on hold) or have wire transfer ($80 which I refused). Was finally told that a "account manager" would call me to arrange for a check to be sent; "hopefully today; if not, tomorrow." Yep, could not even get a check sent to me after ONE HOUR on the phone.

I've done online banking for decades; this bank is the absolute worst.

Interest Not Credited On CD

Posted by: |

I opened a 2 year CD at a rate of 2.50% 10 months ago. It was an excellent rate at the time. It is now 10 months later and no interest has been credited to the account. I made a long distance move around that time and don’t have access to the disclosures, so I suspect this is one of those situations where the interest will not be paid until maturity. Also, setting up the account was not straightfoward, and my funds were taken from my funding account before it had been verified.

Pretty sketchy practices. I plan to close out this account and take the early deposit hit. Competitor rates are currently over 2.80% so I expectto make up for this hit.



Health
A+

Health Grade Components

Overall
FDIC Certificate #57815
Year Established2006
Employees338
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.69%
Return on Equity - YTD5.77%
Annual Interest Income$130.5MM
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$3.72B$2.78B
LoansQ3 2023vs Q3 2022$2.75B$2.1B
DepositsQ3 2023vs Q3 2022$2.68B$2.18B
Equity CapitalQ3 2023vs Q3 2022$435.9MM$395MM
Loan Loss AllowanceQ3 2023vs Q3 2022$34.7MM$24.9MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$8MM$8MM
Real Estate OwnedQ3 2023vs Q3 2022$506K$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Banesco USA; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

Banesco USA Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.35%$300$1mBanesGrow Savings Account

Banesco USA Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.25%$300$1mBanesFlex Money Market Promo - New Money

Banesco USA CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.25%$1.5k-Business 3 Month CD
5.25%$1.5k$250k3 Month CD
5.10%$1.5k-6 Month CD
5.10%$1.5k$250kBusiness 6 Month CD
5.05%$1.5k-9 Month CD
5.05%$1.5k-Business 9 Month CD
5.00%$1.5k-12 Month CD
5.00%$1.5k$250kBusiness 12 Month CD
4.32%$1.5k-18 Month CD
4.30%$1.5k$250kBusiness 18 Month CD
0.55%$1.5k-36 Month CD
0.55%$1.5k$250kBusiness 36 Month CD
0.50%$1.5k-24 Month CD
0.50%$1.5k$250kBusiness 24 Month CD
Locations


Banesco USA Locations
Banesco Usa150 Alhambra CirCoral Gables, FL 33134
Hato Rey Branch255 Avenue Ponce De LeonSan Juan, PR 00917
Westchase Linebaugh Branch795 West 49th StreetHialeah, FL 33012
Aventura Park Square Branch2950 N.E. 207th StreetAventura, FL 33180
Brickell Bank Branch1395 Brickell AvenueMiami, FL 33131

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