Banesco USA Ups 12- And 24-Month CD Rates

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Deal Summary: 12-month CD (2.25% APY), 24-month CD (2.65% APY), $1.5k minimum deposit online, $1k minimum deposit in-branch.

Availability: Nationwide

Banesco USA has raised the rates on its 12-month CD (2.25% APY) and 24-month (2.65% APY). Opening a CD online requires a $1.5k minimum deposit, but opening a CD in-branch only requires a $1k minimum deposit. While Banesco USA lists two deposit tiers (under $250k and over $250k) for all of its CDs, the APYs are currently the same for both tiers.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.65*%$1.5k-Banesco USA24 Month CD
2.35*%$1.5k-Banesco USA12 Month CD
Rates as of September 18, 2018.

As stated in the Truth-in-Savings Act disclosure, the Early Withdrawal Penalty (EWP) reads as follows:

For an account with an original term of eight (8) days and higher and up to and including one (1) year, the penalty will be thirty (30) days of interest on the amount withdrawn.

For an account with an original term of one (1) year (12 months), and up to 2 years
(24 months), the penalty will be ninety (90) days of interest on the amount withdrawn.

While the EWP is fairly consumer friendly, the following two limitations are definitely not.

Crediting frequency – Interest will be paid at maturity, added back to the Certificate of Deposit (CD).

Effect of Closing an Account – If you close your account before interest is credited, you will not receive the accrued interest.

Funding a new CD can be done through an ACH transfer from a checking or savings account at another institution. According to the first page of the online application,

Checking or Savings account information to fund your new CD.
Funds must be available at the time of account application.

There is a ten calendar day grace period in which to withdraw your funds upon maturity. Good news – according to CSR, an ACH transfer back to the original funding account is available.

Availability

Headquartered in Coral Gables, Florida, Banesco USA offers its product line to all U.S. citizens and resident aliens, 18 years or older, with a valid Social Security number. Each account signer is required to have a unique email address.

Opening a CD with Banesco USA can be done online or any of four Florida branches, located in Coral Gables, Doral, Fort Lauderdale, and Weston. Banesco USA also has a branch in San Juan, Puerto Rico.

Bank Overview

Banesco USA has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.44% (excellent) based on December 31, 2017 data. In the past year, Banesco USA has increased its total non-brokered deposits by $83.06 million, an excellent annual growth rate of 10.86%. Please refer to our financial overview of Banesco USA (FDIC Certificate # 57815) for more details.

Banesco USA is currently Florida’s 22nd largest bank with assets in excess of $1 billion. There has been some confusion in the past between Banesco USA and Banesco, which is a Venezuelan bank. While I have written about this before, I think it bears repeating.

Banesco USA was founded and granted an FDIC Certificate in 2006 and originally operated as BBU Bank. According to a PR Newswire article, the Bank was re-branded as Banesco USA in 2011,

after BBU Bank acquired and merged San Juan, Puerto Rico-based Banesco International Bank Corp. into its mainland U.S. domestic banking operations. The merger done last September gave BBU Bank an additional $16 million capital infusion and a new branch in the US Commonwealth of Puerto Rico.

According to Wikipedia,

Banesco is one of the first Venezuelan banks holding only Venezuelan capital. It was founded in 1977 as the Banco Agroindustrial Venezolano (Venezuelan Agroindustrial Bank), until it changed its name to Banco Financiero (Financial Bank) in 1987. In 1992, after changing their name to Bancentro, the bank was acquired by the Banesco Financial Organization, the banking division came to dominate the company and was combined with the other divisions to form a banco universal (universal bank).

Bottom line, Banesco USA and Banesco (Velezuelan) are not the same.

How the CDs Compare

When compared to the 202 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Banesco USA’s 24-month CD APY currently ranks second.

When compared to the 208 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Banesco USA’s 12-month CD APY currently ranks fourth.

The above rates are accurate as of 5/11/2018.

To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Miami CD rates, 1-year CD rates, nationwide deals, Internet banks

Comments
Banesco USA Introduces 36-Month CD
Deal Summary: 36-month CD (2.70% APY), $1.5k minimum deposit online, $1k minimum deposit in-branch.

Availability: Nationwide

As I was reading up on Banesco USA last month, I saw the following on the CD promotion page:

I didn’t put too much stock into that announcement, because “coming soon” doesn’t always happen. Banesco USA proved me wrong yesterday, by adding a new 36-month CD (2.70% APY). Mea culpa. The announcement is still on the CD page; I think I’ll keep checking it.

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Banesco USA's 24-Month CD Rate Bumped Up
Deal Summary: 24-month CD (2.50% APY), 18-month CD (2.25% APY), minimum deposit - $1.5k online, $1k in-branch.

Availability: Nationwide

Banesco USA ended the month by raising the rates on all of its CDs, with the 18-month (2.25% APY) and 24-month (2.50% APY) the most competitive. Opening a CD online requires a $1.5k minimum deposit, while an in-branch opening only requires a $1k minimum deposit.

As stated in the Truth-in-Savings Act disclosure, the Early Withdrawal Penalty (EWP) reads as follows:

While the EWP is fairly consumer friendly, the...

Continue Reading
4.10% Money Market Account for 6 Months at a Florida Bank (BBU)
BBU Bank is offering a money market account promotoion with a 4.10% APY on balances of at least $25,000. The rate is guaranteed for the first 6 months. There is no maximum balance. This promotion doesn't seem to be listed at the bank's website. A reader emailed me news of this, and I called this afternoon for more details. According to the CSR, it does not require a checking account. The current yield for balances under $25K is 1.3%. A minimum balance of $2,500 is required to avoid a monthly...
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