Banesco USA is a state-chartered bank in Florida that was founded in 2006. Banesco USA is also completely independent of its international brand and is federally insured by the FDIC.
They offer online deposit accounts to consumers that can be opened throughout the country.
Their current deposit account offerings consist of five CD accounts (certificates of deposit) with terms ranging from 6 – 36 months. They also have an online savings account and a money market account.
To see if these deposit accounts are right for you, continue reading our review below.
Banesco USA CD Rates + Account Details

All of Banesco’s “BaneSmart Certificates of Deposit” require a minimum deposit of $1,500.
Terms of 6 months to 3 years are available at this time, however only their short term CDs come with competitive yields.
CD Rates
Term | APY |
6 months | 4.30% |
12 months | 4.40% |
18 months | 4.10% |
24 months | 0.50% |
36 months | 0.55% |
To put these offers in perspective the current national average for a 6 month, 12 month and 60 month CD sit at 0.81%, 1.28% and 1.21%, respectively, according to FDIC data.
Top 6 month and 12 month CDs nationwide from online banks are both now inching above the 4.50% APY mark to start 2023.
Compounding Interest
Your ability to earn compounding interest with BaneSmart CDs is limited. Banesco states that ‘for all terms 12 months or greater, the APY cannot remain on deposit and payout is mandatory.’
Generally with CDs that feature daily compounding interest, earned interest is automatically deposited back into the CD every day for further compounding.
Grace Period and Early Withdrawal Fees
Banesco CDs appear to have a 10 calendar day grace period upon maturity in which you can add or withdraw any or all funds without incurring a penalty.
Exact penalties for early withdrawals are a little murky on Banesco USA’s website and they do not offer any disclosures in this regard.
That said, they do state that “an early withdrawal penalty may be imposed for withdrawal before maturity,” so expect to incur some sort of fee if you need the funds prior to your BaneSmart CD’s maturity.
Opening and Funding a CD
Opening and funding a BaneSmart CD can be done online in 3 steps. Here’s what you’ll need to complete the application process:
- Government issued ID/Drivers License/State ID or Passport with current address
- Complete physical and mailing address
- Social Security Number
- Date of Birth
- Bank account number where CD funds will come from
- Bank or credit union routing number
📌 Please note: You will be required to answer questions about your employment status and gross monthly income in the application process as well.
Funding your CD must be done during the application process and can be made via an ACH transfer from an existing checking or savings account from another banking institution.
Banesco Savings Account
Banesco’s online savings account, called BanesGrow, comes with a minimum deposit requirement of just $100.00 and a maximum allowance of $1m. All balances pay the same APY (annual percentage yield).
Savings Rate
Min. Deposit | APY |
$100 | 1.35% |
To put this yield into perspective, the current national average for a savings account sits at just 0.33% APY, however top yields from online banks are now inching over the 2 percent mark.
Banesco Money Market Account
Banesco’s money market account, called BanesFlex, comes with a steeper minimum deposit requirement of $2,500 and the same maximum allowance of $1m.
As with the savings account, all balances pay the same APY (annual percentage yield).
Money Market Rate
Min. Deposit | APY |
$100 | 1.35% |
To put this yield into perspective, the current national average for a money market account sits at just 0.44% APY.
Opening and funding either the money market account or the online savings account require the same steps and materials to open and fund them as their CDs do.
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