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Banesco USA Review: Checking, Savings, CD and Money Market Accounts

Banesco USA Review: Checking, Savings, CD and Money Market Accounts
11 Oct
3:58

Banesco USA’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.50%

CD Rates

Banesco USA 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.65%

CD Rates

Banesco USA 24 Month CD

2.65%

American Express National Bank 36 Month CD

on American Express National Bank’s secure website

Member FDIC

2.70%

CD Rates

Banesco USA 36 Month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Banesco USA checking account options

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How Banesco USA’s checking accounts compare

Simply put, Banesco USA’s checking accounts fall way short compared to other online banks. Their rates are significantly lower than their peers, some of which offer rates 5 to 10 times those at Banesco USA. In addition, many competitors are also offering other perks, such as no monthly maintenance fees, free checks and ATM fee refunds.

Considering you can only open this account in person, you’re better off picking a bank from our list of the current best checking account rates.

Banesco USA savings account options

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How Banesco USA’s savings account compares

As far as rates go, Banesco USA is on par compared to our list of the current best savings accounts rates. This account doesn’t require a high opening deposit and offers you a way get ATM access if you link it to your checking account.

However, other online banks have no minimum balances and no monthly maintenance fee. Banesco USA’s is pretty steep at $15. As well, you can only open this account in person which is the major downfall. Unless you live near one their branches, you’ll need to look elsewhere.

Banesco USA CD rates

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How Banesco USA’s CD rates compare

The certificates of deposit offered by Banesco USA pay a decent rate, just under the top rates currently on our list of the current best CD rates. Combined with the easy online application process, these CDs could be an option worth exploring.

Banesco USA money market account options

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How Banesco USA’s money market account compares

Even with promo rates, the money market account could be much lower than some of its online competitors. Many on our list of the best money market accounts have low minimum opening deposits, no monthly maintenance fees and rates twice to three times the amount you see here. Yes, you do get limited check writing capabilities, but so do some other banks. The bottom line: You’re better off looking elsewhere.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/banesco-usa/

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