Thursday, 26 November 2020

Review of Banco do Brasil Americas’ Checking, Savings, CD, Money Market and IRA Accounts

Review of Banco do Brasil Americas’ Checking, Savings, CD, Money Market and IRA Accounts
09 Oct
5:59

Banco do Brasil Americas’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Banco do Brasil Americas Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

0.90%

CD Rates

Banco do Brasil Americas 1 Year CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.30%

CD Rates

Banco do Brasil Americas 3 Year CD

2.65%

American Express National Bank 36 Month CD

on American Express National Bank’s secure website

Member FDIC

1.75%

CD Rates

Banco do Brasil Americas 5 Year e-CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Banco do Brasil checking account options

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How Banco do Brasil Americas’ checking accounts compare

For the average U.S. customer, Banco do Brasil Americas’ checking accounts do not offer much. They all require large deposits to avoid the costly monthly maintenance fee. None of them pay interest and they only offer basic checking services. The national ATM access through Presto and Allpoint is convenient for a regional bank but is a feature available with many other banks.

For international customers and people with ties to Brazil, these accounts offer a bit more. The free transfers to Brazil could be a huge benefit for someone who needs this feature and want to save on transfer fees. In addition, visitors and new immigrants from Brazil might find the international account useful because it can be opened without a U.S. address or Social Security number.

However, for people who can qualify for a regular U.S. checking account, there are better checking account options with lower fees and more perks, including the ability to earn interest.

Banco do Brasil savings account options

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How Banco do Brasil Americas’ savings account compares

The benefits from the Banco do Brasil Americas Savings account are not enough to make up for all the potential fees and restrictions. This account makes it far too difficult to access your money since you can only take money out through expensive wire transfers or by visiting a bank branch.

While the interest rate is better than large national banks, it’s still far from a competitive rate and you need to keep a minimum balance of at least $1,000 to earn anything. At the same time, the account charges a monthly maintenance fee if you don’t keep at least $300 in the account. It’s not expensive and it’s easy to avoid, but plenty of savings accounts do not have this fee.

Since this account can only be opened at a Banco do Brasil Americas branch in Florida, it won’t be an option for many readers anyway. Even if you could open this savings account, you’d be better off choosing from this list of savings accounts, as they have lower fees, fewer restrictions and higher interest rates.

Banco do Brasil Americas CD rates

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How Banco do Brasil Americas’ CDs compare

Banco do Brasil Americas’ CDs are not horrible, but they don’t blow us away either. Its interest rates are better than the non-existent rates at the national banks but they don’t compare well versus the best CDs on the market. The bank’s early withdrawal penalties are also severe.

We find it a little strange that this bank has two categories of rates: Under $100 million and over $100 million, but nothing in between. Even if you do deposit $100 million, you still are nowhere near earning the best possible interest rate on your CD.

If you want to earn high interest rates, these CDs will pay you more and you don’t even need to deposit $100 million.

Banco do Brasil Americas’ money market account option

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How Banco do Brasil Americas’ money market account compares

Out of all the Banco do Brasil Americas deposit accounts, its money market account is the one we like best. It’s free so long as you have at least $1,000 in your account and Banco do Brasil Americas pays interest on all deposits. It also offers a decent rate, especially for balances over $100,000.

We also like that this account gives you unlimited, free ATM withdrawals. You can earn a solid interest rate while still having flexible access to your savings. Finally, you can open an account easily online with its e-Money Market account.

Still, this Money Market account does have some downsides. It charges a $20 monthly fee as soon as your balance falls below $1,000. There are also accounts that pay a much higher interest rate, even compared to Banco do Brasil Americas’ highest category. While its money market account is OK, these alternative money market options could be even better for your savings.

Banco do Brasil Americas’ IRA options

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How Banco do Brasil Americas’ IRA CDs compare

Banco do Brasil Americas’ IRA CDs are just as unexciting as its regular CDs. It makes sense since they are mostly the same deposit accounts.

Its interest rates are only OK. They also stay the same for deposits ranging from $1,000 all the way up to $100 million. If you deposit $100 million, you do get a rate bump, but chances are that won’t apply to too many readers. We don’t also don’t like the steep early withdrawal penalties on the IRA CDs.

If you want to earn the best interest rates on your retirement savings, these other IRA CDs could be a better option than Banco do Brasil Americas.

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David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/banco-do-brasil-americas/

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