Interamerican Bank Review 2023

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Interamerican Bank Review: Overall Rating

Intamerican Bank Pros and Cons

About Interamerican Bank 

Interamerican Bank is a Hispanic American-owned bank with five branches in Miami, Florida, and West Palm Beach, Florida. Free ATMs are available at branch locations and through the Presto! ATM network, which is along the East Coast. 

Customer service is available through telephone Monday to Thursday, from 9 a.m. to 4 p.m. ET, Friday from 9 a.m. to 6 p.m. ET, and Saturday from 9 a.m. to 1 p.m ET.

Mobile app ratings on the Google Play Store give the bank's app 4.3 out of 5 stars. It also has 4.8 out of 5 stars on the Apple Store. 

The bank is FDIC-insured, so individual accounts are secured up to $250,000, and joint accounts are protected up to $500,000. 

The Role of Hispanic American-led Financial Institutions

Hispanic American-owned financial institutions are integral to providing products and services to underserved communities. These institutions also help address banking gaps among Hispanic American communities. Interamerican Bank has services in Spanish and English.

Is Interamerican Bank Trustworthy?

Interamerican doesn't have any recent public controversies. 

We use Better Business Bureau ratings to see how banks deal with customer complaints. The BBB gave Interamerican Bank an NR rating because there isn't sufficient information about the bank to rate it. 

If you're trying to figure out whether Interamerican will be a good match, talk to friends and family about their experiences. Online customer reviews always help, too.

Interamerican Bank FAQs

Is Interamerican Bank legit?

Yes, Intermerican Bank is a legitimate financial institution insured by the FDIC. Federal insurance keeps up to $250,000 per depositor, per category secure in a bank account if a bank fails.

Where is the Interamerican Bank headquarters?

InterAmerican Bank has its headquarters in Miami, Florida.

Who is the CEO of Interamerican Bank?

Agustin Velasco, Jr., is the director, president, and CEO of Interamerican Bank.

Interamerican Bank Account Reviews

Interamerican Bank Regular Savings Account

The Interamerican Bank Regular Savings Account is one of the bank's strongest products. The account has a low minimum opening deposit, Interamerican Bank Regular Savings Account - Fees Display, and also comes with an ATM card.

Interamerican Bank Regular Checking Account

The Interamerican Bank Regular Checking Account is a solid choice if you're looking for a checking account with Interamerican Bank Regular Checking Account - Fees Display.

If you frequently travel, this account may not be for you. Free ATMs are only available at branch locations or through the Presto! Network, which is only on the East Coast. If you use an out-of-network ATM, you'll have to pay a $3 transaction fee. 

Interamerican Bank CD

Interamerican Bank has 4-month and 6-month CD terms. Interamerican Bank Certificate of Deposit rates are high, especially if you compare them to other brick-and-mortar banks.

If you're looking for the best CD rates for terms or longer, you may prefer one of the options on our best CD rates guide. 

Interamerican Bank Money Market Account

The Interamerican Bank Money Market Account is similar to the bank's savings account: It has a tiered interest rate, no monthly service fees, and a card.

You may prefer the Interamerican Bank Money Market Account over the bank's saving account if you think you'll be able to reach the higher interest tiers. The minimum amount needed in your account to earn the highest rate is a lot lower. 

How Interamerican Bank Compares 

Interamerican Bank vs. Ocean Bank 

You may prefer Ocean Bank if you're looking for a bank with more locations in Florida. Ocean Bank has 23 locations in Florida, while Intamerican Bank has only five locations. 

Ocean Bank Personal Checking Account - Brand Name also has a free checking account with a lower minimum opening deposit than Interamerican Bank. 

If your priority is getting a savings or money market account, Interamerican Bank's accounts may catch your eye more. The APY rates on these accounts are higher, and there are no monthly service fees.

Ocean Bank Review

Interamerican Bank vs. Sunstate Bank 

Interamerican Bank has more branches in Florida than Sunstate Bank, so it may be a more convenient option for you. 

Choosing between the two banks will also depend on what features you prioritize most in a bank account. The Interamerican Bank Regular Checking Account - Product Name Only has Interamerican Bank Regular Checking Account - Fees Display, while the Sunstate Bank Interest Checking Account - Product Name Only pays interest on account balances of $1,000 or more, but you'll need to meet certain requirements to waive the monthly service fee.

For CDs, it could be a toss-up between the two financial institutions. American Bank has 4-month and 6-month CDs with a high APY. Sunstate Bank has a greater variety of terms, though.

Sunstate Bank Review

Why You Should Trust Us: How We Reviewed Interamerican Bank 

At Personal Finance Insider, we rate savings, checking, CD, and money market accounts using our banking methodology and CD methodology.

Each account receives a rating between 0 and 5. We evaluate a bank's ethics, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.