If you're looking for a great full-service online bank, BBVA may be a great choice for you. Formerly BBVA Compass Bank (now just BBVA), this bank offers checking, savings, money market, and CD products. They also have physical branches in certain states.
BBVA consistently ranks on our list of the best money market accounts.
See how we compare BBVA Bank in our BBVA Bank review below.
Quick Summary
- Large full-service bank with branches in the South
- Consistently top notch free checking account
- Usually listed on our top savings accounts and top money market accounts
BBVA Bank Details | |
|---|---|
Product Name | Money Market |
Min Deposit | $10,000 |
APY | 0.01% to 0.10% APY |
Account Type | Checking, Savings, Money Market |
Promotions | None |
What Is BBVA Bank?
BBVA is a full-service bank and has been around since 1964. In MX.com’s article, “Biggest US Banks by Asset Size (2019),” BBVA was ranked #33 with $90,996,935 in assets.
They are headquartered in Birmingham, AL. The bank has over 600 branches located in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
What Do They Offer?
BBVA is a full-service bank providing both personal and commercial financial products.
In this article, we’ll review BBVA’s deposit products (checking, savings, and CDs). Except for CDs, all accounts require a $25 opening balance.
Branches are only available in a few southern states, but that isn’t a concern for ATM use. BBVA has a large no-fee ATM network. This includes the Allpoint® network and participating 7-Eleven® locations. For people who do not live near a BBVA branch, you can still open an online account.
Be aware of BBVA’s $25 fee for closing accounts early. Accounts closed within 180 days will incur this fee.
Checking
BBVA offers three different checking accounts:
- Premium Checking — Earns 0.05% APY. $19/month service fee but waived with qualifying $4,000 monthly direct deposits or by having an average daily collected balance of at least $4,000. No ATM fees at BBVA ATMs and participating non-BBVA ATMs. Up to two ATM rebates in the case that you are charged a fee. Includes free standard checks.
- Online Checking — Great for people who do not live near a BBVA branch. No monthly service charge. No ATM fees at BBVA ATMs and participating non-BBVA ATMs. Does not include ATM reimbursements when charged at other banks.
- Free Checking — No monthly service charge. No ATM fees at BBVA USA ATMs.
BBVA is also a great choice for second-chance checking.
Savings and Money Market Accounts
- BBVA Online Savings account — Earns a 0.05% APY. No monthly service charge. Up to four withdrawals per month. No ATM fees at BBVA USA ATMs. You can link a checking account for overdraft protection.
- BBVA Money Market account — Earns 0.01% to 0.10% APY depending on balance. Note that APY may vary by state. Up to six withdrawals per month. For balances under $10,000, there is a $15/month service fee. This fee can be waived by transferring $25 into the account each month. You can link a checking account for overdraft protection.
CDs
The minimum amount to open a CD is $500. They offer 12 month, 15 month, 18 month, and 36 month CDs. here is no maintenance fee.
Business Checking
BBVA also offers a great business checking account. The BBVA ClearConnect for Business is a fee-free business checking account that we think is top-notch.
They offer nationwide free business checking that has access to ATMs and more.
Furthermore, there is no real requirements to maintain free business checking at BBVA. They do charge for paper statements (and it's opt-out), but once you opt-out, you don't have to worry about making enough direct deposits or having a minimum balance.
Check out BBVA ClearConnect for Business here.
Overdraft Protection
You can link another BBVA account to your checking account for inter-account transfers should you go over your checking balance. These transfers are $12 for each day the bank makes one or more transfers.
Instead of linking another account, you can get a BBVA Overdraft Protection Line of Credit. It is the same $12/day fee but you can also incur a 21% APR on the draft amount.
Mobile App
BBVA’s mobile app lets you do all of your banking from your mobile phone, including check deposits. Its iPhone app has a 4.8/5.0 rating from 224.9K ratings. The Google app has a 4/5 rating from 10,643 ratings.
BBVA Bonus Offer
Right now, BBVA currently doesn't have any promotions or bonus offers available.
See our other bank bonus offers here.
Are There Any Fees?
The Free Checking account and CDs have no maintenance fee. The other checking and savings accounts do.
Other fees include:
- $38 — NSF per item
- $15 — Deposit item returned (per item)
- $32 — Stop payment
- $25 — Closing an account within 180 days of opening
How Do I Open an Account?
You can visit a BBVA branch or open an account online. You’ll need three items:
- A valid government-issued ID such as a driver’s license, state-issued ID with photo, or a passport
- Social Security number
- $25 for the opening deposit
Is My Money Safe?
Yes — BBVA is a member of the FDIC and uses high-grade encryption on its website and mobile app.
Additionally, BBVA offers a $4/month service called the BBVA ClearBenefits Program. It includes identity theft restoration and up to $1 million in insurance, $10,000 in accidental death and dismemberment, cell phone protection, and roadside assistance services. Cell phones are protected up to $200 after a $50 copay.
Is It Worth It?
While you can find higher CD and savings rates at other banks, for a brick-and-mortar full-service bank, BBVA’s APYs are competitive.
You don’t have to live in a state that has a BBVA branch. You can still open an account online.
BBVA customer service is available by phone, email, and video conferencing Monday through Friday, 7:00 a.m. to 10:00 p.m.; and Saturday, 8:00 a.m. through 4:00 p.m.
Account Types | Checking, Savings, Money Market |
Minimum Deposit |
|
APY | Up to 0.01% APY |
Maintenance Fees |
|
Branches | 600+ Branches |
ATM Availability | No fee-free ATM network |
Customer Service Number | (844) 228-2872 |
Customer Service Hours | 24/7 availability |
Mobile App Availability | iOS and Android |
Bill Pay | Yes |
FDIC Certificate | 19048 |
Promotions | None |
BBVA Review
- Interest Rates
- Fees and Charges
- Customer Service
- Ease of Use
- Tools and Resources
- Products and Services
Overall
Summary
BBVA is a full service bank that offers checking, savings, money market, and more.
Pros
- Full-service bank with free checking
- Solid business products
Cons
- APY on savings isn’t always near the top
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
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