Banking online is becoming more and more popular as time goes on, and while you’re shopping around for the best rates and experience, you may want to check out BBVA USA (formerly BBVA Compass) to see if it may be a match for you. BBVA currently offers solid rates for their online checking, money market and CDs. BBVA also offers access to thousands of ATMs across the United States, UK, Canada, Mexico, and Puerto Rico, so you can access your money when you need it most.
What is BBVA Compass Bank?
Originally founded in 1964, BBVA became a subsidiary of Spanish multinational bank, Banco Bilbao Vizcaya Argentaria in 2007. According to a 2019 report conducted by the U.S. Federal Reserve, BBVA USA is currently the 30th largest bank in the United States.
BBVA USA’s headquarters are located in Birmingham, Alabama, and they currently operate 645 branches throughout Alabama, Florida, Texas, Colorado, New Mexico, Arizona and California. BBVA also has a strong international presence and operates in over 30 countries across the globe. Furthermore, even if you are not living close to one of their branches, customers can still bank online with BBVA USA virtually anywhere.
In 2017 and 2018, BBVA USA earned “gold” level recognition from the American Heart Association.
In 2018, and again in 2019, BBVA USA was awarded a perfect score on the Corporate Equality Index administered by the Human Rights Campaign Foundation on behalf of of the LGBTQ community to recognize workplaces with optimal inclusion.
As of 2018, it was estimated that BBVA USA’s total assets equated to over $90 billion and employed over 10,000 people.
What Types Of Accounts Does BBVA USA Offer?
The bank currently offers the following account options:
- Money Market
- Certificates of Deposit (CD)
- Credit Cards
- Personal Loans
BBVA USA also offers specialty programs for students, military personnel, law enforcement officers, firefighters, educators and healthcare workers. Furthermore, they have banking products and services available for small businesses, commercial, corporate and wealth management.
BBVA USA Premium Checking
To open a Premium checking account, you’ll need an opening deposit of $25. This checking account does come with a hefty monthly fee of $19, but it is waive-able with $4,000 of qualifying direct deposits or by maintaining an average daily balance of at least $4,000. With this account type, you’ll have access to BBVA’s network of over 60,000+ ATMs across the globe, a Visa Debit card with cashback rewards, free standard checks and waived fees for paper statements.
BBVA USA Online Checking
An online checking account with BBVA USA can be opened with as little as $25. There are no maintenance or monthly fees and you will be able to access your money 24/7 by visiting one of their 60,000+ ATMs across the globe. Their online checking account does not earn interest at this time, but you will get a free e-statement mailed to you every month with your balance information. This checking account also comes with a Visa debit card with cashback rewards.
BBVA USA Free Checking
A free checking account with BBVA USA can be opened with as little as $25. There are no maintenance or monthly fees and you will be able to access your money 24/7 by visiting one of their 60,000+ ATMs across the globe. This account type also comes with free online and mobile banking, a Visa debit card with cashback rewards, free online and paper statements and free unlimited check writing.
BBVA USA Savings
A standard savings account with BBVA USA can easily be opened with an initial deposit as low as $25. There is no monthly or annual fee associated with their savings account. With this account, you’ll earn interest (0.01% APY) on your balance, be able to access your money when you need it most 24/7 via ATM, as well as bank any time you want within their online banking and mobile platforms. Your BBVA savings can be linked to your BBVA checking account to help you avoid overdrafts.
BBVA USA Online Savings
An online savings account with BBVA USA can easily be opened with an initial deposit as low as $25. There is no quarterly fee associated with their online savings. With BBVA Online Savings, you’ll earn interest (0.01% APY ) on your balance, be able to access your money when you need it most 24/7 via ATM, as well as bank any time you want within their online banking and mobile platforms. Your BBVA savings can be linked to your BBVA checking account to help you avoid overdrafts.
BBVA USA Money Market
Your savings can grow steadily with a money market account from BBVA. A money market account can be opened with as little as $25 minimum deposit and you’ll have the ability to monitor your account 24/7 via mobile or online banking. BBVA’s Money Market account does have a $15 monthly fee which can be waived if you maintain a minimum daily collected balance for each month of $10,000 or more or you have automatic monthly transfers set up for $25 or more from a BBVA checking account. The Money Market account from BBVA earns interest on a tiered scale. See the rate tables below.
BBVA Relationship Base Rate Chart
|Daily Collected Balance||Interest Rate||APY|
|Less than $10,000||0.010%||0.01%|
|$10,000 to $19,999||0.010%||0.01%|
|$20,000 to $49,999||0.010%||0.01%|
|$50,000 to $99,999||0.010%||0.01%|
|$100,000 to $249,999||0.010%||0.01%|
|$250,000 to $999,999||0.010%||0.01%|
|$1,000,000 to $2,499,999||0.010%||0.01%|
|$2,500,000 to $4,999,999||0.010%||0.01%|
BBVA USA Certificates of Deposit (CD)
BBVA CDs have an impressive rate of return on investment that will help your money reach it’s full potential. There are no maintenance fees associated with BBVA CDs, and your money is FDIC-insured up to the applicable limit. You’ll also be able to access your account via mobile or online banking 24/7. They currently offer CDs in 11-month, 12-month, 18-month and 36 month increments.
June 2021 BBVA USA Fixed Term CD Rates
If you open your CD online, you’ll be able to recive the following rates:
BBVA Mortgage Rates
If you’re thinking about buying or refinancing, you’ll certainly want to check out the solid rates from BBVA. They offer a wide variety of home loans to help meet the various needs that their customers may have. They also offer educational programming and tools such as their Mortgage 101 and mortgage calculator that can map out how much you can borrow and how much your payment may be in order to help you decide which option is right for you.
BBVA Current Mortgage Rates:
As of June 2021, here are the current conventional mortgage rates from BBVA:
|Product||Interest Rates||Discount Points||APR|
|30 Year Fixed Rate||3.000%||1.000%||3.176%|
|20 Year Fixed Rate||2.875%||1.125%||3.137%|
|15 Year Fixed Rate||2.000%||1.125%||2.332%|
|10 Year Fixed Rate||1.875%||1.375%||2.415%|
How Can I Deposit and Withdraw Money from a BBVA USA Bank Account?
Here are the ways BBVA USA says you can deposit or obtain money from your account:
- Visit a local branch location
- Direct deposits
- Online transfers
- Mobile check deposit
- Wire transfers
- Visit a local branch location
- Use an ATM
- Online transfers
- Wire transfers
- Request a check be mailed to you
What are BBVA Compass Bank’s Account Fees?
All of BBVA’s fees are listed on their website; however, here is a list of some of the most common fees that you’ll want to know about:
|Monthly Fee||$0 for free and online accounts|
$19 for premium (can be waived)
|Minimum Deposit to Open Account||$25|
|Out of Network ATM||$3|
|Insufficient Funds / Returned Item||$38|
|Early Account Closing||$25 (if closed within 180 days of opening)|
|Deposit Item Returned||$15|
|Overdraft Transfer||$12 per day|
|Dormant Account||$5 per statement cycle|
|Cashier’s Checks||Can receive unlimited cashier’s checks for $2 per statement cycle|
|Safe Deposit Box||$3 per statement cycle|
What Are The Benefits of an Account at BBVA Compass?
- Money Market and CD rates offer decent yields.
- Low initial deposit required – Only takes $25 to open an account.
- Mobile app is highly rated.
- No ATM fees at BBVA ATMs.
- Up to 2 refunds per month on out of network ATM fees.
- Free online and mobile banking.
- Free bill pay.
- Ability to add unlimited check writing.
What Are The Disadvantages of Opening an Account with BBVA Compass?
- Has a limited number of branches in only 7 US states.
- Can only make 4 free withdrawals from the savings account.
- Phone-based customer service is said to have longer than expected wait times.
- No interest on checking.
Additionally, while BBVA USA bank seems to be the total package for consumers wanting a traditional banking experience with a twist of modernization, We’d also suggest that you check out other online-only savings account experiences if you are wanting to earn an even higher return on your investment.
As of June 2021, here are some rates from competitors that you may want to check out:
- Aspiration Bank – 1.00% APY
- Vio Bank – 0.57% APY
- CIBC Bank – 0.52% APY
- Ally Bank – 0.50% APY
- Citi Accelerate – 0.50% APY
- First Foundation Bank Online Savings – 0.50% APY
- Goldman Sachs – Marcus Account – 0.50% APY
- Synchrony Bank – 0.50% APY
- TAB Bank – 0.50% APY
- TIAA Bank – 0.50% APY
- American Express Personal Savings – 0.40% APY
- Barclays Bank – 0.40% APY
- Capital One 360 Performance Savings – 0.40% APY
- CIT Bank Savings Builder – 0.40% APY
- Citizens Access – 0.40% APY
- Discover – 0.40% APY
- MySavingsDirect – 0.25% APY
- HSBC Direct – 0.15% APY
Is BBVA USA Bank FDIC-Insured?
Yes. BBVA USA Bank is a FDIC member, which means that funds deposited into their accounts are insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open An Account with BBVA USA Bank?
Opening an account with BBVA USA Bank is a simple and straightforward process. You just need to be a US citizen, over the age of 18, have a social security number and a $25 initial deposit in order to sign up.
BBVA recommends that you also have your valid government-issued ID or passport available during the application process.
- The first step is to open your web browser to BBVAUSA.com
- Next, click “Apply Now” in the upper right corner
- Then, select the type of account you would like to open
- Proceed to the application
- Fund your account with your initial $25 deposit
- And finally — you’re all set to start using your BBVA Account!
How To Access Your BBVA Compass Bank Account:
Online: Access your account by logging in with your username and password on their website: BBVAUSA.com
Mobile Device: Bank on your phone/tablet through their mobile app.
Contact BBVA Compass Bank About Your Account:
- Online Banking: 1-844-228-2872 or 1-800-273-1057
- Loan Servicing: 800-239-1966
- Monday through Friday: 7am – 10pm Central Time
- Saturday: 9am – 1pm Central Time
- Closed: Sundays – as well as – New Year’s Day, 4th of July, Thanksgiving Day and Christmas Day.
- Online Help Request:
- Submit a a secure message to BBVA by logging into your online account.
- Visit a local branch:
- Find your closest BBVA branch using this branch locator.
If you’re looking for a bank that has a variety of online banking products available, BBVA Compass is certainly one you’ll want to try. They are a full service bank, with low minimum opening deposit requirements and low to no fees on a majority of their products. BBVA’s rates on CDs and money market accounts are reasonable, despite the current economic climate, and will allow your money to steadily grow as it sits in your account. BBVA customer support is also readily available in-person at any one of their 600+ branch locations, or by calling on the phone or sending a quick email message.
Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
BBVA – Bank Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐ 4 stars out of 5 stars
- Bankrate’s Safe and Sound Rating: 3 out of 5 stars
- BauerFinancial Star Rating: 5 out of 5 stars
- BankTracker Troubled Asset Ratio: 7.84
- FDIC: Actively insured
More about the rating system:
- BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, customer reviews, rating agency scores, profitability, and troubled asset ratio.
- Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.