BBVA Review: Pros and Cons
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BBVA Bank offers checking, savings and second chance banking. Find out if the bank is any good before you sign up.
2/2/2023 Update: BBVA is no longer available on CreditDonkey. This offer may have been discontinued or may no longer be available to new customers.
Overall Score | 4.3 | ||
Savings | 3.0 | ||
Checking | 4.0 | ||
Mobile App | 5.0 | ||
ATMs | 5.0 | ||
Customer Service | 4.5 | ||
Pros and Cons
- Free checking
- Lots of ATMs
- Excellent customer service
- Low savings APY
- Branches only in 7 states
Bottom Line
Full service bank with lots of checking options and innovative features
- About BBVA USA Bank
- Pros & Cons of BBVA Bank
- Checking Accounts
- Savings Accounts
- Second Chance Banking
- Customer Service
- Locations & ATMs
- Mobile App Features
- BBVA Lending
- Downsides of BBVA
- Is BBVA a Good Bank?
About BBVA USA Bank
Established in 1964, BBVA USA Bank (formerly BBVA Compass) is headquartered in Birmingham, Alabama. It has nearly 650 branches spread across 7 southern states.
BBVA is known for its strong online presence, excellent customer service, and user-friendly mobile app. It even has a free checking account, which is unusual for brick-and-mortar banks.
You'll also find other financial services, such as credit cards, business banking, personal loans, home and auto loans, and investment services.
While it doesn't have branches nationwide, BBVA does offer online accounts and a wide ATM network.
BBVA Bank Pros & Cons
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PROS:
- Full range of banking and financial services
- Free and online checking options
- Second chance banking available
- Only $25 to open checking & savings accounts
- Free access at BBVA & 55,000+ Allpoint ATMs
- Cash back rewards on debit card
- Highly rated mobile app
- 24/7 video banking with a live teller
CONS:
- Only located in 7 states
- Very low savings rates
- High overdraft fees
Now let's take a look at BBVA's products in more detail.
Checking Accounts
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BBVA offers a variety of checking accounts for consumers with different needs.
BBVA Free Checking
This is BBVA's basic checking account and it's free with no Monthly Service Charge. It's just $25 to open with no balance requirements after opening.
The BBVA Free Checking account includes:
- Free mobile deposit and bill pay
- Free Visa debit card (with Simple Cash Back program)
- No ATM fees at BBVA ATMs
- Free unlimited check writing
- Free customizable alerts
- Free online and paper statements
If you choose to, you can add custom features for small monthly fees, including unlimited non-network ATM use or unlimited supplies of checks.
This also makes for a good student account or teen checking account (with an adult joint owner).
BBVA Convenience Checking
This checking account offers greater account access, which makes it ideal for those who travel sometimes. The minimum opening deposit is $25.
Extra features include:
- Free ATM access at 64,000+ BBVA, Allpoint, and participating 7-Eleven ATMs
- ATM fee refund charged by other banks once per month
There is also a $3 paper statement fee, which you can opt out of with free e-statements.
BBVA Premium Checking
This is an interest-bearing checking account with more features. The minimum opening deposit is $25.
Extra features include:
- Tiered rates based on your balance
- ATM fee refund charged by other banks 2x per month
- Custom photo on your debit card for free
- Free standard checks
There is also a $3 paper statement fee, which you can opt out of with free e-statements.
Compare Checking Account Promotion
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
HSBC Premier - Earn Up to $2,500
Start an HSBC Premier relationship today. You'll enjoy premium banking with both local and global benefits and access to wealth solutions offered through HSBC Securities, (USA), Inc*.
You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities.
- Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
- Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
- Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements.
Savings Accounts
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BBVA also offers several savings accounts. They offer a tiny bit of interest, but it's not a lot. So if your main priority is to grow your money, there are other online savings accounts with much higher interest rates.
BBVA Build My Savings
This savings account motivates you to save each month with a match from BBVA. Here's how it works:
- Open the account with at least $25.
- Set up recurring automatic transfers of at least $25 per transfer from your BBVA consumer checking account to your Build My Savings Account.
- Choose a 6-month or 12-month plan.
- BBVA will match 1% of your total savings transfer amount. You can earn up to $25 for a 6-month savings plan, or up to $50 for a 12-month savings plan.
Beware that there is a $10 withdrawal fee for each customer-initiated withdrawal. Essentially, this account is to help you build your savings (not spend it).
When your 6- or 12-month plan period ends, this account will be converted to a BBVA Savings Account,
BBVA Savings Account
This is the basic savings account offering you freer access to your funds. The opening minimum is $25. You get:
- Interest on your savings balance
- Up to 4 withdrawals per statement cycle for free
- No ATM fees at BBVA USA ATMs
- Link to a BBVA checking account for overdraft protection (though transfers fees still apply)
BBVA Online Savings
This online savings account has the same features as the regular BBVA Savings account. But an advantage is that it has no quarterly service fees and is available for everyone to open online.
You also get 4 free withdrawals per statement cycle. The opening minimum is $25.
BBVA Money Market
The Money Market account allows up to 6 free withdrawals per statement cycle. It offers a higher APY if you have an account balance of at least $10,000. The opening minimum is $25.
Compare Savings Account Promotion
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CDs
BBVA also offers term CDs of 12, 15, 18, and 36 months with a minimum deposit of $500. However, the rates are not high, so it's better to look to some of these online CD products instead.
Compare CD Rates
High-Yield CD Rates - Up to 4.05% APY
- No fees
- $1 minimum deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 3 Month | 4.05% APY |
| 5 Month | 3.85% APY |
| 6 Month | 3.75% APY |
| 9 Month | 3.00% APY |
| 12 Month | 3.00% APY |
Certificate of Deposit
- 4.10% APY for 12-month term
- 3.80% APY for 18-month term
- 3.50% APY for 36-month term
- 3.40% APY for 5-year term
CIT Bank Term CDs - Up to 3.50% APY
- Up to 3.50% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 6 Month | 3.00% APY |
| 1 Year | 0.30% APY |
| 13 Month | 3.50% APY |
| 18 Month | 3.00% APY |
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
Second Chance Banking
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Another positive thing about BBVA is that it offers a suite of second chance banking products to those who need a fresh start. Even if you've made some banking mistakes in the past, it gives you the opportunity to recover and rebuild your credit.
These products include:
BBVA Free Checking
This account doesn't have any requirements (aside from the $25 opening deposit) and makes for a great basic starter banking account. There's no Monthly Service Charge.
BBVA Easy Checking
If you've had more serious banking issues and don't qualify for a standard checking account, you can still be approved for Easy Checking and start afresh. This account does have a $13.95 Monthly Service Charge.
After a year of positive activity, you can upgrade to Free Checking.
BBVA ClearSpend Card
This is a prepaid debit card that helps you manage your budget and not overspend. There are no overdraft fees. You can load the card by funding it with cash, paycheck direct deposit, or online money transfers.
BBVA Optimizer Credit Card
This is a secured credit card to help you rebuild credit. Your credit line is backed by a collateral savings account. To increase your credit line, just deposit funds to the savings account.
BBVA Customer Service
BBVA is known for its excellent commitment to serving its customers. Here are some of its features.
24/7 video banking
This unique drive-through service allows you video call with a live teller at a branch, anytime of the day or night. They can help you with things like making transfers and deposits, paying a bill, stop payments, report lost debit card, etc.
Extended customer support hours
BBVA's customer service hours are Monday to Friday 7am - 10pm CST and Saturday 9am - 1pm CST.
Schedule a call back
On the BBVA mobile app, you can schedule a call with a rep at a time convenient for you. This way, you won't have to wait around on the phone on hold.
- Customer Support and New Accounts (AL, AZ, CA, CO, FL, NM, TX): 1-844-228-2872
- Customer Support and New Accounts (other states): 1-866-534-4482
- Online and Mobile Banking: 1-800-273-1057
Locations and ATMs
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BBVA USA Bank has nearly 650 branches located in these states:
- Alabama
- Arizona
- California
- Colorado
- Florida
- New Mexico
- Texas (where half of the branches are)
As for ATMs, users have free access to over 1,000 BBVA ATMs. In addition, BBVA also offers free access to 55,000+ Allpoint and 7-Eleven ATMs, making it easy for customers to find a fee-free ATM almost everywhere.
However, note that the BBVA Free Checking account only allows free access to BBVA ATMs.
Mobile App Features
BBVA offers a highly rated mobile app for both iOS and Android. It's a six-time award winner of Javelin Mobile Banking Leader for customer service and ease of use.
- 4.8 stars on the Apple App Store with over 232,000 ratings
- 4.2 stars on the Google Play Store with over 10,500 ratings
The app does more than just let you check your balances and transfer money. It has a lot of other useful features to help you manage your money. These include:
- Fully bilingual app in English and Spanish
- Voice activated search to find things fast
- Pre-login QuickView
- Financial tools to create budgets and track spending
- Add external accounts to see entire financial picture
- Deposit a check by snapping a picture
- Schedule a call back
- Activate offers for Simple Cash Back
- Apply for new BBVA accounts
- Change debit card PIN and turn your card on/off
BBVA Lending
BBVA also provides lending for almost any needs. Most loans are eligible for a rate discount when you set up recurring auto-debit loan payments.
Express personal loans
These loans can be used for anything from major purchases to consolidating debt. There are no collateral requirements. You may even qualify for same-day funding if you apply online (for loan amounts up to $35,000).
Home loans
BBVA offers mortgage loans and home refinancing at fixed or adjustable-rate options.
Home equity loans
It also offers home equity loans and home equity lines of credit that allows you to use your home's equity for almost any purpose.
Auto loans
BBVA offers competitive fixed auto loan rates whether you're buying a new or used car. There are no documentation fees and no prepayment penalty.
Downsides
- Low interest rates
BBVA Bank offers some of the lowest APYs in the industry, especially on large balances. This includes their CD interest rates, which are meant to provide you with a greater return in exchange for tying up your funds. Look at high-yield savings accounts if you want a better return on your savings. - Not nationwide
You must live in one of the seven states that BBVA Bank is located in if you want to conduct your banking in person. However, it does have online account options and free ATM access via the Allpoint network. - High overdraft fees
The overdraft fee is $38 per overdraft. Even if you opt into overdraft protection by having linked checking and savings accounts, the transfer fee is still $12 (once daily). One mistake can be rather costly, especially if you let the overdraft go more than one day or if the bank has to cover more than one fee for you.
You'll need your BBVA routing number to set up direct deposit or make an electronic transfer. You can find the number on the lower left side of your BBVA checks. Remember that each state that BBVA operates in has its own routing number, so make sure you choose the routing number that is for your state for proper routing of your funds.
Is BBVA A Good Bank?
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BBVA USA offers good banking products, convenient ATM access, and excellent customer service. It's a solid choice to consider if you live in a BBVA service area and are looking for a physical bank with a free checking option.
The downside is the low savings rate. Look into these savings accounts instead.
We love that BBVA offers some free checking options, as this is rare for brick-and-mortar banks. It's also good that BBVA offers second chance banking for those who have trouble opening an account elsewhere.
BBVA has great accessibility even if you don't live near a BBVA branch. You can still get free ATM access via the Allpoint network and bank online 24/7.
How It Compares
BB&T
BB&T branches are located throughout 16 states, which is more than the five states BBVA is located. BB&T offers five checking and five savings accounts to cater to the needs of many consumers.
Not all BB&T monthly service fees can be waived, either, so make sure you read the fine print before opening an account.
Bank of America
You may find slightly higher interest rates on savings and CDs with Bank of America. You may also find numerous branches located throughout the US.
Bank of America offers many ways to waive their monthly service fees, but they have fewer checking and savings accounts to choose from.
Bottom Line
BBVA offfers basic accounts without all of the bells and whistles, including good options for free checking accounts. However, if you want promotions, physical branches to visit, or high interest rates, you may want to look elsewhere.
2/2/2023 Update: BBVA is no longer available on CreditDonkey. This offer may have been discontinued or may no longer be available to new customers.
Write to Kim P at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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