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BBVA Compass Bank Review For 2020

BBVA Compass Bank Review for 2020

When comparing banks, you are likely to find those you know by name first.

That’s fine, of course, but you may want to keep your eyes open if you have anything specific from your bank or financial institution, particularly personal loans, savings accounts, and business accounts.

BBVA is one of those you might want to explore a little further.

BBVA AT A GLANCE

founding year

1964

Coverage area

BBVA is a stationary bank in seven states. It also offers its high APY money market account in 41 states and Washington, D.C.

HQ address

15 20th St S, Birmingham, AL 35233

Phone number

1-844-228-2872

BBVA company information

BBVA has over $ 86 billion in assets and 672 offices, primarily in Texas, but also in Alabama, Arizona, California, Florida, Colorado, and New Mexico.

In fact, it is the second largest bank in Alabama, the fourth largest in Texas, and the fifth largest in Arizona.

BBVA is a full-service bank with a strong online banking platform.

They offer the full range of checking and savings accounts as well as CDs, money markets, credit cards, personal and auto loans, and home loan finance.

BBVA features and benefits

Accounts available. In addition to CDs and current and savings accounts, BBVA also offers traditional Roth, SIMPLE and rollover IRAs as well as Simplified Employee Pension Plans (SEPs). They also offer 529 plans and Coverdell Education Savings Accounts (CESAs).

ATM access. You have access to 44,000 BBVA and Allpoint ATMs in the US, all with no ATM fees.

Overdraft Management. Among other things, BBVA lets you set up account alerts so you always know what’s going on with your accounts. Critical alerts can be set up for account management, including balance, account summary and insufficient fund alerts.

BBVA wallet. This feature gives you convenient access and control over your payment cards and offers the following benefits:

  • Keep an eye on all your purchases in real time and organize them on the go
  • Activate BBVA debit and credit cards
  • Make your BBVA credit card payments
  • Change the PIN of your BBVA cards in your wallet app
  • Report a lost or stolen card in a flash or temporarily block transactions if you misplace your card
  • Redeem rewards in real time at any merchant
  • Receive custom offers to earn cashback based on how much you spend on Simple Cash Back

You can download BBVA Wallet from Google Play or the App Store.

Customer service. BBVA can be contacted by phone or by message via online banking (24 – 48 hour response time). You have a third method – request a call.

By clicking the “Request a Call” button on the website, a bank representative will contact you by phone. So you don’t have to navigate the phone system.

Customer service is available Monday through Friday from 7 a.m. to 10 p.m. and Saturday from 8 a.m. to 4 p.m. (local time).

But they also have a cool contact option with video banking …

Video banking. This service allows you to connect to one Life Cashier, 24 hours a day, seven days a week.

With video banking, you can do virtually anything you can do with a visit to a local office.

This includes transfers, asking questions, making deposits and withdrawals, getting cash back, printing monthly bank statements, reordering checks, making payments or issuing a payment stop.

Mobile banking. With the BBVA Mobile App you can use Mobile Bill Pay and Picture Bill Pay as well as transfer money between your own bank accounts or to other parties.

It also offers mobile deposits where you can make a deposit by taking a photo of your check and then submitting it for processing.

You will also receive real-time notifications, daily activity notifications, and regular account alerts.

BBVA security. The bank uses a combination of online and mobile banking alerts and online security.

They also offer BBVA ClearBenefits which give you benefits in the event that you become a victim of identity theft. These benefits include:

  • Identity theft recovery available 24/7 to investigate fraudulent activity, send fraud notifications to government agencies and financial institutions, and much more.
  • Identity theft insurance that provides up to $ 25,000 to cover lost wages, legal costs, and defense costs for civil and criminal proceedings.

The ClearBenefits program fee is $ 5 per month.

FDIC insurance for all deposits. As an FDIC participating bank, BBVA provides coverage of $ 250,000 per depositor for all savings products.

BBVA current account offers

BBVA offers several options for checking accounts:

ClearConnect current account

This account has some standout features that are listed below:

It comes with the following features:

  • Apply with just $ 25 opening deposit

  • No monthly service fee

  • Free online banking and mobile banking, bill payment and online account statements

  • No ATM withdrawal fees at BBVA or Allpoint® ATMs

  • Compass Bank is a member of the FDIC

The ClearConnect current account is strongly recommended.

ClearChoice Free Review

This is a free checking account with the following full service features:

  • Apply with just $ 25 opening deposit
  • No monthly service fee
  • No ATM fees at BBVA ATMs
  • Compass Bank, member of FDIC

This free online banking service is a great option for your checking account.

Interest rate check

Like the other checking account options, the interest rate check can be opened with just $ 25.

However, you will also receive interest on your balance on this account. They also enjoy certain benefits including:

  • Graduated interest rates for your credit
  • Unlimited check writing
  • Free online banking, mobile banking and bill pay
  • Free premium checks and 50% off other styles
  • Automatic discounts on other banks’ ATM fees (two per statement cycle)

There is a monthly service charge of $ 25 for the account. However, under certain conditions this can be dispensed with, e.g. B. If you have an average daily balance of at least $ 5,000 in your account.

The interest rates paid for the interest check are as follows:

bbva interest checking account promo

If you apply for a BBVA checking account and don’t qualify, BBVA can offer you a second chance with Easy Checking. Easy Checking has a monthly service charge of $ 13.95.

BBVA savings products and prices

BBVA offers at least three different savings accounts as well as a money market account and certificates of deposit (CDs).

BBVA Build up my savings

With this account you can earn a match bonus with regular transfers.

How much you get in the bonus depends on the size of your opening balance, your regular transfers to the account and the duration of your plan.

The term can be six months or 12 months.

6 month plan: With an opening balance of $ 25 and a monthly contribution of $ 25, you can earn a match of $ 1.75. With an opening balance of $ 2,350 and a monthly contribution of $ 25, you can earn a match of up to $ 25.

OR with an opening balance of $ 25 and a monthly contribution of $ 415, you can also earn $ 25.

12-month plan periods: With an opening balance of $ 25 and a monthly contribution of $ 25, you can earn a match of $ 3.25. With an opening balance of $ 4,700 and a monthly contribution of $ 25, you can earn a match of up to $ 50.

OR with an opening balance of $ 25 and a monthly contribution of $ 415, you can also earn $ 50.

The account requires an opening balance of at least $ 25 and an interest rate of 0.05% APY.

BBVA ClearChoice savings account

This account requires a minimum balance of $ 25 and an APY of 0.050%.

The account gives you easy access to your money, 24/7 access to online and mobile banking and a link to your checking account to protect against overdrafts.

The account is charged a quarterly service charge of $ 15.

However, this fee can be waived if you have automatic, recurring monthly transfers of $ 25 or more from your checking account to the account, or if you meet a minimum daily balance of $ 500 or more.

BBVA ClearConnect savings account

This account gives you interest on your balance, but does not pay a quarterly service fee.

It requires a minimum deposit of $ 25 and an APY of 0.050%.

It has all the benefits of the ClearChoice savings account.

BBVA ClearChoice Money Market Account

With a ClearChoice money market account, you can access your funds anytime, and access online and mobile banking.

Here are some features that come with a BBVA money market account:

  • You could earn 0.13% APY
  • Apply with just $ 25 opening deposit
  • The interest is made up and credited monthly
  • Withdraw money easily in a branch and via BBVA ATMs without ATM fees
  • Link to your BBVA current account for overdraft protection
  • Compass Bank, member of FDIC

Payment slips (CDs)

With a minimum deposit of $ 500, no maintenance fees, and an opening fee of $ 500, you can get the following returns on BBVA CDs:

  • 12 month CD – 0.15% APY
  • 15 month CD – 0.50% APY
  • 18 month CD – 0.15% APY
  • 36 month CD – 0.20% APY

BBVA CDs offer you a great short term investment.

BBVA Investments

BBVA offers both self-controlled systems and full-service systems.

Self-directed investments

You can hold your investments through a self-directed brokerage account that allows you to trade stocks, mutual funds, exchange-traded funds (ETFs) and options.

You can also set up a margin account.

Full service investments

With this account option you can have your investments professionally managed. With this option, a larger selection of systems is available.

These include mutual funds, mutual funds, fixed and variable annuities, equity-linked CDs, fixed income securities, and professionally managed portfolios.

With this option, you can even have 529 plans and other college savings programs managed.

BBVA Student Banking

BBVA offers its ClearChoice Free Checking account in combination with its ClearSpend prepaid card.

With ClearChoice Checking, students get no monthly service fee, free online and mobile banking with Bill Pay and account warnings, free online and bank statements, and a free Visa debit card that you can personalize with your favorite photo.

If you pay a low monthly fee, you can also use other banks’ ATMs for free.

With the ClearSpend prepaid card you benefit from No purchase transaction fees, No overdraft fees, and No monthly service fee As long as you add at least $ 400 to the account each calendar month (otherwise a monthly service fee of $ 4 will be charged).

There are fees when you add funds to the account.

No credit check is required to receive the card.

You receive transaction notifications in real time as well as the integrated “Budget Tracker” function. With this feature you can manage your finances and avoid overspending.

Second chance banking

This is a program for people who have had credit problems in the past and need a fresh start.

It gives you the opportunity to build up your credit again.

The benefits include:

  • No monthly service fee with BBVA ClearChoice Free Checking
  • Easy budget management with the BBVA ClearSpend prepaid Visa card
  • A secured line of credit with the Optimizer credit card
  • Earn interest on your savings account with BBVA ClearChoice Savings

The Optimizer credit card is designed to help you rebuild your credit. See the next section for details.

BBVA lending

The bank also offers unsecured personal loans as well as auto loans.

The auto loans include same day decisions for most loans as well as free online insurance quotes.

BBVA home loan

Home Equity Line of Credit (HELOC). The loan has a floating annual interest rate based on the base rate plus 0.38% to 2.74%. The current rate ranges from 4.63% to 6.99%, but they currently offer a 12 month introductory rate on Prime MINUS 1.51%. The loan proceeds can be used for any purpose.

Home equity loans. As with a HELOC, you can use home equity loans for just about any purpose. You have fixed prices, conditions and monthly payments. Prices currently start at 4.94%.

Mortgages. Fixed or floating rate mortgages that are available to refinance your current mortgage, payout refinancing, or buy, renovate, or build a new home.

The current mortgage rates are as follows:

BBVA mortgage rates

BBVA pros and cons

advantages

  • The bank offers various checking account options. Many online banks don’t offer checks, so you have to have a second banking relationship.
  • With Video Banking, you can connect to a live banker 24 hours a day, 7 days a week.
  • Second Chance Banking offers someone with limited credit a real opportunity to build a banking relationship and rebuild their credit.
  • The Build My Savings plan offers great returns for a small down payment or for promised regular contributions.

disadvantage

  • The interest rates for most savings plans are low for online banks.
  • With the exception of the 12 month term, the interest rates on BBVA CDs are not competitive.
  • The prices on the ClearChoice money market are competitive, but the $ 15 monthly fee reduces that return. The rate for smaller account balances becomes completely invalid.
  • Some savings products have an early termination fee of $ 25 if you close the account within 180 days of opening. This is a hefty fee for an account with an APY of only 0.5%.

History of the BVAA

BBVA was founded in 1964 and is headquartered in Birmingham, Alabama.

Between 2004 and 2014, BBVA acquired several banks in the US, including Compass in 2007. For a while, BBVA went to BBVA Compass. Now it’s just BBVA.

Bottom line

BBVA is best suited for smaller deposits, especially on the money market account and the 12-month CD.

Their prices on other accounts as well as for larger deposits or longer term CDs are not competitive.

However, some of their products are innovative, especially the Second Chance Banking program which gives you access to both a checking account and a secured credit card to help you rebuild your financial life after credit problems.

For more information or to open an account, visit the BBVA website.


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