UPDATE 6/30/21: BBVA USA has been acquired by PNC.
BBVA USA (formerly BBVA Compass) has physical locations in seven states, but their online banking features make them available to anyone in the entire country. BBVA is known for several financial products and services, including their second chance checking accounts.
Even if you don’t need a non-ChexSystems bank, you can benefit from BBVA’s digital-friendly services. In fact, their mobile banking app has won a national Javelin award for three years in a row.
Are you in the market for a more personalized service?
All checking account holders get access to a team of remote personal bankers — for free. So you get to avoid the hassle of going to a branch and can instead call, text, email, or chat with one of your bankers to take care of your business.
BBVA USA has a lot going for it, so learn about some of the most popular bank accounts and programs to see how you can most benefit from working with this leading bank.
BBVA Checking Accounts
There are a few different checking accounts available from BBVA so that just about anyone can find a good fit.
Here are the highlights of each one:
Online Checking
With no monthly service charge and just a $25 minimum opening deposit, this is an incredibly accessible account.
When you open an account, you get access to all the benefits like online and mobile banking and can opt-in for online statements instead of paper statements to avoid monthly service charges. Plus, you don’t have to worry about ATM fees at both BBVA and Allpoint ATMs.
You get a Visa debit card personalized with a photo of your choice. Plus, you can opt in for overdraft protection if you’d like. You’ll have to pay a fee if you use it, but you might prefer that over having a declined purchase due to a temporary shortage of funds in your account.
As a second chance bank account, you can also use your account as a way to rebuild your banking history.
Free Checking
Like the Online Checking account, the Free Checking account has no monthly service charge and just a $25 opening deposit minimum. As a bonus, you get unlimited check writing with this account, which is helpful if you still mail in certain bills like your rent.
You get free statements of your choosing, either paper or digital, and no ATM fees. Additionally, you can customize text alerts for free, so you’re always up-to-date on your account status.
There’s also the opportunity to earn free cashback:
All you have to do is enroll in the Simple Cash Bank Rewards program and shop at eligible retailers. The neat thing is that the offers are based on places where you’re already spending money, so you can participate without making purchases that are out of the ordinary.
Interest Checking
If you’re ready to have your money start working for you, take a look at this checking account.
There’s a $25 monthly service charge. However, you can avoid paying it with one of these options:
- Hold an average daily collected balance of at least $5,000
- Have at least $25,000 across your checking account and money market account
- Enroll in the Premier Personal Banking Program
- Maintain BBVA Global Wealth client status
You also get to avoid the charges on one money market account from BBVA USA.
BBVA Savings Accounts
BBVA, Member FDIC, also offers standard savings accounts with a few different distinctions. Here’s how they stack up.
BBVA Online Savings Account
This is a great starter option because you earn interest on your entire balance, and it only has a minimum opening deposit of $25. There’s a quarterly service charge of $15, but you can have it waived in one of two ways.
The first is to set up an automatic, recurring transfer each month of at least $25 from any BBVA checking account. The second option is to maintain at least $500 as your daily balance in your account.
BBVA Money Market Accounts
If you have a bit more money to place in a savings account and want to increase your interest returns, consider a BBVA money market account. You only need that low $25 opening deposit.
The catch?
There’s a $15 monthly service charge, so make sure your earnings at least cover that amount; otherwise, it’s not worth it. You can also waive the charge by either:
- Maintaining $10,000 as your minimum daily balance
- Set up a recurring $25 transfer from your BBVA checking account each month
BBVA Certificates of Deposit
With a minimum deposit of $500, a CD is a more sophisticated savings account. But with no maintenance fees, it can help build your savings over time.
Rates vary based on your geographic location and the term length you choose. They offer 11 to 36 month CDs.
Their CD rates are better than some other savings accounts, but you won’t be able to access your cash until the term ends — unless you want to incur a penalty.
So while a CD can be a great part of your savings plan, make sure it fits in with your overall strategy so that you have easy access to cash as well.
BBVA Credit Cards
In addition to checking and savings accounts, BBVA offers various credit products as well. So whether you’re already a customer or looking for a new bank, check out what they offer.
BBVA USA has three different credit cards to choose from:
ClearPoints Card
This is a straightforward card that is fee-free and earns you cashback on purchases you choose from certain categories. You may also qualify for a low introductory APR period (which can be as little as 0%).
After the period is over, rates range between 12.24% and 30.24% APR. BBVA USA also runs promotional offers such as giving new cardholders a $100 statement credit when you spend $1,500 in the first 90 days.
Select Card
A strong option for frequent travelers, this card comes with a hefty $125 annual fee — although it’s waived for the first year. Make sure the benefits you receive outweigh the cost.
You can earn 3x points in your select categories and also get your foreign transaction fees waived. Plus, you get concierge service that includes perks like roadside assistance, lost luggage reimbursement, and travel assistance services.
Optimizer Card
If you’re looking to rebuild your credit score, this secured credit card gives you the chance you need. You’ll have to place cash in a savings account as collateral and can then use it just as you would any other credit card. You can increase your credit line whenever you’d like by depositing more money into that savings account.
BBVA Loans
You also have a couple of different loan options available through BBVA Bank whenever you need funds for a major purchase.
Express Personal Loans
If you need a personal loan quickly, BBVA can provide funding as fast as the same day. You don’t need to provide any collateral and can get a loan for as little as $2,000 or as much as $35,000 when you apply online.
Loan limits are much higher at branches:
You can borrow up to $100,000 if you apply in person. To save money on your interest rate, consider setting up automatic payments each month from your BBVA checking account. You’ll get a 1.00% discount on your interest rate, which can add up to significant savings over time.
APRs start at 6.07% and go up to 35.06%, so depending on your credit and other factors, you could spend a lot less on interest compared to using a credit card. Plus, you typically have a much higher limit with a fixed timeline for repayment.
Auto Loans
Need to buy a new car? BBVA also provides auto loans with fixed interest rates. Loan terms range from 12 to 72 months, giving you the flexibility you need to pay back the loan.
Auto loans can be as small as $5,000, but you’ll get a better interest rate if you borrow $15,000 or more. Rates start as low as 3.49% APR and vary depending on your credit, loan amount, term length, and type of car purchased (new or used).
BBVA Mortgages
BBVA also has you covered when it comes to a selection of mortgage products. New purchase mortgage options include both conventional and jumbo home loans. You can also select either a fixed rate or adjustable-rate mortgage or get a loan for new construction properties as well.
Are you an existing homeowner with equity in your home?
You can tap into that equity a few different ways with BBVA USA. One option is to open a home equity line of credit (HELOC). These typically offer low interest rates, and you can simply borrow what you need when you need it. Alternatively, you can get a home equity loan for $10,000 or more.
Both options provide tons of flexibility in how you use your funds, and mortgage rates across the board are still at near historic lows.
BBVA Self-Directed and Full-Service Investments
No matter how savvy you are with the stock market, BBVA has two types of investment platforms to meet your needs.
Ready to do some hands-on investing?
Consider their self-directed investments. You can open an account in just a few minutes and then perform your own trades. Available investments include:
- Equities
- ETFs
- Mutual funds
- Options
- Margin accounts
Fees vary for each type of trade, so review the terms carefully before getting started. Some types, like ETFs, have a flat fee of $9.95 per trade. Others trades, like options, charge a flat fee (in this case, $9.95), plus an additional fee. So on top of the per-trade fee for options, you’d also pay $0.75 per contract.
BBVA’s self-directed accounts also charge an inactivity fee, an annual fee for retirement accounts, and a termination fee. Bottom line: compare your options before you choose an investment platform.
If performing your own trades doesn’t sound right for you, BBVA also has a full-service investment program. You can select both retirement plans and personal investment opportunities. To prepare for your future retirement, you can select accounts such as IRAs, fixed annuities, and variable annuities.
Additionally, you can choose shorter-term investments like:
- Mutual funds
- Universal investment funds
- Equity-linked CDs
- Mutual fund portfolios
- College savings programs (like 529)
- Fixed income securities
BBVA’s investment arm also helps you choose comprehensive insurance plans as well as retirement solutions for business owners.
BBVA Reviews
BBVA reviews vary, with some customers praising the bank’s convenient online and mobile banking options, competitive interest rates, and helpful customer service representatives. However, some customers have complained about unexpected fees, long wait times on the phone, and issues with account management.
Overall, BBVA has both satisfied and dissatisfied customers, as with any large financial institution. The Better Business Bureau (BBB) currently gives BBVA an ‘A+’. The account is listed under their old name BBVA Compass. You will find many 4- and 5-star BBVA reviews at several other customer review sites as well.
BBVA Customer Service
BBVA’s customer service team can be contacted via phone, mobile app, or at a local branch. They have over 600 physical branches in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
BBVA Customer Service Phone Number: (844) BBVA-USA
Bottom Line
When looking for a full-service bank with excellent customer service that provides plenty of online solutions, BBVA offers a slew of options. Perhaps most attractive are the bank’s opportunities for second chance accounts and secured cards.
But even if you’re well on your way to saving, there are a lot of intelligent ways to manage your money through BBVA.
