October 26, 2018

BBVA Review: Account Good for You?

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BBVA Bank may not even be on your radar when you are looking for a bank. That's because it's a regional bank, located mostly in the southwestern states. While it doesn't have branches available nationwide, BBVA does offer an online-only account available to consumers nationwide.

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BBVA Bank is known for its strong online presence and user-friendly mobile app. They offer the standard string of bank accounts including checking, savings, CDs, and money markets. You'll also find other personal financial accounts, such as credit cards, personal loans, and mortgage loans.

Services Overview

BBVA offers a variety of bank accounts for consumers with different needs:

  • Checking accounts: Whether you need a basic/free checking account, an online-only checking account, or an interest-bearing checking account, you'll find them all at BBVA.

  • Savings accounts: BBVA offers a variety of savings accounts for the beginning saver to the individual with a large net worth. You'll earn higher interest rates on your savings with the ClearChoice Money Market account and you can even set up an IRA to help you get set for retirement.

Reasons We Like BBVA

  • You can open a BBVA checking account online and pay no monthly service charges. The Clear Connect Checking Account is available online only, which means you can live anywhere in the US and open an account. You won't earn interest on your balance, but you also don't have to worry about meeting monthly balance requirements.

  • They offer second-chance banking. If you've been turned down for a standard checking account, the Easy Checking Account gives you a second chance. With just $25, you can open an account for $13.95 per month. If after 12 months, your account remains in good standing, you may upgrade to a Free Checking Account.

  • You can earn a bonus on the Build My Savings account. The Build My Savings account helps you set up a savings goal. You pick a term between 6 and 12 months to meet your goal and set up automatic transfers from your BBVA checking account. You earn interest on your balance. If you meet your goal, BBVA will match 1% of your transfer amount up to $25 for a 6-month goal and $50 for a 12-month goal.

  • You can use ATMs free of charge as long as you use a BBVA ATM or Allpoint ATM. There are more than 5,000 Allpoint ATMs throughout the US.

  • The BBVA mobile app is bilingual and known as one of the most intuitive banking apps available today. You can check balances, deposit checks, make budgets, or even link external bank accounts to see everything in one place.

  • If you can keep an average quarterly balance of $10,000, you can eliminate the $15 monthly fee on their Money Market account. You can also get it waived by setting up a minimum $25 monthly transfer from your checking account. The money market account gives you access to higher interest rates than a standard checking or savings account may offer.

  • You get access to a team of professional bank advisors when you open a checking account online. You can reach your team via email, text, or phone. They will help you set and reach your financial goals.

  • You can open a checking account with as little as $25. The non-interest bearing checking accounts don't charge a monthly fee either. The interest-bearing checking account does charge a fee, but you can get it waived with an average daily balance of $5,000 or combined balance of $25,000 in your ClearChoice Checking and Money Market account.

  • You can link other BBVA accounts to your checking account to prevent overdraft charges. Keep in mind, though, that BBVA does charge $12 for every internal transfer they must conduct to prevent an overdraft.

  • You can set up retirement savings accounts (IRAs) . You can set up a traditional IRA, Coverdell Education Savings, or Roth IRA. Having your retirement savings in the same place as your checking/savings can help you keep your finances more organized and simplified.

BBVA Simple Cash Back Rewards:
If you use online banking and a BBVA debit/credit card, you may earn cash back rewards on your normal spending. BBVA tracks your normal spending habits and offers cash back awards on certain items/places. You activate the rewards, spend the money, and get cash back.

Reasons You May Want to Look Elsewhere

  • You must live in one of the seven state that BBVA Bank is located if you want to conduct your banking in person.

  • The overdraft fee is $38 per overdraft. 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.

  • 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.

Finding Your BBVA Routing Number:
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.

How It Compares

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 four ways to waive their monthly service fees, but they have fewer checking and savings accounts to choose from.

Bottom Line

What you get at BBVA are basic accounts without all of the bells and whistles. If you just want to bank, earn some interest, and know your money is safe, BBVA could be a good choice. If you want promotions, physical branches to visit, or high interest rates, you may find yourself looking elsewhere.

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.

More from CreditDonkey:

Best Online Savings Account

Best CD Rates

Best Online Checking Account

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