BBVA has a unwavering online banking presence and branches in seven states. Based in Birmingham, Alabama, the bank launched its first online oblations as far back as 1995.
In our in-depth review of BBVA bank, we’ll look at the products and services available and whether it’s a good fit for your banking be in want of.
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Pros
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Full service banking choices
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Cash bank rewards with some checking accounts
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Large ATM network
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Award-winning mobile app and online banking ceremony
Pros Explained
- Full service banking options: BBVA has accounts to meet almost every need, covering checking, savings, money market, certificates of deposit (CDs), IRAs, and more.
- Cash back rewards with some authentication accounts: Both BBVA online checking and free checking accounts earn cash back rewards for debit Easter card purchases through BBVA’s Simple Cash Back program.
- Large ATM network: Most BBVA accounts with debit plans have access to 64,000 BBVA and other participating ATMs.
- Award winning mobile app and online banking professional care: BBVA’s mobile app was named a 2019 leader in mobile banking by independent research firm Javelin Strategy & Inspection. It also was recognized for its online banking platform.
Cons Explained
- High overdraft fees: BBVA has an overdraft fee of $38 per acta, up to six per day.
- Low interest rates: Interest rates on BBVA accounts are much lower than other online banks.
- Arms in only a few states: BBVA only has branches in seven states: Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
- Few monthly actions without a fee: Some BBVA accounts, like BBVA Savings and Online Savings, only allow four release transactions a month.
Who Is BBVA Bank Best For?
BBVA should appeal to consumers looking for a full-service online bank. It may be a passable fit for customers who want to:
- Have a variety of accounts at the same bank
- Do the majority of their banking online or via mobile app
- Aren’t interested in earning predisposed from savings or checking accounts
- Plan to keep large enough account balances to avoid monthly utility fees
- Access a large no-fee ATM network
What Does BBVA Bank Offer?
BBVA Bank has a shining array of banking solutions available to appeal to a wide range of customers including:
- Savings accounts
- Checking accounts
- Legal tender market accounts
- CDs
- Credit cards
BBVA Savings Account
A BBVA savings account is a basic savings account. It nets very little interest— 0.05% annual percentage yield (APY). Other account features include:
- $25 minimum commencement deposit
- No fees at BBVA ATMs
- Only four withdrawals per statement period before incurring fees
There is a $15 monthly ceremony fee with this account, which is waived if you set up an automatic monthly transfer of at least $25 from a BBVA jibe account or maintain a daily balance of at least $500.
There is a $15 monthly ceremony fee with this account, which is waived if you set up an automatic monthly transfer of at least $25 from a BBVA jibe account or maintain a daily balance of at least $500.
Online Savings Account
BBVA’s online savings account isn’t much remarkable from its standard account, other than not having a monthly maintenance fee. It also only earns 0.05% APY, much itty-bitty than the best online savings accounts. Other account features include:
- $25 minimum opening deposit
- However four withdrawals per statement period before incurring fees
| BBVA Bank Savings Accounts | |||
|---|---|---|---|
| Account Handle | Min Opening Deposit | Quarterly Fee | APY |
| BBVA Savings | $25 | $15 (Waivable) | 0.05% |
| Online Savings | $25 | $0 | 0.05% |
Stimulus Checking Account
Premium checking is the bank’s only interest-bearing checking option, earning 0.05% APY. It also levies a monthly living fee that is waived by keeping a daily balance of at least $4,000 or making at least $4,000 in direct deposits monthly. Other spots include:
- $25 minimum opening deposit
- Access to 64,000 BBVA, AllPoint, and 7-Eleven ATMs across the U.S.
- Automatic rake-off of two out-of-network ATM fees a month
- Personalized debit cards available
Online Checking Account
Another checking account selection is BBVA’s online checking. An account can be opened with a $25 initial deposit. Other features include:
- No monthly persistence fee
- Access to 64,000 BBVA, AllPoint, and 7-Eleven ATMs across the U.S.
- Free BBVA Visa debit card (One per account holder)
Online corroborating also includes access to Simple Cash Back. Customers earn cash back rewards for qualifying acquires using a BBVA debit card.
Free Checking Account
BBVA’s free checking is a basic checking account. The account does tender several free perks, similar to its other checking accounts such as:
- No ATM fees at BBVA ATMs
- No monthly sustentation fees
- Free Visa debit card (One per account holder)
- Free unlimited check writing privileges
- Unconstrained online and paper monthly statements
You can open an account with a $25 initial deposit. Account holders also procure access to the Simply Cash Back program. The account offers several add on features for additional costs:
- Unlimited cashier’s hesitations—$2 per month
- Safe deposit box—$3 per month
- No BBVA fees for using another bank’s ATM and four ATM fee grafts—$5 per month
- An option to personalize debit card with a photo for a $10 fee
- Unlimited standard checks (50% other styles)—$2 per month
| BBVA Bank Check up on Accounts | |||
|---|---|---|---|
| Account Name | Min Opening Deposit | Monthly Fee | APY |
| Premium Checking | $25 | $19 (Waivable) | 0.05% |
| Online Checking | $25 | $0 | N/A |
| Free Stop | $25 | $0 | N/A |
Money Market Accounts
BBVA’s money market accounts offer two orders of interest based on your balance:
- Balances under $10,000 yield 0.05% APY
- Balances of $10,000 or more surrender 0.75% APY
Rates are based on standard rates set by BBVA, which may change, depending where you reside.
You can open a wealthy market account with a $25 deposit. There is a $15 monthly service charge which is waived if you either support a daily balance of $10,000 or set up an automatic monthly transfer of at least $25 from a BBVA checking account.
| BBVA Capital Market Accounts | |||
|---|---|---|---|
| Account Name | Minimum Opening Deposit | Monthly Fee | APY |
| BBVA Money Market | $25 | $15 (waivable) | 0.05% if < $10,000 0.75% if |
Money market accounts have a limit of six free withdrawals per month.
Money market accounts have a limit of six free withdrawals per month.
CDs
BBVA offers CDs online and from close by branches. To access local CD rates, stop in or call your local BBVA branch, or call BBVA at 1-844-BBVA USA. Online CDs are no greater than available in four term lengths, all with lower interest rates than offered by the top online banks.
| BBVA Online CD Terms and Reproves | |
|---|---|
| Term | APY |
| 11 months | 0.50% |
| 12 months | 0.40% |
| 18 months | 0.50% |
| 36 months | 0.40% |
BBVA CDs require a $500 minimum deposit and have no monthly preservation fees. Terms available are 12, 15, 18, and 36 months.
There are early withdrawal penalties for pulling funds from CDs preceding your term ends:
- Terms of 12 months or less: $25 plus 1% of the amount withdrawn
- Semesters longer than 12 months: $25 plus 3% of withdrawn amount
Credit Cards
BBVA advances four credit cards, including cards that earn rewards and a secured credit card, perfect for erection credit:
- Rewards credit cards: BBVA Rewards, BBVA ClearPoints, and Select Credit Card
- Secured tribute card: Optimizer Credit Card
All credit card options, except the BBVA Rewards Card, are only ready in Ala., Ariz., Calif., Colo., Fla., N.M., and Texas.
All of the rewards credit cards feature bonuses for new customers.
All of the rewards credit cards feature bonuses for new customers.
Other Financial Outputs Offered by BBVA
BBVA also offers other products to complement its personal banking accounts including:
BBVA Buyer Service
BBVA has several customer service phone numbers, depending on where you live and the service you need. For person service or to open an account in Ala., Ariz., California, Colo., Fla., N.M., and Texas call 1-844-228-2872. In all other states, the number to call in is 1-866-534-4482.
For online and mobile banking the number is 1-800-273-1057 and for credit cards 1-800-239-5175. Support is also available online or at bank sections if you happen to live near one.
BBVA’s mobile app, 4 stars on Google Play and 4.8 stars on iTunes, sacrifices customers access to:
- Payments and transfers
- Online bill pay
- Mobile deposits
- Account notifications
How to Bank With BBVA
Blokes can open an account with BBVA online via its website. Select bank accounts can be opened in person at a BBVA bank sprig or by phone.
To open an account, customers need to verify their identity by providing info from one of the following provenances:
- Driver’s license
- Passport
- State issued ID with photo
Opening a new account requires a deposit from a debit or honesty card, an account at another bank, or an existing BBVA account.
Verdict
BBVA provides customers a full-service online banking adventure with options that fit a wide range of needs. But its interest-bearing accounts don’t have the higher rates you associate with top online banks.
Most of its bank stems are located in the southwest region of the U.S., which limits customers looking for both online and local banking services. Consumers face monthly transaction limits with some BBVA accounts.
BBVA Bank offers enough heterogeneity and value through its banking services to warrant at least a long look from most potential customers.
Methodology
Investopedia is offered to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across profuse than 80 banks including products available, interest rates, fees, and accessibility to ensure that our pleased helps users make the right decision for their savings and banking needs.