BBVA Compass Review 2019

BBVA Compass Logo

3.6/5

BBVA Compass open its first branch 1964 and now has 645 branches. This includes 332 branches in Texas and locations in Alabama, Arizona, California, Florida, Colorado and New Mexico. The bank also has an international presence, with accounts available in more than 30 countries.

High APYs
Highly Rated App

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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

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When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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About BBVA Compass

BBVA Compass has one of the highest APYs around on its BBVA Compass ClearChoice Money Market Account. The money market has both a top-tier APY and check-writing privileges. However, it does require a daily collected balance of at least $10,000 or an automatic, recurring monthly transfer of at least $25 from a BBVA checking account in order to avoid the $15 monthly service charge.

This great APY is available on all balances, so all levels of savers can get a top yield.

BBVA Compass is a brick-and-mortar bank in seven states but also offers its high-APY BBVA Compass ClearChoice Money Market Account in 42 states. BBVA Compass is a trade name of Compass Bank. It’s a member of the BBVA Group.

 Pros

  • Clear Choice Money Market Account has a top-tier APY (on all balances).
  • Clear Choice Money Market Account is available online in 42 states.
  • Clear Choice Money Market Account also has check-writing privileges.

 Cons

  • ClearConnect Savings Account’s APY is half the national average APY.
  • BBVA Compass has a brick-and-mortar presence in only seven states.

BBVA Compass Services

CDs Rating

3.4/5

BBVA Compass offers a handful of certificates of deposit online with terms ranging from one year to three years. At local branches, you’ll find additional standard CDs that mature in up to 15 years. Rates may differ from what’s available online. Early withdrawal penalties also differ depending on the CD term length. An early exit will cost you $25 plus a percentage of the amount withdrawn (ranging from 1 to 3 percent).

 Pros

  • Interest is compounded daily.
  • Low minimum deposit to open.

 Cons

  • Higher yields available elsewhere.
  • Most CDs must be purchased in a BBVA Compass branch.

CDs available from other banks

Goldman Sachs Bank USA Logo
2.70% APY
$500 MINIMUM DEPOSIT
Rising Bank  Logo
2.87% APY
$1,000 MINIMUM DEPOSIT
Live Oak Bank Logo
2.85% APY
$2,500 MINIMUM DEPOSIT
Savings Rating

3.0/5

The BBVA Compass ClearConnect Savings Account requires only a $25 minimum to open the account. Both the BBVA Compass ClearConnect Savings Account and the BBVA Compass ClearChoice Savings Account have an APY half of the Bankrate national average. But the APY is available on all balances.

 Pros

  • Low minimum balance required to open the account.
  • Account doesn't have a quarterly fee.
  • Both ClearConnect and ClearChoice savings accounts have same APY on all balances.

 Cons

  • ClearConnect and ClearChoice savings accounts have below-average APY.

Savings accounts available from other banks

Goldman Sachs Bank USA Logo
2.25% APY
$0 MINIMUM DEPOSIT
Vio Bank Logo
2.46% APY
$100 MINIMUM DEPOSIT
UFB Direct Logo
2.45% APY
$10,000 MINIMUM DEPOSIT
Checking Rating

3.2/5

BBVA Compass customers can open a ClearChoice Interest Checking account with at least a $25 minimum deposit. The account offers interest on balances at a rate higher than what’s available with many savings accounts. Interest checking customers must maintain average daily collected balance of at least $5,000 in the account to avoid the $25 monthly service charge. Interest Checking account holders pay no ATM fees on BBVA Compass and Allpoint ATMs, and receive two rebates per statement cycle on ATM fees charged by other banks Other choices from BBVA include ClearConnect Checking and Free Checking accounts, which can be started online with a $25 minimum opening balance. These accounts do not have monthly service charges and come with slightly different perks. The Interest Checking account

 Pros

  • Low opening deposit of $25.
  • Access to fee-free ATMs.
  • Tiered interest rates that benefit those with balances less than $25,000.
  • Accounts can be opened online.

 Cons

  • Must maintain comparatively high balances to avoid monthly service charge.
  • The portion of balances $25,000 or more earns interest at a lower rate.
MMAs Rating

3.4/5

The Clear Choice Money Market Account has one of the highest APYs available. And that high APY — in the top-tier available — is a rate that you get at any balance. However, you need to either keep a daily collected balance of at least $10,000 or have an automatic recurring monthly transfer of at least $25 from a BBVA Compass checking account to your savings account to avoid the $15 monthly service charge. But if you take the latter option to avoid the monthly fee, it does — every state except Alabama, Alaska, Arizona, California, Colorado, Florida, Hawaii and New Mexico. The BBVA Compass ClearChoice Money Market Account website does note that this APY is valid for a limited time. There are a few restrictions regarding who can open a BBVA Compass ClearChoice Money Market Account: The funds need to come from outside of BBVA Compass, and you need to be a new money market customer who hasn’t had a money market account at BBVA Compass in the past 30 days. There is a $25 Early Account Closing Fee if you close the account within 180 days.

 Pros

  • One of the highest APYs available nationwide.
  • Account offers check-writing privileges.

 Cons

  • Must meet certain criteria to avoid the $15 monthly service charge.
  • $25 Early Account Closing Fee if you close the account within 180 days.

MMAs available from other banks

Capital One Logo
2.00% APY
$10,000 MINIMUM DEPOSIT
Sallie Mae Logo
2.30% APY
$0 MINIMUM DEPOSIT
State Farm Bank Logo
2.25% APY
$1,000 MINIMUM DEPOSIT
Bank Experience Rating

3.7/5

BBVA Compass provides access to several hundred branches, tens of thousands of ATMs and impressive technology. The mobile banking app — which is bilingual (Spanish and English) — has scored favorably among its users. The app includes functionality that not every bank has yet, including a search tool that lets you use your voice — as well as typed-in commands — to find what you’re looking for. You can also apply for new accounts from within the mobile banking app. BBVA Compass also offers digital budgeting tools that, among other things, let you pull in data from non-BBVA accounts to get a more accurate sense of how you stand across all of your bank accounts. One feature includes a budgeting chart that changes color based on how you’re doing. Red, for instance, means you’ve exceeded your spending limit. However, unless you're a credit card customer, you won’t have access to a live agent on the phone on Sunday.

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