BBVA Review 2020

Published April 2020 by Matthew Goldberg

AT A GLANCE
3.0
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon

Bankrate Score

bank-logo
Rates Trending Up

High APYs

Star

Highly Rated App

  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.3
  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.5
  • Checking
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.3
  • MMAs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Overall

    3.0

    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon

    Bankrate Score

    BBVA opened its first branch in 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.

    What we like

    • The money market account offers a decent yield on balances over $10,000.

    • The money market account has check-writing privileges.

    • The CD rate offers higher yields on certain balances in select states.

    What we don't

    • You can find higher yields on savings accounts elsewhere.

    • BBVA has a brick-and-mortar presence in only seven states.

    Savings accounts

    3.3

    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    BBVA's savings account only requires $25 minimum to open. However, you can earn higher yields elsewhere.

     

     

    What we like

    • Only $25 is required to open the savings account.

    • The online savings account doesn't have a quarterly fee.

    • Connects to a well-reviewed mobile app.

    What we don't

    • The saving accounts offers a below-average APY.

    CD rates

    2.5

    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon

    Bankrate Score

    BBVA offers four certificates of deposit: 12-month CD, 14-month CD, 18-month CD and 36-month CD.

    The bank's 12-month CD has a lower yield than some other institutions.

    Each CD only requires a $500 deposit to open. Early withdrawal penalties 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).

    At local branches, you’ll find additional standard CDs that mature in up to 15 years. Rates in-branch may differ from what’s available online.

    What we like

    • CDs require only a $500 deposit to open.

    • Additional CD terms are available at branches.

    What we don't

    • You can find higher yields at other banking institutions.

    Checking accounts

    3.3

    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Premium checking, online checking and free checking are available for customers in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. The premium checking and online checking are available in all states except Alaska and Hawaii.

    BBVA customers can open an online checking account with at least a $25 minimum opening deposit. There is no monthly service charge on the online checking account.

    Accessing ATMs is another plus to this account. Those who have a BBVA online checking account won’t incur an ATM fee when they use an ATM in the Allpoint or 7-Eleven network, though the BBVA site notes that fees may apply at certain 7-Eleven locations in Alaska, Hawaii and Oklahoma. The account isn’t available in Alaska or Hawaii.

    The premium checking account offers 0.05 percent APY on all balances. In addition, it has a low minimum opening deposit of $25 and offers two automatic rebates of ATM fees when you use another bank’s ATM. Premium checking account customers also have access to Allpoint and 7-Eleven ATMs.

    The premium checking account requires either an average daily collected balance of $4,000 or more or at least $4,000 of qualifying monthly direct deposits in order to waive the $19 monthly service charge.

    The online checking account has a cash-back rewards program called Simple Cash Back. The no-cost program allows you to earn cash back by selecting offers in the rewards center of the mobile banking app. The offers are also on the account detail page of online banking.

    What we like

    • Only $25 is needed to open a premium checking account.

    • There are no ATM fees at more than 64,000 AllPoint, participating 7-Eleven and BBVA ATMs.

    • There's no monthly service charge for free checking or online checking.

    What we don't

    • The premium account must maintain relatively high balances to avoid monthly service charge.

    • Only the premium account is interest-bearing, and the APY is meager.

    Money market accounts

    2.7

    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon

    Bankrate Score

    The BBVA money market account requires a balance of $10,000 and higher to earn the highest APY.

    You must either keep an account balance of at least $10,000 or have an automatic recurring monthly transfer of at least $25 from a BBVA checking account to your savings account to avoid the $15 monthly service charge. In addition to having at least $10,000 in your account to earn a top-yield APY, you must be a new MMA customer without a BBVA MMA in the past 30 days to be eligible.

    There is a $25 fee if you close the account within 180 days.

    What we like

    • The money market account offers a better-than-average APY.

    • The account offers check-writing privileges.

    • Connects to a well-reviewed mobile app.

    What we don't

    • You must meet certain criteria to avoid the $15 monthly service charge.

    • You need a balance of at least $10,000 to earn the top APY.

    Bank experience

    BBVA provides access to several hundred branches, tens of thousands of ATMs and impressive technology. The mobile banking app is available both on the App Store for iOS and on Google Play for Android. The app is fully bilingual (Spanish and English) and has scored favorably among its users. The app includes functionality that not every bank has, 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 using the mobile banking app. BBVA also offers digital budgeting tools that let you pull in data from non-BBVA accounts to get a picture of how you stand across all of your bank accounts.

    The mobile banking app for your tablet allows you to deposit checks, see your check deposit history, send money via payments and transfers, and see PDF statements of your checking, savings, money market and credit cards.

    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.

    About BBVA

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

    BBVA is a trade name of BBVA USA. It’s a member of the BBVA Group.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. Matthew is currently on the Society for Advancing Business Editing and Writing (SABEW) Board of Governors. He has previously served on conference planning committees, the training committee and the finance committee for SABEW, which is the world's largest and oldest organization of business and financial journalists. His reporting career has included working as a staff reporter at two daily newspapers. He earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.