BBVA Review 2021

Published December 2020 by Matthew Goldberg

AT A GLANCE
3.4

Bankrate Score

bank-logo

No monthly fees

BBVA is best for consumers searching for a full-service banking option and comfortable eventually becoming a PNC customer once its acquisition of BBVA closes.

  • Savings
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    2.7
  • CDs
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    3.4
  • Checking
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    3.9
  • MMAs
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    2.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    Live Oak Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Overall

    3.4

    Bankrate Score

    BBVA is a full-service bank with a range of deposit products. It was recently acquired by PNC, and the transaction is expected to close in mid-2021.

    What we like

    • CDs require only a $500 deposit to open.

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

    • The money market account offers check-writing privileges.

    What we don't

    • PNC is going through the process of closing on its acquisition of BBVA.

    • You can find higher yields on deposit products elsewhere.

    Savings accounts

    2.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    BBVA advertises two savings account: BBVA Savings and Online Savings. The differences between the two are negligible.

    The Online Savings account pays a very low APY. Savers looking to earn any APY beyond the minimum should consider stashing their money elsewhere. Customers will need a $25 deposit to open the account. There is no quarterly fee on this account.

    The BBVA Savings account, meanwhile, charges a $15 quarterly fee, but the fee is waived with a $500 minimum daily balance or if you set up a recurring monthly transfer of at least $25 from a BBVA checking account. Customers will need a $25 deposit to open the account as well. BBVA Savings pays the same small APY as the Online Savings account.

    Customers can link their BBVA checking account to the savings account for overdraft protection.

    What we like

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

    • Customers can link it to their checking account to avoid overdraft fees.

    What we don't

    • Both savings accounts pay a very small APY.

    • BBVA Savings charges a quarterly fee, though it can be avoided.

    CD rates

    3.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    BBVA offers four CDs with terms ranging from 11 months to 36 months. Yields across all four CDs are low, even below the national average. Each CD requires just $500 deposit to open, making them accessible to most savers.

    You may find additional terms offered in-branch. Additionally, rates in-branch may differ from what’s available online.

    What we like

    • CDs require only a $500 deposit to open.

    • Additional CD terms may be available at branches.

    What we don't

    • You can find higher yields at other banks.

    Checking accounts

    3.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Free checking is available to customers in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. The premium checking and online checking accounts are available in all states except Alaska and Hawaii.

    The free checking account option doesn’t charge a fee and can be opened with just $25. Customers can pay a few extra bucks a month for additional features, such as standard checks, cashier’s checks and a safe deposit box. Free checking account holders get free access to BBVA USA ATMs.

    Similarly, 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. Online checking account holders get free access to more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs.

    The premium checking account offers a small APY on all balances. In addition, it has a low minimum opening deposit of $25 and offers two automatic rebates of ATM fees each month when you use another bank’s ATM. Premium checking account customers also have access to BBVA, Allpoint and participating 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.

    What we like

    • BBVA offers a no-frills free checking account.

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

    • Online and premium checking account holders have free access to thousands of ATMs.

    What we don't

    • Premium account holders must maintain a sizable balance to avoid the monthly fee.

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

    Money market accounts

    2.0

    Bankrate Score

    The BBVA money market account offers a three-month intro rate that’s slightly higher than the national average. After the intro rate, the account’s APY drops below the national average. The account has a tiered APY structure, so customers are rewarded — albeit slightly — for holding a bigger balance.

    Only a $25 deposit is needed to open the account. However, 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. The account does offer check-writing privileges.

    What we like

    • The account offers check-writing privileges.

    • Only $25 is needed to open the account.

    What we don't

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

    • The APY isn’t competitive, and big savers get only a slightly higher APY for a bigger balance.

    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.

    Customer service representatives are reachable by phone, though BBVA’s website doesn’t disclose the days and times they’re available.

    About BBVA

    BBVA is a brick-and-mortar bank with hundreds of branches across seven states. In November 2020, BBVA announced it would be acquired by PNC. The acquisition is expected to close in mid-2021. “BBVA USA customers will continue to be provided services by BBVA USA until the second half of 2021,” according to a statement from PNC’s chairman, president and CEO.

    In the meantime, BBVA offers consumers a full-service banking option with a range of deposit products.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth