BBVA Review 2019

BBVA Logo

3.6/5

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.

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

BBVA became the group’s name globally in June. Previously, it had different names around the globe.

BBVA has one of the highest APYs nationwide on its BBVA money market account. The account has both a top-tier APY and check-writing privileges. However, it does require an account 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. If you choose the latter route and have less than $10,000 in the account, you will earn a competitive yield eight times the national average. But it wouldn’t be as competitive as the BBVA money market account yield for those with balances more than $10,000. They earn a yield more than nine times the national average APY.

BBVA is a brick-and-mortar bank in seven states but also offers its high-APY BBVA 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.

 Pros

  • The money market account pays 2.5 APY on balances over $10,000 in select states.
  • The high APY on the money market account is available online in 41 states and Washington, D.C.
  • The money market account also has check-writing privileges.
  • The CD rate offers high yields on certain balances in select states.

 Cons

  • The BBVA online savings account’s APY is half the national average.
  • BBVA has a brick-and-mortar presence in only seven states.

BBVA Services

CDs Rating

3.4/5

BBVA 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

  • Low minimum deposit to open.
  • Interest is compounded daily.
  • Above-average annual percentage yield.

 Cons

  • Higher yields available elsewhere.

CDs available from other banks

Goldman Sachs Bank USA Logo
2.50% APY
$500 MINIMUM DEPOSIT
Rising Bank  Logo
2.60% APY
$1,000 MINIMUM DEPOSIT
Live Oak Bank Logo
2.60% APY
$2,500 MINIMUM DEPOSIT
Savings Rating

3.0/5

The BBVA online savings account requires only a $25 minimum to open the account. Both the BBVA online savings account and the BBVA savings account have an APY half of the Bankrate national average. But the APY is available on all balances. The BBVA online savings account has no quarterly service charge. But the BBVA savings account has a $15 quarterly service charge, which can be avoided by either having at least a daily collected balance of $500 in the account or having an automatic, recurring monthly transfer of at least $25 from a BBVA checking account when the service charge would be charged.

 Pros

  • Low minimum balance required to open both savings accounts.
  • The online savings account doesn't have a quarterly fee.
  • Both savings accounts have the same APY on all balances.

 Cons

  • Both savings accounts have a below-average APY.
  • The online savings account has a $25 early account closing fee if you close your account within 180 days of opening it.

Savings accounts available from other banks

CIT Bank Logo
2.30% APY
$100 MINIMUM DEPOSIT
Goldman Sachs Bank USA Logo
2.15% APY
$0 MINIMUM DEPOSIT
Checking Rating

3.2/5

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. This account isn’t an interest-bearing account. The premium checking account has a low minimum opening deposit of $25, offers two automatic rebates of ATM fees when you use another bank’s ATM and 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.

 Pros

  • Low opening deposit of $25 to open premium checking.
  • No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA ATMs.
  • No monthly service charge for free checking or online checking.
  • Premium checking account earns interest on all balances.

 Cons

  • Premium Checking account must maintain comparatively high balances to avoid monthly service charge.
  • Must meet certain requirements to waive $19 monthly service charge.
  • $25 early account closing fee if you close online checking within 180 days of opening.

Checking accounts available from other banks

TIAA Bank Logo
1.21% APY
$5,000 MINIMUM DEPOSIT
MMAs Rating

3.4/5

The BBVA money market account has one of the highest APYs available. However, you need to 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 money market account customer without a BBVA money market account in the past 30 days to be eligible. Balances under $10,000 earn a competitive APY that’s eight times the national average. Those with $10,000 or more earn about nine times the national average APY. There is a $25 early account closing fee if you close the account within 180 days.

 Pros

  • One of the highest APYs available in most states.
  • 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

State Farm Bank Logo
2.15% APY
$1,000 MINIMUM DEPOSIT
Bank Experience Rating

3.7/5

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 from within the mobile banking app. BBVA 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. 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.

Read bank experiences from other banks

Ally Logo
BANK EXPERIENCE
4.6 /5
Citibank Logo
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TIAA Bank Logo
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