Get the reliability and resources of this large, well-recognized lender
Choosing a bank to entrust your money isn’t easy, with so much to consider. From competitive interest rates to mobile banking options, you need a bank that not only understands your financial needs, but is willing to provide you with flexible, long-term solutions. Explore your options with BBVA Compass.
BBVA ClearChoice Money Market account
An online money market for new customers looking to maximize their savings.
- Get a competitive rate with tiered interest to grow your money faster.
- Interest compounds and is credited monthly.
- Easily withdraw money in branch and via BBVA Compass ATMs with no ATM fees.
- Enjoy 24/7 online access with online and mobile Banking.
What is BBVA Compass?BBVA Compass is a banking subsidiary of Banco Bilbao Vizcaya Argentaria, a Spanish multinational banking group and the second-largest bank in Spain. With US headquarters in Birmingham, Alabama, the bank operates in the 48 contiguous states, but its 650 branches are spread across Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
What is BBVA Compass known for?
It offers both personal and small business banking products, including checking and savings accounts, credit cards, loans, investments and business merchant services. The bank also has a reputation as a small business lender; from lines of credit to SBA loans, BBVA Compass has a variety of options available to small business owners looking to grow their business.
What products does BBVA Compass offer?
Find flexible accounts with free online banking with BBVA’s checking, savings or CDs.
- Checking accounts. Choose from a variety of accounts with unique perks, including mobile banking, free bill pay and no monthly service charges.
- Savings accounts. Get overdraft protection by connecting your checking account to a savings account.
- CDs. With a minimum of $500, choose a term length between one and 48 months and earn 2% APY or more with no maintenance fees.
- Credit cards. BBVA offers a selection of personal credit cards, including Visa rewards cards with access to the BBVA Wallet mobile app.
- Personal loans. With personal and auto loans, secure the funds you need to finance your next project or vehicle.
- Mortgages. Choose from 10- to 30-year fixed-rate mortgages and home equity loan options.
- Specialty programs. BBVA has a variety of specialty banking products to meet a variety of needs, including programs for students, health care professionals, military personnel and those with poor credit.
Small business services
With merchant services, business loans and credit cards, BBVA works hard for your small business.
- Checking. Choose from a variety of add-ons with BBVA’s checking account, including unlimited debit and ATM transactions, no monthly service charges and more.
- Savings. With competitive interest rates and a low minimum deposit of $100, earn more on money you save.
- Small Business Money Market Sweep Service. Determine a target balance for your checking or money market account, and anything over that balance is automatically moved to your savings account.
- Credit cards. Control cash flow and reap the benefits of Visa Business Rewards programs.
- Business loans. Besides offering term loans and lines of credit, BBVA specializes in SBA loans to help you finance your business dreams.
InvestmentsBBVA Compass Investment Solutions has the global resources and local expertise to guide your investments to their maximum potential.
If you want your money to work hard, BBVA can help you reach your financial goals with a variety of investment options, such as:
- Mutual funds
- Unit investment trusts
- Professionally managed portfolios
- Life insurance
- And many more
Manage your own investments with a self-directed brokerage account. Oversee your investments online, including:
- Exchange-traded funds (ETFs)
- Mutual funds
- Margin accounts
How does BBVA Compass compare to other banks?BBVA Compass is among the 50 largest banks in the US and ranks No. 28 on the list of the top 50 FDIC-insured bank holding companies with over $70 billion in deposits. Plus, it holds some of the highest possible financial ratings from top credit rating agencies like Fitch, Moody’s and S&P. In recent news, BBVA Compass made Money magazine’s Best Banks in America 2015 to 2016 list as one of the best regional banks in the southern and western US for its premium checking account.
Why should I open an account at BBVA Compass?
There are a number of reasons why BBVA Compass stands out:
- Convenience. BBVA Compassallows customers to access their accounts online, in person, on the mobile app and through video banking.
- Large fee-free ATM network. Get access to over 44,000 fee-free ATMs when you bank with BBVA Compass.
- Low deposit requirements. Savings accounts only require $25 to open, while money market accounts require $500, which is lower than many of its competitors.
- Customer service. BBVA Compass has a reputation for great customer service, meaning you can get help whenever you need it.
- Second chance banking. BBVA offers banking services designed to help you overcome past financial mistakes and rebuild your credit.
- Learning center. MoneyFit is BBVA Compass‘ personal finance resource that provides advice and tips that can help readers make better financial choices.
- Mobile banking. The BBVA Compass mobile app allows customers to open and manage accounts, pay bills, deposit checks and more.
- Connected accounts. If you have more than one account at this bank, you can easy make transfers and manage your money all in one place.
- Video banking. Can’t make it to a branch? Connect with a live teller any time with video banking.
- Account alerts. Monitor your accounts and avoid overdraft charges by signing up for account alerts.
- BBVA Wallet. Keep track of purchases in real time, activate BBVA cards, earn and redeem rewards and more with the BBVA Wallet app.
- FDIC deposit insurance. This bank is covered by FDIC deposit insurance, which protects deposits up to $250,000 in the event the bank fails.
- Security. This bank provides fraud protection, online banking alerts and other measures to keep you and your money safe.
What should I look out for?
While BBVA Compass is a popular choice, there are a few things you should watch out for:
- Low interest rates. Interest rates on many BBVA Compass accounts are lower than its competitors.
- Limited branch access. Unless you live in Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas, you’ll need to rely on video or online banking.
- High fees. BBVA Compass charges high monthly service charges, overdraft fees and more.
- Difficult to make changes to your accounts. Some customers claim to have had trouble making changes to their accounts, even after contacting customer service.
What the Internet has to say about BBVA CompassBBVA Compass isn’t accredited by the Better Business Bureau (BBB), but it did receive an A+ rating. However, of the 40+ reviews listed on the site, all were negative, with customers complaining about poor customer service, long holds on deposited checks and overdraft fees.
On a brighter note, BBVA thinks it’s important to give back to its community. During the summer months of 2017, BBVA Compass kicked off its 100 Days of Brightness initiative. With random acts of kindness, BBVA employees were encouraged to hand out gift cards to individuals, charities and schools. When it was all said and done, BBVA donated over $100,000 to communities around the country.
BBVA Compass in the news
In 2012, BBVA Compass was one of more than 30 banks accused of manipulating customers’ debit transactions to generate higher overdraft fees, effectively putting more money into the bank’s coffers.
Even though it did not admit to liability, in July 2012, BBVA Compass was ordered to pay $11.5 million to settle the lawsuit. Several other banks involved in the case — including Bank of America — also settled, with little fallout.