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.
Attention: BBVA is transitioning to PNC
On June 1, 2021, PNC released an announcement stating that they’ve completed the acquisition of BBVA. By October 2021, BBVA accounts will transition to PNC accounts. We spoke to Marcey Zwiebel, Director of Corporate Public Relations for PNC, who shared that more information will be released to current BBVA customer in August 2021.
What products does BBVA offer?
BBVA 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 has a variety of options available to small business owners looking to grow their business.
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 11 and 36 months
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.
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.
BBVA 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:
Unit investment trusts
Professionally managed portfolios
And many more
Manage your own investments with a self-directed brokerage account. Oversee your investments online, including:
BBVA 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 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.BBVA 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.
Free account options. BBVA offers two checking accounts with no monthly Service Charge: the Free Checking account for those who live near a branch and the Online Checking account for those who don’t.
Large fee-free ATM network. Get access to over 64,000 free ATMs when you bank with BBVA.
Second chance banking. BBVA offers an Easy Checking account designed to help you overcome past financial mistakes and rebuild your credit.
Possible monthly fee. BBVA‘s Premium Checking account has a $19 monthly Service Charge. But it’s waived with $4,000 in monthly direct deposits or a $4,000 minimum daily average balance.
High service fees. BBVA charges $12 for inter-account overdraft transfers, $45 for outgoing international wire transfers and more.
Low interest rates. The Premium Checking account is BBVA‘s only interest-bearing checking account. Its 0.05% APY is lower than the national average for checking accounts.
Low deposit requirements. Savings accounts and money markets only require $25 to open, which is lower than many of its competitors.
ATM access. Use your ATM card to withdraw money for free at over 64,000 BBVA ATMs.
One free account. If you open a BBVA Online Savings account, you won’t have to worry about a monthly or quarterly service fee.
Watch out for service fees. The Money Market account has a $15 monthly Service Charge. However, this can be waived when you meet certain requirements.
Low interest rates. BBVA‘s savings accounts have a 0.01% APY, which is low considering the national rate is 0.05%.
Limited transactions. BBVA charges $3 each time you make more than four outgoing transactions a month. Most banks give you six free transactions a month.
No monthly fees. You won’t pay anything to open or maintain a BBVA CD.
Accessible interest. If you open your CD in person, you can withdraw your interest for free at any time. If you open your CD online, you’ll get your interest at maturity.
$500 opening deposit. Minimum CD deposits range from $0 to $10,000 or more, making this $500 deposit relatively low.
Several CD terms. Open a CD with a term as short as one week or as long as 15 years.
Some CDs must be opened in-person. You can open 11-, 12-, 18- and 36-month CDs online. But you’ll need to visit a local branch to open others.
No incentive to save longer. Although the bank offers terms up to three years, you may earn more with a shorter term.
Early withdrawal fees. If you need to access your money before your CD matures, you’ll pay a penalty fee equal to $25 plus 1% to 3% of the amount you withdraw.
Customer service. BBVA has a reputation for great customer service, meaning you can get help whenever you need it.
Learning center. MoneyFit is BBVA‘s personal finance resource that provides advice and tips that can help readers make better financial choices.
Video banking. Can’t make it to a branch? Connect with a live teller any time with video banking.
BBVA Wallet. Keep track of purchases in real-time, activate BBVA cards, earn and redeem rewards and more with the BBVA Wallet app.
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.
May not have access to all products. Checking and savings account options vary by state, so be sure to select your state on its website to see which accounts are available to you.
Difficult to make changes to your accounts. Some customers claim to have had trouble making changes to their accounts, even after contacting customer service.
BBVA reviews and complaints
BBVA isn’t accredited by the Better Business Bureau (BBB), but it did receive an A+ bank 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 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 in the news
In 2012, BBVA 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 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.
BBVA Bank offers financial products that offer a number of perks, but you might not have access to a local branch. As one of the largest banks in the US, this bank has the stability and resources to help you manage both your personal and small business finances. But before you open an account, compare your options to find the best one for your situation.
Common questions about BBVA
Yes. BBVA offers an online bill payment option to arrange automatic payment of incoming bills. Review your bills, payments and account statements online or from your mobile device.
Yes, BBVA Visa cards support Apple, Android and Samsung Pay.
Yes. BBVA makes saving for your retirement, education and personal financial goals easier with Traditional, Roth and Rollover IRAs, and Coverdell Education Savings Accounts.
Depending on what you need, there are a list of numbers to call if you have questions:
Customer service and new accounts: 800-266-7277
New mortgage and home loans: 888-853-6346
Online and mobile banking customer service: 800-273-1057
Credit card customer service: 800-239-5175
BBVA American Express Card customer service: 844-622-2282
Loan customer service and automated loan payoff: 800-239-1996
Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
If you live in one of the states it services, this bank can get you the funding you need at fixed rates and fair terms backed by the equity you’ve built in your home.
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