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A certificate of deposit can be a good way to safely grow your money. It’ll deliver a better interest rate than a savings account, as long as you’re willing to lock up your funds for a period of time. While BBVA requires a minimum deposit to open a CD, it offers industry-beating interest rates.
0.8%
1-year APY
0.8%
3-year APY
Minimum deposit to open | $500 |
---|---|
Interest compounding | Daily |
11-month APY | 0.8% |
1-year APY | 0.8% |
18-month APY | 0.8% |
3-year APY | 0.8% |
Early withdrawal penalty | 1% for terms of 1 to 12 months + a $25 fee 3% for terms of 13 + months + a $25 fee |
Review by
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
BBVA’s CDs are best for those looking for a range of CDs with competitive rates. BBVA also offers promotional rates from time to time.
Although the interest rates are competitive, you might find better rates at other banks, especially if you want to open your account at a branch.
In order to open a BBVA CD, you’ll need to meet a few eligibility requirements:
When you apply for an account, you’ll be asked for the following information:
Once you’ve completed your application, you’ll need to fund your account using one of these methods:
If you’re looking for a CD with a higher APY, you’ll want to keep looking. As always, compare your options when choosing a CD.
Once your CD reaches maturity, you’ll have the option to renew automatically unless you choose to withdraw your funds — which you can do by contacting BBVA and a requesting a withdrawal.
Be careful about withdrawing money before your CD’s term length is up. Here are the early withdrawal fees you’ll pay:
You can reach BBVA customer service at 800-273-1057 or by sending a message via online banking.