Review: BBVA Compass CD rates and info November 2018 | finder.com

A review of BBVA Compass CD rates and info November 2018

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BBVA Compass CDs offer competitive interest rates on a range of term options

A certificate of deposit (CD) 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. There’s a slew of banks that offer CDs, with BBVA Compass being a popular choice for many. While this bank requires a minimum deposit to open a CD, it offers industry-beating interest rates.

Minimum deposit to open$500
Interest compoundingDaily
1-year APY1.85%
15-month APY1.95%
18-month APY2.1%
3-year APY2.25%

What are the benefits of BBVA Compass CDs?

  • No maintenance fees. You won’t pay anything to keep your CD account.
  • Easy access. You can check on your CD anytime online, on the mobile app or at a branch.
  • Competitive interest rates for 12- and 15-month terms. For 12- and 15-month CDs, you’ll find APYs that are better than what you’ll receive from most other banks.
  • Security. BBVA Compass is a stable financial institution that’s also backed by FDIC deposit insurance, so you can be confident that your money is safe.
  • Term options. Choose a term length between 1 and 36 months.
  • Wide product selection. BBVA offers a suite of other personal banking products, making it easy to do all your banking in one place.

What to watch out for

  • Early withdrawal fees. You’ll pay a chunk of your savings if you withdraw from your CD before its term length expires.
  • You may find even better interest rates. While BBVA’s rates for some term lengths are competitive, other banks may offer more enticing interest rates.
  • Minimum deposit. BBVA Compass requires a minimum deposit of $500. You’ll find lower minimum deposits elsewhere.
  • Lower interest rates at branches. If you choose to open a CD at a branch instead of online, you may get a lower interest rate.
  • Short-term lengths. BBVA’s longest term length is 36 months, whereas many other banks offer 48- and 60-month CDs or longer.
Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
American Express Personal Savings CDs
American Express Personal Savings CDs
0.55%
2.6%
2.7%
2.75%
3.1%
Ally High Yield CDs
Ally High Yield CDs
2.5%
2.7% on CDs of $25,000+

2.65% on CDs of $5,000 to $24,999

2.5% on CDs of $0 to $4,999
2.75% on CDs of $25,000+

2.7% on CDs of $5,000 to $24,999

2.6% on CDs of $0 to $4,999
3%
Ally Raise Your Rate CDs
Ally Raise Your Rate CDs
2.5%
1.85%
2.1%
2.25%

Compare up to 4 providers

How do I apply?

1. Visit the BBVA Compass website and click Savings in the top navigation bar.
2. Click Certificates of Deposit (CDs) in the top navigation bar.
3. Here, you’ll find options for 12-, 15-, 18- and 36-month CDs. If any of these options meet your needs, click the Apply Now link under the term length you want.
4. If you’re already a BBVA Compass customer, sign in with your username and password. If not, complete the application with details like your name, contact information, Social Security number and ID number.
5. Fund your CD with at least $500, then review your application and submit it.

Eligibility

In order to open a BBVA Compass CD, you’ll need to meet a few eligibility requirements:

  • Valid US address
  • Social Security number or tax ID number
  • At least 18 years old

Required information

When you apply for an account, you’ll be asked for the following information:

  • Name
  • Date of birth
  • Address
  • Email
  • Social Security number
  • State-issued ID or passport
  • Employment information

Funding options

Once you’ve completed your application, you’ll need to fund your account using one of these methods:

  • Wire transfer
  • ACH transfer
  • Send a check via mail
  • Transfer from another account

How do I cash in my 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 Compass and a requesting a withdrawal.

Early withdrawal penalties

Be careful about withdrawing money before your CD’s term length is up. Here are the early withdrawal fees you’ll pay:

  • CD with terms of 365 days or less: $25 plus 1% of amount withdrawn.
  • CD with terms greater than 365 days: $25 plus 3% of amount withdrawn.

How can I get in touch with customer service?

You can reach BBVA Compass customer service by phone at 1-800-COMPASS or by sending a message via online banking.

Bottom line

BBVA is a reputable bank that is home to a suite of personal banking options backed by the safety and security of a large financial institution. It has a range of CDs with competitive rates and even offers promotional rates from time to time. However, you might find better rates at other banks, especially if you want to open your account at a branch. Be sure to compare your options before choosing a CD in order to get the best rate.

Frequently asked questions

Images: BBVA Compass

Peter Carleton

Peter Carleton is a writer at finder.com who specializes in credit cards, life insurance, mortgages and more. In his free time, you can find him cooking, writing or honing his skills in WordPress development.

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