BBVA Compass certificate of deposit (CD) review | finder.com

BBVA Compass certificate of deposit (CD) review

Strong interest rates for 12-month CDs, but they’re not the lowest out there.

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BBVA Compass Certificate of Deposit (CD)

BBVA Compass certificate of deposit (CD)

The BBVA Compass certificate of deposit is best for those looking for a certificate of deposit with competitive rates that allows them to select the savings length terms and corresponding interest rate.

  • Quality 24/7 customer service
  • Highly rated app
  • 1.85% APY on 12-month CDs.*
    A certificate of deposit (CD) can be a good option to safely grow your money. It’ll deliver a better interest rate than you’ll get from a savings account, as long you’re willing to lock up your funds for a period of time.

    There’s a slew of banks that offer CDs; one of them is BBVA Compass. Though BBVA Compass requires a minimum deposit to open a CD, it offers industry-beating interest rates.

    What is a certificate of deposit?

    A certificate of deposit (CD) is similar to a savings account. But unlike a savings account, you can’t deposit and withdraw funds at will. Instead, you commit to parking your money for anywhere from a few days to as long as 10 years, also called the term length.

    In return, the bank pays you interest. The longer the term length, the higher the interest rate. This rate is expressed as annual percentage yield (APY), or how much you’ll earn on a deposit over a year (including compound interest).
    Your CD will probably come with a fixed rate, meaning the APY remains the same through the life of your CD.

    Why open a CD with BBVA Compass?

    • No maintenance fees. You won’t pay anything to keep your CD account.
    • Access to your CD status. You can check on your CD anytime online.
    • Industry-beating interest rates. For 12- and 15-month CDs, you’ll find APYs that eclipse what you’ll receive from most other banks.

    Online CD rates

    You’ll typically find interest rates from 0.05% to 0.50% on term lengths from one to 48 months. However, BBVA Compass occasionally offers higher APYs for CDs of certain term lengths. Check the BBVA Compass website to see if it’s offering any special online promotional CD rates. You may be able to score a great deal by surfing the web rather than going into a branch.

    Online promotional CD rates

    As of this writing, its online-only promotion can earn 1.85% APY on a 12-month CD. You need a minimum of $500 deposit to open. That’s a good deal compared to the industry average of 0.51% APY.

    Other online CD rates

    TermOnline APYMinimum to open
    15 month (standard)0.10%$500
    18 months (standard)0.25%$500
    36 months (standard)0.40%$500

    *Rates available online and in most BBVA Compass branches.

    Branch CD rates

    Branch CD rates vary by your state and region. Visit the BBVA website to check rates.

    BBVA Compass CD rates compared with other options

    BBVA Compass offers interest rates competitive with the big banks. Here’s a comparison of the interest rates you’ll garner on a $1,000 CD. Since rates consistently change and vary by location, here’s a look at the current rates for California as of April 2018. You should check the rates for your own region, as they may be different.

    BBVA CompassChaseCitibank
    12 months1.85%0.02%0.25%
    18 months0.25%0.15%0.25%
    36 months0.40%0.40%0.70%

    Though BBVA Compass’ CD rates are higher than average, they’re not the highest you’ll find anywhere. Here are a few banks that give BBVA Compass a run for its money.

    AllyAmerican Express Personal SavingsCapital One
    12 months1.75%0.55%2.05%
    18 months1.80%0.60%2.10%
    36 months1.85%1.95%2.30%

    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. These fees aren’t cheap.

    What are BBVA Compass’ early withdrawal fees?

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

    • CD with term of 365 days or less: $25 plus 1% of amount withdrawn.
    • CD with term greater than 365 days: $25 plus 3% of amount withdrawn.
    • You may find even better interest rates. You don’t have to settle on BBVA Compass right away. 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.

    How do I apply?

    1. Visit the BBVA Compass website and click Savings in the top navigation bar.

    BBVA Compass certificate of deposit step 1

    2. Click Certificate of Deposit (CDs) in the top navigation bar.

    BBVA Compass certificate of deposit step 2
    3. Here, you’ll find options for 12-, 15-, 18- and 36-month CDs. Click the Apply Now link under the term length you want.

    BBVA Compass certificate of deposit step 3

    4. If you’re already a BBVA Compass customer, sign in with your username and password. If you’re not, complete the application with details like your name, contact information, Social Security number and ID number.

    BBVA Compass certificate of deposit step 4

    5. Fund your CD with at least $500. Then review your application and submit it.

    Next steps

    Before settling on BBVA Compass, compare other providers to find the best option for you. Compare factors like APY, minimum deposit and fees.

    Verify you can commit to your CD’s term length. Then put your money into your CD of choice and watch your money grow.

    What is BBVA Compass?

    BBVA — short for Banco Bilbao Vizcaya Argentaria — is one of the four largest banks headquartered in Spain. Beyond Spain, BBVA operates around the world in countries like France, Chile, Uruguay and the US.

    BBVA Compass was created after BBVA purchased financial firm Compass in 2007. Compass had been around in some form since 1964.

    Frequently asked questions

    Images: BBVACompass

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