BBVA Compass ClearChoice free checking review | finder.com

BBVA Compass ClearChoice free checking review

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When you’re looking for a checking account, you don’t want to pay fees for quick, regular access to your money.

Consider BBVA Compass ClearChoice, which costs nothing to set up and maintain — a rarity these days.

  • Open with $25
  • No monthly Service Charge
  • No ATM fees at BBVA Compass ATMs

Pros

  • Enjoy no monthly Service Charge, plus full-service features.
  • No fees at BBVA Compass ATMs.
  • Access to online and mobile banking.

Cons

  • Not as many ATMs as other banks.

How does BBVA Compass ClearChoice free checking work?

With only a $25 dollar minimum to open an account, you can apply for a no-frills checking account online with BBVA Compass.

BBVA Compass offers more than 700 locations in the Sun Belt states of Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.

What are the benefits of BBVA Compass ClearChoice free checking?

  • No monthly fees. You won’t pay anything to maintain your account, and you don’t have to keep a minimum balance.
  • No fees at BBVA Compass ATMs. But watch out for fees at other banks.
  • Add a savings account. When you open your checking account, consider adding a ClearChoice Savings Account too. The latter costs $15 a quarter and garners a 0.05% APY, though you can qualify for waived fees.
  • Access to online and mobile banking. Manage your money and send payments with BBVA. And deposit checks with Mobile Deposit or pay bills with Bill Pay.
  • Get a Visa debit card. Personalize your Visa with your own image, and use it to earn cash back at specified retailers.
  • Convenient checking account perks. Set text-message alerts for your checking account, receive online statements and write unlimited checks — all for free.

What should I look out for?

  • Minimum deposit. You’ll need at least $25 to open an account.
  • Not as many ATMs as other banks. Larger banks have more ATMs than you’ll find with BBVA — and you’ll pay a fee each time you use an ATM out of network.

How do I apply?

BBVA Compass ClearChoice free checking steps

1. Visit the BBVA Compass website and click Apply Now.
2. You’ll have the option to add a BBVA Compass ClearChoice Savings account. Check the box to opt in, or leave the box unchecked if you don’t want the savings account.
3. Complete the form with information like your name, address, contact details, date of birth, Social Security number and ID details.
4. Enter details for your debit or credit card, bank account or BBVA Compass account. This is how you’ll fund the $25 minimum deposit.
5. Review the information you’ve given on the form, and submit your application.

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 such countries as France, Chile, Uruguay and the United States.

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

What other products does BBVA Compass offer?

Beyond checking accounts, BBVA Compass also offers:

  • Savings accounts
  • Credit cards
  • Personal, auto and home equity loans
  • Mortgages
  • Specialty programs like student and second-chance banking
  • Small business and commercial banking
  • Wealth management

BBVA in the news

In not so great news, BBVA Compass settled a lawsuit in 2002 claiming that the bank purposely caused customers’ checking accounts to generate overdraft fees.

However, in late September 2017, during Hurricane Harvey, BBVA Compass allowed increased deposits on its mobile app for Texas residents. The BBVA Compass Foundation also donated $250,000 for hurricane relief and plans to raise an additional $250,000.

Bottom line

This free checking account can be good if you’re looking for a no-frills account and live by a BBVA Compass branch. But the bank doesn’t have as many ATMs as larger banks like Wells Fargo and Chase, which could limit your banking opportunities.
How to save on checking accounts

Frequently asked questions

Kevin Joey Chen

Kevin Chen is a world-travelin', copy-writin', Game of Thrones-watchin' credit cards writer for finder.com. When he's not crunching the numbers on bonus points and comparing APRs, you can find him flying around the world in search of the perfect beer.

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