BBVA Compass ClearChoice Savings Account review | finder.com

BBVA Compass ClearChoice Savings Account review December 2018

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BBVA Compass ClearChoice Savings
  • Simple to start saving
  • Easy access to your money
  • $25 deposit to open

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A hassle-free savings account with easy access, but watch out for low interest rates and high fees.

Want to tuck some money away for safekeeping? A savings account is a practical way to efficiently meet your savings goals. The BBVA Compass ClearChoice Savings Account offers the convenience of online access with support from tellers at local branches. However, the interest you’ll earn with this account is far from what you’ll find with most online high-yield accounts, but it’s a decent choice among more traditional savings options.

APY0.05%
Fee$15 per quarter
To waive the fee• Maintain at least a $500 daily balance
• OR set up automatic, recurring monthly transfer of at least $25 from a BBVA Compass checking account
Minimum deposit to open$25
Minimum balance to earn interest$0
Interest compoundingDaily

What are the benefits of the BBVA Compass ClearChoice Savings Account?

The BBVA Compass ClearChoice Savings Account comes with many of the same benefits you’ll find with other traditional accounts including:

Convenience and security

  • Multiple banking options. Access your money through BBVA’s site, mobile app, video banking and at more than 650 branches.
  • Same-day access to funds. Set up direct deposits to tap into your money the day it’s deposited.
  • FDIC deposit insurance. Deposits in this account are protected by the FDIC up to $250,000.
  • Security. BBVA Compass provides fraud prevention, online security and mobile banking alerts to keep your money safe.

Save more money

  • Earn interest. Earn a 0.05% APY simply for keeping your money in this account.
  • Overdraft protection. Connect this savings account with a BBVA Compass checking account to get overdraft protection.
  • No fees at BBVA ATMs. Get access to over 44,000 fee-free BBVA Compass ATMs.
  • Low opening deposit. With just a $25 opening deposit, you can easily start saving towards your financial goals.
  • Avoid the quarterly service charge. Avoid $15 quarterly service charge by maintaining a balance of at least $500 daily or set up direct deposit of $25 or more from connecting checking account.

What should I look out for?

If you’re looking to earn a lot of interest on your savings, you’ll be disappointed by ClearChoice’s abysmal APY, among other potential drawbacks.

  • Low APY. The 0.05% APY with this account is astonishingly low — especially compared with high-interest savings accounts that offer 1.20% APY or more.
  • Limited branch locations. There are over 650 BBVA Compass branches, but limited to Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
  • Four transactions. If you make more than four free withdrawals a month, you’re on the hook for $3 fee for subsequent transactions. More than six transactions in one month, could prevent your savings from accruing interest altogether.
  • Paper statements. If you’re okay with accessing your statements online, turn off paper statements to avoid a $3 quarterly statement fee.
  • Withdrawal notice. BBVA also has the right to require at least seven day’s notice prior to withdrawal or transfer of funds from this account.

Fees

Fees can vary depending on your state, so carefully read the terms and conditions to be aware of all potential fees.

  1. Quarterly service charge. If you’re unable to maintain the daily balance requirement or choose not to set up monthly transfer, you’ll pay $15 in maintenance fees quarterly.
  2. Deposit item returned fee. You’re slapped with a $15 fee each time your deposited check is rejected.
  3. Stop payment fee. Pay $32 for each request made in a branch or by phone.
  4. NSF fee. Whether you have overdraft protection or not, you’ll be charged a $38 NSF fee when you make a purchase that overdraws your balance by $1 or more.
  5. Extended overdraft service charge. You’ll be charged $25 if your account remains overdrawn by more than $1 for 10 consecutive calendar days.
  6. Wire transfer fees. Pay $15 for each incoming domestic transfer, $30 per outgoing domestic transfer, $15 for incoming international transfer and $45 per outgoing international transfer.

Compare with other savings accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest APY
$0
$0
$1
2%
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$0
$100
$25,000
or set up a direct deposit of $100+ each month
2.25%
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. From Nov. 27, 2018 through Dec. 20, 2018, CIT Bank will donate 100 meals to people in need.
$0
$0
$0
2.05%
Earn one of the highest interest rates without the fees.
$0
$0
$0
2%
The most common services and transactions are free with Ally Bank.
$15 per month
(can be waived)
$25
$0
1.8%
Earn one of the highest interest rates if you have at least $10,000 in savings, and access your money by ATM, check or bill pay.
$0
$1,000
$0.01
2.16%
With no maintenance fees, it's easy to grow your savings. Put your money to work with an online account from CIBC Bank USA.

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How do I open an account?

You can open a BBVA Compass ClearChoice Savings Account with a $25 initial deposit, by phone, online or in person at a branch:

By phone:

Call 800-266-7277 to speak with a customer service representative and get started.

Online:

  1. Visit the BBVA Compass website and click Savings.
  2. Click BBVA Compass ClearChoice Savings.
  3. Scroll down, then click Apply Now on the right side.
  4. Fill in your personal information, employment details and other fields, then click Continue.
  5. Fund your account, then review all details and submit your application.

In person:

Use the branch locator on the BBVA website to find your nearest branch, then visit a teller to open an account.

Eligibility

To open this account, you’ll need to meet a few eligibility requirements:

  • Make an initial deposit of at least $25.
  • Be 18 years.
  • Have a Social Security number or tax identification number.
  • Have state-issued identification.
  • Have a permanent US address.

Required information

Regardless of how you choose to apply for an account, you’ll need the following information:

  • First and last name.
  • Date of birth.
  • Social Security number.
  • Address.
  • Email.
  • ID.
  • Employment information.

How do I deposit and withdraw money?

Whether you’re making a deposit or withdrawal, BBVA Compass makes it easy to access your money:

Deposits:

  • Mobile check deposit
  • Direct deposit
  • ATMs
  • Incoming wire transfers
  • Transfers from other bank accounts

Withdrawals:

  • Bill pay
  • ATMs
  • Checks
  • Outgoing wire transfers
  • Transfers to other bank accounts

How do I contact BBVA Compass customer service?

There are a number of ways you can get in touch with BBVA Compass customer service:

  • Online. Send a message through your online banking account on the BBVA website.
  • By phone. Call 800-266-7277 to speak with a customer service representative.
  • In person. Visit the BBVA website to locate your nearest branch.
  • Twitter. @BBVACompass
  • Facebook. BBVA Compass

What other savings options does BBVA Compass offer?

BBVA Compass offers a full suite of savings products that are easy to sign up for online or at a branch:

  • BBVA Compass ClearChoice Money Market. With a mere $25 required to open this account, you can maximize your savings potential with decent APYs and tiered rates to increase your nest egg.
  • Certificates of Deposits. Open a CD with $500 or more for terms of up to 48 months and interest rates that depend on the state you live in.
  • IRAs. Sign up for traditional and Roth IRA CDs, as well as Coverdell Education Savings Accounts offering penalty-free withdrawals for higher education expenses.

Bottom line

The BBVA Compass ClearChoice Savings Account offered by BBVA Compass won’t win any awards, but it includes several perks and a low $25 opening deposit. If you’re looking for an account that offers peace of mind from local branches with the convenience of online access, this account might be right for you. However, it has high fees and low interest rates, so consider comparing your options to find more competitive savings accounts elsewhere.

BBVA Compass ClearChoice Free Checking review

Common questions about BBVA Compass

Ryan Brinks

Ryan Brinks is an assistant publisher for finder.com, where he melds years of experience in business news and online content into creating helpful banking and investing articles. He's passionate about leveraging resources and innovation to streamline success. Of course, he's also passionate about his family and serving his community.

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