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BBVA Online Savings Account review

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

finder.com’s rating: 3.6 / 5.0

★★★★★

Want to tuck some money away for safekeeping? A savings account is a practical way to efficiently meet your savings goals. The BBVA Online 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.

0.05%

APY

$0

Fee

$25

Minimum deposit to open

Details

APY0.05%
Fee$0
Minimum deposit to open$25
Minimum balance to earn interest$0
Interest compoundingDaily
Fee per transaction over the limit$3
More Info

Expert review

Ryan Brinks

Review by


As the assistant publisher of banking and investing at finder.com, Ryan Brinks melds more than a decade of experience in business news and online content into creating comprehensive and helpful comparisons of the companies you trust your money with. He loves to innovate and put money to work while keeping a careful eye on managing risk. Beyond work, Ryan's also passionate about his family and serving his community.

Expert review

BBVA Online Savings is best for those looking for an account with same-day access to funds. The account 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.

BBVA Free Checking review

What are the benefits of the BBVA Online Savings Account?

The BBVA Online 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 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 checking account to get overdraft protection.
  • No fees at BBVA ATMs. Get access to over 44,000 fee-free BBVA 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 $0 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 its 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 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.

If you’re looking for a high-yield savings account, you’ll want to keep looking. As always, compare your options when choosing a savings account.

Fees

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

      1. Deposit item returned fee. You’re slapped with a $15 fee each time your deposited check is rejected.
      2. Stop payment fee. Pay $32 for each request made in a branch or by phone.
      3. 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.
      4. Extended overdraft service charge. You’ll be charged $25 if your account remains overdrawn by more than $1 for 10 consecutive calendar days.
      5. 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 Interest rate (APY) Fee Minimum deposit to open
      Barclays Online Savings
      1.70%
      $0
      $0
      Earn 20x the national savings account average with no fees or minimums.
      BBVA Money Market
      1.50%
      $15 per month
      (can be waived)
      $25
      Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
      UFB Direct High Yield Savings
      2.00%
      $0
      $100
      Earn a competitive rate with a balance higher than $10,000.
      CIT Bank Savings Builder High Yield Savings Account
      1.85%
      $0
      $100
      A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. Earn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply
      Chase Savings
      0.01%
      $5 per month
      (can be waived)
      $0
      Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account.
      UFB Direct Premium Money Market Account
      2.00%
      $10 per month
      (can be waived)
      $5,000
      Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.

      Compare up to 4 providers

      How do I open an account?

      You can open a BBVA Online 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 website and click Savings.
      2. Click BBVA Online 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 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 customer service?

      There are a number of ways you can get in touch with BBVA 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. @BBVA
      • Facebook. BBVA

      What other savings options does BBVA offer?

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

      • BBVA 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.

      Common questions about BBVA

      Savings account ratings

      ★★★★★ — Excellent

      ★★★★★ — Good

      ★★★★★ — Average

      ★★★★★ — Subpar

      ★★★★★ — Poor

      We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

      Read the full methodology of how we rate savings accounts.

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2 Comments

  1. Default Gravatar
    Kendra
    July 29, 2019

    How many withdrawals can I do a month on my savings account with out fees or being converted into a checking

    • Avatarfinder Customer Care
      nikkiangco
      July 29, 2019

      Hi Kendra,

      Thanks for getting in touch! You are allowed to make up to 4 withdrawals a month fee-free. 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.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

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