BBVA Online Savings Account review
A fee-free savings account, but watch out for low interest rates and extreme withdrawal limitations.
finder.com’s rating: 3.6 / 5.0
The BBVA Online Savings account offers the convenience of online access with support from tellers at local branches. However, you’ll only earn 0.01% APY, which is low compared to what you’ll find with most online high-yield accounts. Plus you can only withdrawal funds for free four times every three months.
Minimum deposit to open
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Expert reviewBBVA Online Savings is best for those looking to avoid ongoing service fees. The account won’t win any awards, but it includes a few perks and a low $25 opening deposit. If you’re looking for an account that offers branches with the convenience of online access, this account might be right for you.
However, it has a dismal interest rate, and if you want to withdraw funds more than four times per quarter, you’ll have to pay an extra fee. Most other savings accounts let you access your money for free six times a month.
How do I open a BBVA Online Savings account?
You can open a BBVA Online Savings account with a $25 initial deposit, by phone, online or in person at a branch:
Call 844-228-2872 to speak with a customer service representative and get started.
- Go to the provider’s site and follow the steps to apply.
- From the BBVA website, click Savings.
- Click Open now under Online savings.
- Fill in your personal information, employment details and other fields, then click Continue.
- Fund your account, then review all details and submit your application.
Use the branch locator on the BBVA website to find your nearest branch, then visit a teller to open an account.
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.
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.
- Employment information.
What are the benefits of the BBVA Online Savings Account?
The BBVA Online Savings lets you access your money through BBVA’s site, mobile app, video banking and at more than 600 branches. This account comes with many of the same benefits you’ll find with other traditional accounts including:
Convenience and security
- Same-day access to funds. Set up direct deposits to tap into your money the day it’s deposited.
- No recurring Service Charge. There’s no monthly or quarterly fee to maintain this account.
- Overdraft protection. Connect this savings account with a BBVA checking account to get overdraft protection.
- No fees at BBVA and Allpoint ATMs. If you also have a BBVA Online Checking account, you can access your savings for free at 1,000 BBVA ATMs and 56,000 Allpoint ATMs.
- Low opening deposit. With just a $25 opening deposit, you can easily start saving toward your financial goals.
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. A 0.01% APY means you’ll only earn one penny a year for every $100 you save. This rate is low compared to other high-interest savings accounts that offer 0.5% or more.
- Limited branch locations. There are more than 600 BBVA branches, but they’re limited to Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
- Only four transactions a quarter. If you make more than four free withdrawals a quarter, you’re on the hook for a $3 fee for subsequent transactions, which is low compared to most savings accounts that allow up to six monthly transactions.
- 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 days’ 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.
BBVA Savings fees
Fees can vary depending on your state, so carefully read the terms and conditions to be aware of all potential fees.
- Deposit item returned fee. You’re slapped with a $15 fee each time your deposited check is rejected.
- Stop payment fee. Pay $32 for each request made in a branch or by phone.
- NSF fee. Whether you have overdraft protection or not, you’ll be charged a $38 NSF fee ($32 in California) when you make a purchase that overdraws your balance by $1 or more.
- Extended overdraft service charge. You’ll be charged $25 if your account remains overdrawn by more than $1 for 10 consecutive calendar days.
- Wire transfer fees. Pay $15 for each incoming domestic transfer, $30 per outgoing domestic transfer, $10 for incoming international transfer and $55 per outgoing international transfer.
Compare with other savings accounts
How do I deposit and withdraw money?
Whether you’re making a deposit or withdrawal, BBVA makes it easy to access your money:
- Mobile check deposit
- Direct deposit
- Incoming wire transfers
- Transfers from other bank accounts
- Bill pay
- 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 844.228.2872 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 Savings account. This account is similar to the BBVA Online Savings, but it has a $15 monthly Service Charge.
- BBVA Money Market. This account has a low $25 opening deposit, but interest is lower than the national average and much lower than the competition.
- 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.
A note for Simple Bank customers
In January 2021, Simple Bank announced it would be shutting down and transitioning its customers to BBVA Bank. Details about the transition have yet to be announced, but it seems likely that Simple Protected Goals accounts are going to turn into BBVA Online Savings accounts. If this turns out to be the case, it’s not good news for Simple customers.
The BBVA Online Savings account has a far lower APY compared to Simple Protect Goals, and BBVA charges several fees that Simple never did. If you’re a current customer of Simple Bank, keep an eye on your inbox for details about the transition, which will be taking place in Spring 2021.
Common questions about BBVA
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