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BBVA Online Savings Account review

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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.

0.01%

APY

$0

Fee

$25

Minimum deposit to open

Details

Annual percentage yield (APY)0.01%
Fee$0
Minimum deposit to open$25
Minimum balance to earn interest$0
Interest compoundingDaily
Fee per transaction over the limit$3
More info

More Info

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Review by


Ryan Brinks melds decades 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 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.

BBVA Free Checking review

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:

By phone:

Call 844-228-2872 to speak with a customer service representative and get started.

Online:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the BBVA website, click Savings.
  3. Click Open now under Online savings.
  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.

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

    Name Product Annual percentage yield (APY) Fee Minimum deposit to open
    American Express® High Yield Savings
    Finder Rating: 4.6 / 5: ★★★★★
    American Express® High Yield Savings
    0.40%
    $0
    $0
    Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
    Aspiration Spend & Save Account
    Finder Rating: 3.8 / 5: ★★★★★
    Aspiration Spend & Save Account

    1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
    $0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
    $10
    Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
    Chime Savings
    Finder Rating: 4.6 / 5: ★★★★★
    Chime Savings
    0.50%
    $0
    $0
    Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
    Axos Bank High Yield Savings
    Finder Rating: 4 / 5: ★★★★★
    Axos Bank High Yield Savings
    0.61%
    $0
    $250
    No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
    Discover Online Savings Account
    Finder Rating: 4.6 / 5: ★★★★★
    Discover Online Savings Account
    0.40%
    $0
    $0
    Take advantage of a high-interest online savings account with no fees, no minimums and more.
    UFB Direct High Yield Savings
    Finder Rating: 3.6 / 5: ★★★★★
    UFB Direct High Yield Savings
    0.20%
    $0
    $100
    Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
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    Compare up to 4 providers

    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 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

    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

      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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