One of the smaller regional banks known for its customer service is BBVA Compass bank. While the bank isn’t very big, it’s well known for its straightforward products and prepaid debit card. BBVA also offers loans, mortgages, and investment products.
If you’re looking for a straightforward account, or want a prepaid debit card with fewer fees, BBVA bank might be a good fit for you. Check out this BBVA Compass bank review to learn more.
BBVA Compass bank review
The main pros of BBVA bank are its outstanding customer service and great online services. So, even though there are only about 700 locations in seven states, people around the country can access the bank’s services.
On top of good customer service and an accessible website, BBVA Compass also features a prepaid debit card that comes with almost no fees. Other than initial load fees and out-of-network ATM fees, there aren’t many costs to contend with. It’s one of the most competitive prepaid ATM cards available to consumers today.
The main downside to BBVA bank is the fact that you won’t see very high yields on any of the accounts. In fact, even the CD rates offered by BBVA Compass are lower than some of the savings account yields you see elsewhere.
Another consideration is the out-of-network fees that come with withdrawals. There are only about 1,000 BBVA ATMs in the network, so if you frequently use ATMs, this card might not be for you. Unlike some other banks that refund out-of-network fees, you will only see a rebate of up to $5 for fees. On top of that, some accounts have a monthly fee of as much as $15.
BBVA bank products and services
For the most part, BBVA offers the basic accounts and services. They offer checking and savings accounts, CDs, and prepaid debit cards. This is the bank you use when you want something simple and straightforward.
ClearSpend Prepaid Visa Card
Many BBVA Compass bank reviews praise the prepaid debit card — and for good reason. This is a prepaid debit card with few fees.
BBVA touts the fact that there are no monthly or annual fees. Beyond a $4 fee the first time you load the card, there are no reload fees. The same is true of setting up direct deposit on the card. For the first deposit, there’s a $4 fee, but after that, you don’t have to worry about it.
There are no purchase transaction fees and no overdraft charges because it’s a prepaid debit card. There are ATM fees for out-of-network transactions, and there is also a 3 percent fee for foreign transactions.
The BBVA ClearSpend card does have a maximum balance of $6,500, and there is a load limit of $2,500 during any 24-hour period.
Another cool feature of the ClearSpend prepaid debit card is the fact that it comes with an app that helps you manage your budget. You can even do so with a spouse or a child. It can be a great tool for teaching a teenager about money.
Overall, if you’re looking for a low-cost prepaid debit card, the BBVA ClearSpend Prepaid Visa is one of the best options.
BBVA bank checking accounts
There are three checking accounts offered by BBVA bank. Each requires a minimum deposit of $25 to open. All of the choices offer free online statements, mobile and online banking, and free bill pay. Additionally, there are no fees for use of BBVA ATMs.
Depending on the account you choose, you might have other features to consider:
Free Checking: This is the most basic BBVA Compass account. You don’t have to worry about monthly service fees, and you can personalize your debit card. This is a basic offering that works well for most people who just want a straightforward, everyday checking account.
ClearChoice Premium Checking: This account pays interest on your balance. It’s a tiered rate that starts at 0.05% APY. Admittedly, it’s a pretty low yield, and might not be worth making a switch, even if BBVA doesn’t charge out-of-network ATM fees. Charges from other banks are refunded, but only up to two each month.
This account also comes with a $15 monthly service charge. In order to waive the fee, you need to meet a minimum balance or enroll in BBVA Compass Premier Personal Banking.
ClearConnect Checking: This account works with BBVA Wallet, an app that can help you budget and manage your money. There are no monthly fees and this is another straightforward offering.
BBVA bank savings accounts
There are two types of savings accounts offered by BBVA Compass:
ClearChoice Savings: This account is easy to manage and you can earn interest on your entire balance at 0.05% APY. Additionally, there is a service charge of $15 per quarter. You can avoid the fee if you maintain a minimum daily collected balance of at least $500 or you make a recurring transfer of $25 from your BBVA Compass checking account into your savings account.
ClearChoice Money Market: This account offers a higher yield than the regular savings based on how much money you have. The tiered rates start at 0.05% APY and go up to 0.25% APY. You also have to pay a $15 service charge each month, unless you maintain at least $10,000 or make the recurring transfer of $25 from your BBVA checking account.
BBVA bank CD accounts
You can also choose CDs from BBVA Compass. Standard term CDs accessible online include 12-month (0.75% APY) and 24-month (0.30% APY). You can get different terms and rates when you visit a branch.
It’s worth noting that BBVA’s CD yields aren’t particularly impressive. Finding higher yields when you open online savings accounts with many institutions is possible. It’s also unusual that the longer-term CD has a lower yield than the shorter-term CD.
BBVA bank credit cards
In addition to savings and checking options, BBVA also issues Visa credit cards. Depending on the card you choose, you can avoid annual fees, or pay up to $125. Variable rates are also very low, starting at 9.74% APR for excellent credit.
BBVA credit cards come with signing bonuses and benefits related to Visa. It’s also worth noting that BBVA offers a secured credit card, the Optimizer. If you need to rebuild your credit, this credit card might help.
Other BBVA services
BBVA also offers investment and retirement services, loans, mortgages, and global wealth management services. However, the bank shines more when it comes to savings and checking products than anything else.
Using the BBVA bank online platform
BBVA bank offers a good online experience. Navigation is intuitive and it’s easy to sign up for checking and saving products no matter where you are in the U.S. Additionally, BBVA has a mobile app that’s easy to use and allows you to build a budget.
How to sign up for a BBVA Compass bank account
When you visit the website, you can see a button to apply online in the upper right corner. Click on that, and you’ll see a page that offers different account options.
Before you apply for an account, make sure you have the documentation you will need. BBVA has similar requirements as other financial institutions. Here’s what you’ll need to have ready:
- Social Security number
- Birth date
- Some type of government ID (driver’s license, state ID, or passport)
- Bank or credit card account information so you can make your opening deposit
You can also choose to add a complementary savings account when you open your BBVA checking account.
Once you fill out the information to apply for the account, you need to enter your funding information. Then, enter the information you will use to fund your account, and then review and confirm the information. As soon as your application clears, you’ll have an account.
It’s important to note that BBVA checks your credit before approving you for checking or savings accounts.
Applying for the ClearSpend prepaid debit card
It’s also straightforward and easy to apply for the prepaid debit card — and you won’t have to worry about a credit check. BBVA promises universal approval for this card.
It’s easy to fill out all the information you need on a single sign-up page when you apply for the prepaid debit card. You will need to provide:
- Phone number
- Date of birth
- Social Security number
You will also set up your username and password in one step, but it should take less than a minute to get approval for the prepaid card.
BBVA mobile app
You can download the app from the iTunes App Store of from Google Play to stay on top of your finances. The app allows you to get an overall view of your accounts with BBVA and even track your budget.
You can get insights into high-spend categories and see how much you have left to spend in budgeted categories. It’s a way to take care of all your banking needs from your mobile device.
BBVA Compass interest rates and fees
This is an area where BBVA bank underwhelms most consumers. The interest yields on most of the products offered by BBVA are lower than competitors; bank account yields start at 0.05% APY and only go up to 0.25% APY on the most generous accounts.
Interest rates on personal loans are more competitive, including the low rates on credit cards offered by BBVA — as long as you have good credit.
Fees are reasonable, but you should read the fine print. Some accounts are free, but others have $15 monthly charges — that BBVA will waive under certain conditions.
The prepaid debit card is really impressive. The fees are minimal with the prepaid debit card, making it one of the best products offered by BBVA.
BBVA eligibility requirements
There are no specific eligibility requirements with BBVA bank. Even those with poor credit scores can access the Optimizer secured credit card to help them start building their score.
There is no credit check for the prepaid debit card. That makes it a great solution for someone who is having trouble qualifying for a more traditional checking account.
BBVA bank contact info
BBVA Compass is a holding company based in the U.S., but it is a wholly-owned subsidiary of a Spanish bank.
It’s easy to contact BBVA by phone, online chat, or by sending an online message. You can reach customer service by calling 1-800-266-7277.
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All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
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