BBVA USA Bank is fast becoming a worldwide name. Even though the company has branch locations in just seven U.S. states, the online banking world has become BBVA's oyster.
Thanks to a history of innovative leadership and some great products they are becoming a recognized financial name to personal and business customers alike. Of course, BBVA Bank is insured by the FDIC (FDIC certificate #19048) for up to $250,000. They have a lot to offer in terms of deposit products, and they're considered a leader in service and products.
They have the typical offering of deposit products. You can get online checking, savings, CD investments and more.
Read the following BBVA Bank review to see why we think it could be a good option for your online banking needs.
Free Checking Account
BBVA USA has two online checking account options. The Free Checking is a checking account with no monthly service fees and no minimum balance. It comes with free access to over 64,000 ATMs nationwide through their own network and Allpoint.
They also have a Premier checking account. This account is free of monthly service charges if you have $4,000+ in monthly direct deposits or an average daily balance of $4,000 or more.
Along with the features of the Online Checking account, the Premier checking account will pay you an interest rate of 0.05% on your daily balances and refund you for ATM charges for non-network ATMs (up to two per month).
Online Savings Account
The BBVA Online Savings Account is a free account with just a $25 opening requirement. It pays interest of 0.01% APY on all balances. Note that there is no charge for your online quarterly statement.
However, if you make more than four withdrawals during your statement cycle, you'll get charged a $3 fee for each additional withdrawal. This is known as an Excess Transaction Fee and it's something that most other banks limit to six, which is a federal requirement.
Money Market Account
The BBVA USA Online Money Market Account has a minimum opening deposit of $25 as well. It pays interest of 0.01% APY on balances below $10,000, and a higher rate on balances above $10,000 at different tiers.
You can make up to six withdrawals from your Money Market Account per month. In addition, it can be linked to your BBVA Online Checking Account for use as an overdraft protection line. Also, there is a $15 monthly service charge if your daily collected balance falls under $10,000.
The fee will be waived if you set up an automatic transfer of at least $25 monthly from your BBVA Checking to your BBVA Money Market.
Certificates of Deposit
BBVA USA Online Certificates of Deposit are free from monthly maintenance fees and have a minimum opening balance of just $500.
As of 12/16/2020, the rates for BBVA Certificates of Deposit (online products) are:
- 11-month CD: 0.10%
- 12-month CD: 0.10% APY
- 18-month CD: 0.10%
- 36-month CD: 0.10%
Note that you will pay fees if you withdraw money early from your BBVA CD. If the term on the CD is less than one year, you'll pay a $25 fee plus one percent of the withdrawn amount if you withdraw early. The $25 fee plus a percentage of the balance is high, most banks only charge you for accrued interest.
If the term on the CD is more than one year, you'll pay a $25 fee plus three percent of the withdrawn amount if you withdraw early.
Online customers of BBVA USA can also open investment accounts. BBVA USA has two types of investment accounts available for online customers.
The first is a self-directed brokerage account. You can open a non-retirement investment account, a ROTH IRA investment account or a Traditional IRA investment account. You can also open the account as an individual account or a joint account.
To get more information on fees, you'll need to contact BBVA USA's customer service line at 1-800-239-1930.
BBVA USA also has a SmartPath Digital Portfolios Account. When you open a SmartPath Digital Portfolios Account, you'll get asked a series of risk tolerance questions.
From there, you'll get suggestions for an investment portfolio that fits your financial goals and risk tolerance. This is all done online in an easy-to-use format. If you want answers to questions regarding fees etc., you can contact the investment customer service line.
BBVA USA also has a full-service investment service if you'd rather have complete hands-on help with your investments.
Pros & Cons
As far as pros are concerned, BBVA USA Bank offers a nice array of services for online customers and branch banking customers. They also have over 64,000 in-network ATMs nationwide.
Their checking, savings and investment products cover the gamut as far as what you might need or want, and they pride themselves on giving great customer service.
If you are an online customer, you can reach BBVA USA by phone at 1-866-5-DIGITAL. Their hours of operation are 7 a.m. to 10 p.m. Monday through Friday, and 8 a.m. to 4 p.m. on Saturdays.
You can also visit them at any of their branch locations during normal business hours or use the company's online chat features on their website.
For the cons, I'd say the biggest one is that the interest rate they pay for checking, savings, and money market customers isn't great. You can find other banks out there that will pay better interest rates.
BBVA USA Bank does have charge fees in certain situations.
Here is a brief summary of some of those fees.
- Paper statement fee: $3 per month
- Non-network ATM usage: $3 each
- Insufficient funds charge: $38
- Deposit item returned fee: $15
- Early account closing fee (for accounts closed within 180 days of opening): $25
BBVA USA fees are comparable to other bank fees, but not as low as some banks (like Ally Bank) which have some very low fees.
BBVA USA Bank is a bank with a long history of providing innovative banking products. They've made a nice foray into the online banking market, and they're highly committed to providing great service to their customers.
Note that the information provided here refers largely to online accounts. You might find different rates and information if you visit a branch location of BBVA USA Bank.
If you're looking for a great online bank with a solid history of good products and stellar customer service, BBVA USA bank might be for you.