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 USA's oyster.
Thanks to a history of innovative leadership and some great products, BBVA Bank is becoming a recognized financial name to personal and business customers alike.
In this BBVA USA Bank review, we'll show you what the bank has to offer for online customers. We'll also share why we think BBVA USA may be a good option for your online banking needs.
About BBVA USA Bank
BBVA USA Bank has a 50+ year history in the United States. They opened their first branch in Birmingham, Alabama in 1964 as Central Bank & Trust Company. The city hadn't had a new bank in 20 years, so people were eager to see what this new bank had to offer.
It wasn't long before Central Bank & Trust was changing things up. In 1970, they became the first bank to open on Saturdays. In 1978, they introduced the first ATM/debit card in the state of Alabama.
By the end of the 1980s, Central Bank & Trust had merged with several banks, become the largest bank in Alabama and opened branches in Texas and New York.
In the early 1990s, the company changed its name to Compass Bank. In 1997, they were named to the Keefe, Bruyette and Woods, Inc. “Honor Roll” as one of the best performing banks over the last ten years. As 2007 rolled around, Compass Bank became a subsidiary of BBVA, the second-largest bank in Spain. They rebranded as BBVA Compass for a bit of time.
Today, the company goes by BBVA USA Bank and is still winning awards for banking innovation and customer service. Of course, they're 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.
BBVA USA Bank Products
BBVA USA has an attractive offering of deposit products. You can get online checking, savings, CD investments and more. Here's the scoop.
BBVA 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).
BBVA Online Savings Account
The BBVA Online Savings Account is a free account with just a $25 opening requirement. It pays interest of 0.05% 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.
BBVA Money Market Account
The BBVA USA Online Money Market Account has a minimum opening deposit of $25 as well. It pays interest of 0.05% APY on balances below $10,000, and 0.80% APY on balances above $10,000.
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.
BBVA 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 4/3/2020, the rates for BBVA Certificates of Deposit (online products) are:
- 12-month CD: 0.70% APY
- 15-month CD: 0.50%
- 18-month CD: 0.25%
- 36-month CD: 0.40%
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.
BBVA USA Investment Accounts
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.
BBVA USA Bank Fees and Penalties
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.
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.
Pros and 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.
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.
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.