What if I told you that a bank would give you $200 just to open an online checking account?
Banks are competing with one another for your business, especially during these turbulent times, and they are willing to give hundreds of dollars for you to switch to their bank as your primary bank.
BBVA USA Bank will give you $200 if you open one of their online checking accounts if you meet a few other conditions. They'll even throw in an additional $50 if you open a savings account too.
Before we get to the exact steps you need to take, I want to clarify that BBVA USA is an FDIC insured bank (FDIC #19048), just like every other bank I list on the site. This offer may be for an online bank account but they are not an online bank, they have over six hundred branches and ATMs. We did a full review on BBVA USA Bank here.
How Do I Get $200 from BBVA
This is what you need to do to $200 from BBVA.
The bonus is simple:
- Open a new BBVA Free Checking Account with the promo code 0820FREE by October 15th, 2020,
- Receive a qualifying deposit of at least $500 by December 15th, 2020.
- If you do this, you will get $200. That's it!
You can open the online checking account with a minimum deposit of $25 and the account has no monthly account maintenance fees or service charges. There is a fee for paper statements, it's $3 per month but you can always get them electronically for free.
Get up to $200 from BBVA USA today!
(Offer expires 10/15/2020)
How Do I Get $400 from BBVA
BBVA also has a $400 checking account offer if you can set up a qualifying direct deposit of at least $2,500.
The bonus is similar, just with higher numbers:
- Open a new BBVA Premium Checking Account with the promo code PREM400 by October 15th, 2020,
- Receive a qualifying deposit of at least $2500 by December 15th, 2020.
- If you do this, you will get $400. That's it!
This account has a $19 monthly service charge but that is waived if you have $4,000 in qualifying direct deposits or you have an average daily collected balance of $4,000.
Get up to $400 from BBVA USA today!
(Offer expires 10/15/2020)
How Does This Offer Compare?
This offer is competitive but does lag very slightly behind some other offers.
Chase offers $350 if you open a Total Checking Account and a Savings Account but the requirements are a little more stringent. The checking account also requires you to set up and receive a direct deposit within 60 days, but it doesn't have a dollar amount. There is also a monthly service fee that you can avoid if that direct deposit is over $500, so it functionally creates the same requirements. The big difference is that you need to have $10,000 in your Chase Savings account to get that higher $150 bonus. That's a lot of cash to hold into an account that doesn't offer much interest.
So you can open a BBVA online savings account and put in $500 to avoid the fee to get the $50 or you can stick $10,000 into a Chase Savings account to get $150.
You also have Citi offering huge dollar amount bonuses if you have a lot of cash to park in their accounts:
As you can see, the big dollar amount bonuses require cash to be parked into an account – this BBVA offer does not require that which makes them very appealing. Make sure to check out our guide on bank account bonuses to know what to watch for in these types of offers.