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 Up To $250 from BBVA
This is what you need to do to get up to $250 from BBVA.
The bonus has two parts – opening an online checking account and opening an online savings account:
- Open an online checking account by August 21st, 2020 and then receive a qualifying deposit of at least $500 by October 31st, 2020. If you do this, you will get $200.
- Open an online savings account by August 21st, 2020 and maintain a balance of at least $1,000 through October 21st, 2020. If you do this, you will get an additional $50.
This puts the total at $250 if you satisfy both conditions.
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.
The savings account has a $15 quarterly service charge that you can avoid if you maintain a balance of $500 or more.
Get up to $250 from BBVA USA today!
(Offer expires 8/21/2020)
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.