Editor’s Note: As of April 27th, 2021, BBVA is no longer offering this new account bonus. For more bonuses, check out our post on the best bank bonuses and promotions or click here to sign up for our email newsletter and get notified of new bank promotions.
What if I told you that a bank would give you $200 just to open an online checking account? Plus another $50 when you pair it with a new savings account?
But act quickly because this offer ends 4/26/2021!
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.
Learn more about the Wells Fargo offer
Table of Contents
How Do I Get $250 from BBVA [EXPIRED]
BBVA is willing to give you up to $250 if you satisfy a few simple conditions when opening a checking and savings account.
The bonus is has two parts – the biggest bonus is for opening the checking account:
- Open a new BBVA Free Checking Account with the promotion code SB2021 (in branch) or SBOL2021 (online) by 4/26/2021,
- receive a qualifying direct deposit of at least $500 by April 30, 2021
- 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 $3 monthly fee for paper statements but you can elect to get them electronically for free.
The second part is a $50 bonus for opening a new savings account:
- Open a new BBVA Online Savings account by 4/26/2021,
- Have a balance of at least $1,000 on 6/30/2021,
- Get $50!
The savings account has no quarterly Service Charge and you earn a little bit of interest too.
Available to residents of TX, AL, AZ, CO, CA, FL, and NM who have not had an open BBVA consumer checking account within the last 36 months.
Member FDIC.
Get up to $250 from BBVA USA today!
(Offer expired 4/26/2021)
How Does This Offer Compare?
This offer is very strong considering you only need to receive $500 in direct deposits to get the $200 bonus. The $50 bonus for a new savings account with a balance of $1,000 is also quite easy to accomplish as well. For how easy this bonus is to get, the bonus amount is quite good.
If you have your pick of any bonuses, and you have more cash on hand (like $10,000 or more), there are other offers that may be more appealing.
Citi Priority Account – $300, $700, or $1,500
Citi is offering $300, $700, or $1,500 bonus when you open an account by 10/4/2021. Then, within 20 days of opening your account, deposit at least $15,000 in New-to-Citi funds and keep it there for 60 days. The bonus amount is based on how much you can transfer but the lowest tier starts at $15,000.
Chase Total Checking® – $225
Chase Bank will give you $225 when you open a Total Checking account and set up and set up direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
Capital One 360 Checking – $150
Capital One 360 has a $150 cash bonus when you open a new account and then receive 2 direct deposits totaling $250 or more within 75 days of account opening. Valid for new 360 Checking account customers. If you had a 360 Checking account with Capital One on or after January 1, 2018, you are ineligible.
HSBC Premier Checking – $600
HSBC has an offer where you can get up to $600 with a 3% cash bonus checking offer on qualifying direct deposits each month for the first six months of opening. It’s one of the more interesting deposit bonuses as it doesn’t rely on your account balance being a certain size. Click here to learn more about this offer.
Bank of America – $100
Bank of America offers a $100 cash bonus if you open a new account and set up and receive at least 2 qualifying direct deposits of $250 or more into that account within the first 90 days of opening. It has a monthly fee that is easy to have waived, you can learn more about this offer here.
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.
Frequently asked questions
Yes, new checking account and savings account customers can get up to a $250 cash bonus when they meet certain requirements.
You receive your BBVA bonus after you’ve opened your account and completed all the requirements. The bonus is $200 for a checking account and $50 for a savings account.
BBVA does offer promotions for new customers from time to time – check this page for available promotions and bonuses.
Make sure to check out our guide on bank account bonuses to know what to watch for in these types of offers.
Tom says
“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 $250.”
It’s an additional $50 for the savings account. The above implies 250 on top of the 200 for a total of 450.
Whoops, that’s a typo – thanks!
Aaron Morales says
When is the $200 bonus paid out?
It’ll change based on the date of the promotion but it’s usually paid out shortly after the requirements are met. So in the April promotion, you would get the bonus after April 30th and June 30th for the checking and savings bonus, respectively.
Alfred Lai says
How do I qualify for $200 bonus if I do not set up a “qualifying direct deposit from payroll” of $500 to tne new BBVA checking by 10/31/2020? I have direct deposit to my local major banks at Citi and Chase. Please advise.
You can’t get the bonus without changing your direct deposit so they go to the BBVA checking account.
Luda L. says
Do the weekly unemployment funds qualify under the “$500 direct deposit?”
You’ll have to ask and find out because I don’t know how it’s processed.