BBVA Bank Review | CDs, Checking, Savings, & More

Banking
Updated: 1st Sep 2021
Written by Jordan Blansit
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Banking
May 8, 2021
Written by Jordan Blansit

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Since its humble beginnings, BBVA has emerged as one of the best banks and is used by millions of Americans.

Whether you are on the market for a new checking or savings account, IRA, loan, or money market account, BBVA has it all.

Keep reading our BBVA Review to find out if this bank is worth your time and money.

BBVA Overview

Feature(s):Details:
Minimum Deposit:$25
High Yield Savings APY:0.01% - 0.05%
Checking APY:0.01%
CD Term Lengths:11, 12, 18, and 36 Months
Products Offered:Savings, Checkings, Money Market, IRA, CDs
Year Founded:1964

What is BBVA?

Founded in Birmingham, Alabama in 1964, BBVA Bank was the first bank to offer its services on Saturdays and is now the 40th largest holding company in the United States, but if you live outside of Texas, California, Arizona, Colorado, Florida, or New Mexico you may not have heard of it.

Despite its lack of brick-and-mortar locations in much of the United States, BBVA hit the web in 1994 and has since built a strong online presence, boasting an excellent website and user-friendly mobile apps that make the full-service bank a convenient option for customers across the country.

PNC Bank recently acquired BBVA and has plans to expand to 29 of the nation’s top 30 markets when the deal is finalized in the 3rd quarter of 2021.

What Does BBVA Offer?

BBVA offers full-service banking options, including remote banking, student banking, prepaid cards, money market, CDs, IRAs, savings and checking accounts.

BBVA’s award-winning mobile apps are available on iPhone and Android, and you can access your account through over 64,000 ATMs worldwide which are easy to find with its location finder.

BBVA Featured Products

#1. BBVA Savings Accounts

The two BBVA savings accounts—BBVA Savings and Online Savings—are without bells and whistles, and both include the following features:

  • A low annual percentage yield (APY) of 0.01% compared to the 0.04% national average.
  • $25 minimum deposit to open the account
  • Fee-free access to BBVA ATMs
  • Four withdrawals for each statement period are allowed before fees kick in

In fact, the only difference between these two accounts is that BBVA Savings has a $15 monthly service fee which BBVA will waive if you maintain a balance of $500 or set up a monthly auto-transfer of $25, while BBVA Online savings has no such monthly fee.

>> See More: Best High Yield Savings Accounts

#2. BBVA Checking Accounts

Like their savings accounts, BBVA checking accounts offer many of the same features:

  • No ATM fees at BBVA USA ATMs—Their Convenience and Premium packages feature added participating non-BBVA ATMs.
  • Free online and mobile banking
  • Visa® Debit Card with cash back rewards
  • A low $25 opening deposit requirement

The differences between Premium, Convenience, and Free are listed below.

Premium Checking

BBVA’s top-tier account features an APY of 0.01%, no fees for paper statements, and up to two rebates a month for fees charged by competing banks’ ATMs.

BBVA will waive the $19 monthly service charge if you keep a daily balance of $4,000 or make $4,000 in direct deposits each month.

One nifty bonus perk—you can personalize your Visa® debit card with an uploaded image of your choice for free.

Convenience Checking

With this mid-tier checking account, you get one free BBVA Visa® debit card per account holder, one rebate for an ATM fee charged by a competing bank. You will have to pay a paper statement fee of $3 unless you opt-out.

BBVA will waive the $9 monthly service charge if you make $500 monthly direct deposits or if your account maintains an average daily balance of over $1500.

Free Checking

No monthly maintenance fees here. All you need is that initial deposit of $25, and you’ll receive a free BBVA Visa® debit card.

You have the option to tack on that personalized debit card ($10), or even unlimited cashier’s checks ($2/month), unlimited standard checks for ($2/month), safe deposit box ($3/month), and four ATM fee rebates ($5/month).

While BBVA sometimes advertises this as a ‘student account’, it is available to any US citizen over 18, and a student ID is not proof enough to open a free checking account.

>> See More: Best Checking Accounts

#3. BBVA Money Market Account

Money market accounts offer a tradeoff—you get a higher APY, and the bank holds your money in a tighter fist. BBVA is no different. Here are the BBVA money account features:

  • APY ranging from 0.01%-0.10%—these numbers are subject to change and are dependent on your daily account balance and where you claim residency
  • Requires a minimum $25 deposit
  • $15 monthly service, which BBVA will waive if you maintain a daily balance of over $10,000 or make automatic monthly transfers of $25 or more from a BBVA checking account.
  • You are limited to six free withdrawals from your money market account per month

To give you an idea of BBVA’s money market APY range, in San Diego, California, you will receive an APY of 0.01% with a sub $10,000 account, while if you can maintain an account of $1,000,000 to $2,499,999, you will receive an APY of 0.05%.

#4: BBVA CDs

BBVA’s CDs are FDIC-insured, require no maintenance fees, and you can check on the status of your account online 24/7.

BBVA CD Rates

TermAPY
11 Month:0.05%
12 Month:0.05%
18 Month:0.05%
36 Month:0.05%

>> See More: Best CD Rates

#5: BBVA IRA

You can start saving for retirement with BBVA’s traditional Roth and rollover IRAs and Coverdell Education Savings Accounts (CESAs), which can help you save for your child’s education.

Additional Financial Products Offered by BBVA Bank

Mortgages

BBVA offers a variety of mortgage options, including but not limited to:

  • Professional Loans for medical residents, practicing physicians, attorneys, oral surgeons, CPAs, etc.
  • Jumbo Loans for homes with a high property value and large monthly mortgage payments.
  • No and Low-Down Payment Mortgages for military members and their spouses (including veterans and surviving spouses), first time home buyers, and those just needing some wiggle room.
  • Government Loan Products through the FHA, VA, or USDA.
  • Renovation Permanent Loans for kitchen remodeling, attic conversion, bedroom add-ons, etc.
  • Home Equity Loans and Lines of Credit are offered by BBVA for rates as low as 2.99% variable APR.

Auto Loans

BBVA offers auto loans for new and used vehicles. Rates depend on loan amount and term and start at 5.24% and 6.74% APR. BBVA also offers:

  • Loans of $5,000 and above
  • 12–72 month terms
  • Possibility of getting your credit the day you apply
  • Free online quotes
  • No prepayment penalties
  • No documentation penalties
  • Possible discounted rates for BBVA checking auto-pay

Personal Loans

It’s possible to get cash the day you are approved for a personal loan by BBVA, and you can check your rate without impacting your credit score. Other features include:

  • 4.99% to 28.99% fixed APR if you have auto-debit set up with your BBVA checking account
  • $2,000 – $15,000 loan range
  • 12-72 month terms
  • No collateral required

Insurance

You can get an insurance quote through BBVA for one of its 3rd party affiliates. Some of the insurance quotes BBVA provides include:

  • Auto/Recreational Vehicle
  • Home/Condo/Renters
  • Various forms of life insurance
  • Disability
  • Travel
  • Pet

How Does BBVA Treat Their Customers?

No one wants their debit or credit card to get declined and then have to wait on hold for hours only to speak to some cantankerous customer service agent. So, what is it like to be a BBVA customer?

Online Banking Experience

BBVA Bank offers an excellent online banking experience, their Javelin Strategy & Research award-winning app (App-store: 4.8/5 stars, Google Play: 4.4/5 stars) offers customers the following features:

  • Mobile deposit
  • Mobile bills pay
  • Change PIN
  • Card Block
  • Card Activation
  • Use Popmoney® to send, request and receive money from anyone in the United States with email or text regardless of where they bank, and payments are delivered in 1-3 days or instantly to eligible debit cards.
  • Account notifications
  • Schedule recurring payments
  • Redeem credit card rewards
  • Design budgets

Customer Support

BBVA has an extensive library of FAQs for specific features like mobile banking or online banking help and generous hours of operation.

I personally called the BBVA customer service number at 1(844) 228-2872, and despite a recording stating that they were receiving a high call volume due to calls concerning the payment protection program (PPP), I was able to speak with a customer service representative within 2 minutes of dialing the number.

BBVA Overdraft Fees

One of the negatives of BBVA is its relatively high overdraft fees. You can opt-in or out of their overdraft protection program.

Fees are based on where you live ($32 in California and $38 in most others), and BBVA can charge you a maximum of 6 non-sufficient fund fees (NSF) per calendar day.

BBVA Pros and Cons

We covered a lot here, so let’s wrap up with a simple list of pros and cons regarding BBVA.

Pros:

  • Excellent mobile app and online banking services, with Javelin Strategy & Research’s naming it a leader in mobile and online banking in 2019.
  • 64,000 BBVA ATMs worldwide with even more ATMs participating for some members.
  • Wide range of services including loans, insurance quotes, money market, CDs, IRAs, checking and saving account, and mobile banking.
  • Many of their maintenance fees can be waived easily
  • Great customer service with the ability to schedule callbacks, so you don’t have to wait on the phone

Cons:

  • Relatively high overdraft fees
  • Low APY compared to the national average
  • Limited physical presence with brick-and-mortar banks in only seven states.
  • Limited number of monthly transactions with even the higher tier accounts allowing only four free transactions a month.

BBVA Bank FAQs

Is BBVA a Real Bank?

BBVA is a real bank, and it has recently been acquired by the Pittsburgh-based bank, PNC.

Is BBVA FDIC Insured?

Yes, as a member of the FDIC, deposits made by BBVA customers are insured at the federal maximum of $250,000 per depositor, per insured bank.

Does BBVA Have Local Branches?

BBVA has 649 local branches: Texas (336), Alabama (89), Arizona (63), California (61), Florida (45), Colorado (37), and New Mexico (18). You can find a location with BBVAs web-based location finder.

How Do I Contact BBVA?

You can call BBVA’s customer service at 1 (844) 228-2872, or you can call a BBVA number related to specific locations and issues.

Does BBVA Have Monthly Fees?

BBVA’s online and free checking accounts do not have monthly fees. Its premium checking account has a $19 monthly fee which is waivable with “qualifying $4,000 monthly direct deposits OR by having an average daily collected balance of $4,000”.

Bottom Line: BBVA Bank Review

If you’re the kind of person who isn’t great at keeping track of how much money you have in the bank, the high overdraft fees can end up being a thorn in your side, and the low-interest rates are definitely not for those looking to maximize their savings with compound interest.

In most parts of the country, people have never heard of BBVA Bank, and that might be a good thing. Unlike the massive banks many of us are used to, BBVA still has an incentive to impress its customers and set itself apart from its larger competitors. Perhaps that’s why they treat their customers so well, as there are fewer of them to focus on.

Other Reviews:

Jordan Blansit
Jordan Blansit
Jordan is a freelance writer with an inexplicable predilection for investing and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her (or not) craftily avoiding human contact in the California redwoods or Oregon Siskiyous with her black cat, Bean.