BBVA Bank Review: Checking, Savings and CDs
BBVA offers solid online checking accounts. Its online savings account rates, however, are low.
Overall bank rating
3.5
The bottom line:
BBVA has online accounts that are worth a look, with access to thousands of ATMs, including locations in Puerto Rico, Canada, Mexico, the United Kingdom and Australia. The bank also offers some helpful money management tools and highly rated mobile apps, but savings rates are low.
Best for: Consumers who want a large ATM network, prefer banking by mobile app, don’t make many savings withdrawals and won’t overdraft.
Pros
Access to over 64,000 ATMs.
No monthly Service Charge on checking.
High mobile app ratings.
Cons
No interest on checking.
Low rate for online savings.
Expensive overdraft fees that can be charged up to six times per day.
Full review
BBVA USA Online Savings Account
4.0
NerdWallet ratingAPY
0.01%
With $0.01 minimum balance
The interest rate on the BBVA Online Savings account is low compared with what you can find from other high-yield online savings accounts. You can open an account with a minimum of $25, and if you opt for e-statements, you can avoid a $3 fee charged each quarter. The bank's online money market is another interest-earning account option. Note that only four withdrawals are allowed per month; it costs $3 per additional withdrawal. Most banks allow at least six withdrawals per cycle.
» For higher savings rates, check out NerdWallet’s best high-yield online savings accounts
at BBVA USA, Member FDIC
4.5
NerdWallet ratingat BBVA USA, Member FDIC
Monthly Fee
$0
There are no monthly Service Charges with BBVA's online checking account. You can open one for as little as $25, and you have access to over 64,000 ATMs, including some international locations. The account does not earn interest.
» Compare NerdWallet’s best free checking accounts
BBVA USA CD
1.5
NerdWallet rating1-year APY
0.05%
3-year APY
0.05%
Minimum Deposit
$500
Yields for online CDs are a little better than rates offered at some of the larger banks. But they aren’t top of the line, and there is a limited number of term lengths. The $500 minimum deposit to open a CD is reasonable, however, compared with other banks.
» Looking for the highest CD rates? Find out what banks are offering this month
Banking experience
4.5
NerdWallet ratingWith 600-some locations, you won’t come across a BBVA branch as often as you will for banking behemoths such as Wells Fargo and Bank of America. BBVA branches can be found in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
You can also get help on BBVA’s website, which does a good job of highlighting its various accounts and fees — and how to avoid them. The bank also offers other customer service avenues, including Twitter and chat. And its mobile apps also have great reviews.
Overdraft fees
1.5
NerdWallet ratingIf you choose BBVA, avoid enrolling in the overdraft service. The bank charges an exceptionally steep $38 overdraft fee — $32 for California residents — up to six times per day. The average fee is $35 at banks and $26 at credit unions, according to a recent NerdWallet overdraft study, and many banks have a lower cap on daily charges.
The bank will also charge a $23 extended overdraft fee every seven consecutive calendar days if your account remains negative, up to a maximum of four times.
BBVA USA Online Savings Account
4.0
NerdWallet ratingAPY
0.01%
With $0.01 minimum balance
The interest rate on the BBVA Online Savings account is low compared with what you can find from other high-yield online savings accounts. You can open an account with a minimum of $25, and if you opt for e-statements, you can avoid a $3 fee charged each quarter. The bank's online money market is another interest-earning account option. Note that only four withdrawals are allowed per month; it costs $3 per additional withdrawal. Most banks allow at least six withdrawals per cycle.
» For higher savings rates, check out NerdWallet’s best high-yield online savings accounts
at BBVA USA, Member FDIC
4.5
NerdWallet ratingat BBVA USA, Member FDIC
Monthly Fee
$0
There are no monthly Service Charges with BBVA's online checking account. You can open one for as little as $25, and you have access to over 64,000 ATMs, including some international locations. The account does not earn interest.
» Compare NerdWallet’s best free checking accounts
BBVA USA CD
1.5
NerdWallet rating1-year APY
0.05%
3-year APY
0.05%
Minimum Deposit
$500
Yields for online CDs are a little better than rates offered at some of the larger banks. But they aren’t top of the line, and there is a limited number of term lengths. The $500 minimum deposit to open a CD is reasonable, however, compared with other banks.
» Looking for the highest CD rates? Find out what banks are offering this month
4.5
NerdWallet ratingWith 600-some locations, you won’t come across a BBVA branch as often as you will for banking behemoths such as Wells Fargo and Bank of America. BBVA branches can be found in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
You can also get help on BBVA’s website, which does a good job of highlighting its various accounts and fees — and how to avoid them. The bank also offers other customer service avenues, including Twitter and chat. And its mobile apps also have great reviews.
1.5
NerdWallet ratingIf you choose BBVA, avoid enrolling in the overdraft service. The bank charges an exceptionally steep $38 overdraft fee — $32 for California residents — up to six times per day. The average fee is $35 at banks and $26 at credit unions, according to a recent NerdWallet overdraft study, and many banks have a lower cap on daily charges.
The bank will also charge a $23 extended overdraft fee every seven consecutive calendar days if your account remains negative, up to a maximum of four times.
How does BBVA USA compare?
Deposits are FDIC Insured | ||
|---|---|---|
APY0.50% With $0 minimum balance | APY0.20% With $0 minimum balance | APY0.20% With $0.01 minimum balance |
BonusN/A | BonusN/A | BonusN/A |
RATING METHODOLOGY
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
