BBVA Bank Review: Checking, Savings and CDs
BBVA offers solid online checking accounts. Its online savings account rates, however, are low.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.
Overall bank rating
at BBVA USA,
Member FDIC
Savings
Savings
Checking
Checking
CD rates
CD rates
Banking experience
Banking experience
Overdraft fees
Overdraft fees
4.0
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 higher-than-average terms on CDs, but savings rates are low.
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.
Full review
BBVA USA Online Savings Account
3.5
NerdWallet ratingAPY
0.05%
With $0 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 a slightly better option if you can meet its $10,000 minimum deposit.
» For higher savings rates, check out NerdWallet’s best high-yield online savings accounts
at BBVA USA,
Member FDIC
5.0
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
at BBVA USA,
Member FDIC
2.0
NerdWallet ratingat BBVA USA,
Member FDIC
1-year APY
0.15%
3-year APY
0.20%
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 to 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.
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
3.5
NerdWallet ratingAPY
0.05%
With $0 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 a slightly better option if you can meet its $10,000 minimum deposit.
» For higher savings rates, check out NerdWallet’s best high-yield online savings accounts
at BBVA USA,
Member FDIC
5.0
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
at BBVA USA,
Member FDIC
2.0
NerdWallet ratingat BBVA USA,
Member FDIC
1-year APY
0.15%
3-year APY
0.20%
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 to 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.
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?
Member FDIC | Member FDIC |
|---|---|
APY0.60% With $0 minimum balance | APY0.01% With $0 minimum balance |
BonusN/A | Bonus$150 Requirements to qualify |
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.
