How BBVA Compass Can Put Your Finances in the Right Direction

bbva compass

Headquartered in Birmingham, Ala., BBVA Compass is one of the top 25 largest commercial banks in the United States based on deposit market share. The bank offers a generous selection of products and services — making it the perfect match if you’re looking to move your finances in the right direction.

Whether you need to establish your credit history or build your nest egg, BBVA Compass can help you achieve all your money-related goals.

Here are five reasons to establish a relationship with BBVA Compass.

1. Checking Accounts With Low or No Fees

BBVA Compass offers seven checking account options to simplify your banking experience, including Easy Checking, which is designed for people who need to build or rebuild their finances, and ClearConnect Checking, which features no monthly service fees and offers rewards for everyday banking. Other checking account options include:

  • ClearChoice Checking for Seniors: Aimed at customers age 65 and older, this account charges a monthly service fee of $4 — which can be waived by meeting just one of several requirements, such as receiving cumulative direct deposit transactions from an unrelated third party totaling $600 or more.
  • ClearChoice Checking for Everyday Heroes: Aimed at military personnel, teachers or administrators, health care workers, and first responders, this account has no monthly service charge.
  • ClearChoice Checking: The monthly service charge of $4 is avoidable if you meet at least one of several requirements, such as receiving one qualifying direct deposit of $300 or more from an unrelated third party.
  • ClearChoice Premium Checking: This interest-earning checking account carries a monthly service charge of $15, which can be waived by meeting at least one of several requirements, such as maintaining an average daily collected balance of $5,000.
  • NBA Checking: As an official sponsor of the NBA, BBVA offers the latest NBA stats with everyday banking. There’s no monthly service charge attached to this account.

The minimum deposit required to open a checking account with BBVA Compass is $25; each account features complimentary online and mobile banking, along with bill pay, a BBVA Compass Visa check card, email alerts and online statements.

2. Simple Savings Solutions

Although you might recognize the importance of building a cash reserve, it’s easier said than done. BBVA Compass understands this dilemma and offers six savings solutions to get your money on track. For example, you can personalize your savings goals with a Build My Savings account and earn a match bonus on transfers, up to $250 a year.

The bank’s ClearConnect Savings account might be your match if you prefer to manage your savings online or via your mobile device; on the other hand, you might want to open a ClearChoice Savings account if you favor in-branch banking. Get started with just $25. Other options include:

  • ClearChoice Money Market: Open an account for $25 and earn a higher rate with tiered interest.
  • Certificates of Deposit: Select a term between seven days and 15 years, and enjoy a competitive rate between 0.10% APY and 2.00% APY, depending on the term and the region in which you bank. There is a $500 minimum opening deposit requirement.
  • Individual Retirement Accounts: Whether you’re planning for retirement or education expenses, BBVA Compass has you covered. Choose from four IRA options: Traditional IRAs, Roth IRAs, Education IRAs and Rollover IRAs.

Related: Banks Vs. Credit Unions: Which Have the Best Interest Rates?

3. Multiple Credit Card Options

It’s important to choose a credit card that fits your lifestyle and spending habits. There is no one-size-fits-all card — BBVA Compass offers a variety of cards for different credit levels.

For example, start building or rebuilding your credit with the Optimizer Credit Card and enjoy a rate as low as 16.24% APR (with a $40 annual fee). If you’re looking for money-saving rates and great rewards, the ClearPoints Credit Card offers 0% interest for the first six months and then a rate as low as 9.24% APR based on creditworthiness.

The bank’s Visa Signature Credit Card is ideal if you’re looking to earn a competitive rate and rewards. This card features 0% interest for the first six months, and then a variable rate as low as 9.24% APR. To maximize your credit card rewards by as much as three times, apply for the Select Credit Card and enjoy a low APR of 13.24%. There is no annual fee the first year, and then a $125 charge every year thereafter.

4. Competitive Home Loan Rates

It doesn’t matter whether you’re buying, refinancing or renovating, a low-rate mortgage solution is a priority. Fortunately, BBVA Compass offers a variety of mortgage solutions at competitive rates. Options include:

  • Fixed Rate Mortgages
  • Adjustable Rate Mortgages
  • Jumbo Loans
  • Government Loan Programs (FHA and VA home loans)
  • First Time Homebuyer Loans (low down payment mortgage options and reduced fees)
  • HomePath (through which you can purchase a foreclosure)
  • Home Affordable Refinance Program (refinance to a lower rate and shorter term)
  • Everyday Heroes (home financing for teachers, public safety workers, health care professionals and military personnel)
  • Home Equity Loans and Lines of Credit (use funds for any purpose, such as debt consolidation, home improvements, large purchases and unexpected expenses)

5. Flexible, Inexpensive Auto Loans

Getting auto financing at the dealership might be convenient and simple, but you’re probably not receiving the best auto loan rate. Shopping around is the only way to ensure the best deal; and if you’re in the market for a used or new auto loan, BBVA Compass has a solution for you.

Apply for auto financing today and enjoy a rate as low as 2.99% APR on auto loans up to 72 months, based on creditworthiness. There is no prepayment penalty, and the bank offers multiple ways to submit your monthly payment — online, by mail, in person or through automatic deductions from your BBVA Compass bank account.

Getting Started with BBVA Compass

Whether you’re dissatisfied with your present checking or savings account, or you’re looking for a lending solution, BBVA Compass offers impressive interest rates, an amazing selection of financial products and excellent service. To get started, visit the bank’s website and choose the products that will take your finances to the next level.


About the Author

Valencia Higuera is a personal finance expert who enjoys articles on budgeting, saving money and credit cards. She holds a B.A in English from Old Dominion University and currently lives in Chesapeake, Virginia.