How To Open a BBVA Account in 3 Steps

BBVA USA
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BBVA USA is a subsidiary of the second-largest bank in Spain: Banco Bilbao Vizcaya Argentaria. It currently has 649 branches across the states of Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. However, BBVA USA offers customers nationwide a no-fee checking account and free access to over 64,000 ATMs through the Allpoint Network. Take a closer look at how to open an account at BBVA.

How To Open an Account at BBVA

Regardless of whether you have physical branches featuring the crisp, blue and white bank logo in your area, you can open an account in just a few steps.

1. Gather Necessary Personal Information

Opening an account in person or online will require verification of your identity to comply with federal banking regulations. You’ll need to provide:

  • A government-issued ID such as a driver’s license, state ID or passport
  • Social Security or tax ID number
  • Contact information, including your phone number, physical address and email address
  • At least $25 for your opening deposit. You can fund your new account using a credit or debit card or an existing BBVA USA account. Alternatively, you can order a transfer from your account at a different bank by using the account and routing numbers associated with it.

More From Your Money

    2. Select a BBVA Account

    BBVA USA has three checking accounts and three main savings accounts you can choose from, plus the BBVA Build My Savings account for six- or 12-month savings plans. You may decide to open more than one account with the bank. Luckily, deposit requirements are low, making it easy to open more than one bank account. Here’s a quick overview of what BBVA’s main account options have to offer.

    BBVA Checking Accounts

    • BBVA Online Checking: If you’re comfortable with handling all your banking needs digitally and don’t need all the bells and whistles of a typical checking account, the online checking account is a great choice. BBVA’s award-winning mobile banking app provides the support you need to manage your account. You can make free withdrawals at more than 64,000 Allpoint ATMs. There are no monthly fees or account minimums once you deposit $25 to get started.
    • BBVA Free Checking: This account is mainly fee-free but doesn’t skimp on the services you need. It’s similar to an a la carte menu — the account comes with free essentials such as check writing, paper statements and a debit card. You can add features such as checks or a safety deposit box for a small fee. There are no monthly minimums to worry about, and you’ll need just $25 to open this account.
    • BBVA Premium Checking: If you’d like to earn interest (even if it’s nominal) on your checking account balance, BBVA’s Premium Checking account pays 0.01% on your balance. BBVA USA claims it’s a tiered rate, but you’ll earn the same amount whether you have a $10 or $10,000 balance. There’s a $19 monthly fee, but it can be waived if you receive at least $4,000 in direct deposits or maintain an average daily balance of $4,000. As with all of BBVA’s accounts, you’ll need to open an account with $25 or more.

    BBVA Savings Accounts

    • BBVA Online Savings: Once you open an account with the required $25 deposit, you’ll earn 0.01% on your balance and won’t be charged a quarterly maintenance fee. BBVA permits you to make up to four withdrawals per cycle, but make sure you make them from a BBVA ATM or you may be subject to ATM fees.
    • BBVA Savings: There isn’t much difference between BBVA’s online and regular savings accounts at this time due to the currently low interest rates. Minimum opening deposits are $25 for both, you’re limited to four withdrawals per cycle, and you’ll earn 0.01% on your balance. The BBVA Savings account comes with a $15 quarterly service charge, which you can avoid by meeting certain requirements.
    • BBVA Money Market: The BBVA money market account adds a little more flexibility and earnings potential to your savings. You’ll still need at least $25 to open an account, but you can make up to six fee-free withdrawals per month. The APY you can earn on higher balances is a little better. Balances under $10,000 earn 0.01%. For amounts between $10,000 and $999,999, BBVA pays 0.03% APY. Balances of $1 million or higher earn 0.05% APY.

    More From Your Money

    3. Choose How To Open an Account at BBVA

    Once you have the information you need, it’s time to open a new account. BBVA USA gives you three options to make the process as simple as possible. You can open an account:

    BBVA Checking Account Fees and Features

    BBVA checking accounts are designed for individuals in different stages of their financial journeys. The minimum opening amount is only $25 for all, making it less restrictive to open a new account, especially if you see a change in your income that may sway you to change account types.

    BBVA has great free checking options. However, even the free accounts may have fine-print fees, including:

    • Out-of-network ATM: $3
    • Insufficient funds (NSF): $38
    • Early account closing (less than 180 days): $25
    • Returned deposit: $15
    • Stop payment: $32

    BBVA Online Checking

    • Best for: Customers who want the convenience of online/mobile banking and many free ATM locations
    • Monthly fees: None
    • Minimum opening deposit: $25
    • Features
      • Mobile deposit
      • Debit card with cash-back rewards
      • Free withdrawals at over 64,000 ATMs nationwide

    BBVA Free Checking

    • Best for: Customers who can access BBVA’s branches and ATMs and prefer traditional checking without all the fees
    • Monthly fees: None
    • Minimum opening deposit: $25
    • Features:
      • No paper statement fee
      • Debit card with cash-back rewards
      • Four ATM rebates per month for withdrawals not made at BBVA ATMs
      • Low fees for extras, including $3 per month for a safety deposit box, $2 for an unlimited supply of standard checks and $2 for unlimited cashier’s checks

    BBVA Premium Checking

    • Best for: Customers with higher balances who’d like to earn some interest
    • Monthly fees: $19 per month, which can be waived by keeping a $4,000 average daily balance or receiving at least $4,000 in direct deposits
    • Minimum opening deposit: $25
    • Features:
      • No paper statement fee
      • Earn an APY of 0.01% on your balance
      • Debit card offers cash-back rewards and can be personalized with a free photo of your choice
      • No ATM fees at BBVA cash machines and 64,000-plus Allpoint ATMs

    BBVA Savings Account Fees and Features

    Interest rates could remain near zero for years as the economy recovers from the pandemic. While this is great if you have debts to pay, the interest you may earn right now is less than impressive. BBVA’s savings accounts reflect the current state of the economy. Unless you choose to keep a higher balance in BBVA’s money market, expect your funds to earn a nominal 0.01%.

    For all of BBVA’s savings accounts, watch out for fees such as:

    • Paper statement fee: $3
    • Excess transaction fee (per transaction): $3
    • Early account closing fee (less than 180 days): $25
    • Returned deposit fee: $15

    BBVA Online Savings

    • Minimum opening deposit: $25
    • Monthly service fee: None
    • Features:
      • Up to four free withdrawals allowed per cycle
      • Link to a BBVA checking account for overdraft protection
      • Earn 0.01% APY

    BBVA Savings

    • Minimum opening deposit: $25
    • Monthly service fee: None; $15 quarterly service fee, which can be waived if you set up a monthly transfer of at least $25 from a BBVA checking account or maintain a minimum daily balance of $500
    • Features:
      • Up to four free withdrawals allowed per cycle
      • Link to a BBVA checking account for overdraft protection
      • Earn 0.01% APY

    BBVA Money Market

    • Minimum opening deposit: $25
    • Monthly service fee: $15, which can be waived if you maintain a minimum daily balance of $10,000 or set up a monthly transfer of at least $25 from a BBVA checking account
    • Features:
      • Up to six free withdrawals allowed per cycle
      • Link to a BBVA checking account for overdraft protection
      • Earn 0.01% APY for balances up to $9,999, 0.03% up to $999,999 and 0.05% for $1 million and up

    How To Avoid Unwanted Fees

    Now that you have a better idea of how to open an account with BBVA and what types of fees you may get charged, follow some practices to avoid them.

    Preventing Unwanted Fees

    • Set up push notifications or email alerts: Notifications are free and can warn you of a low balance before an expensive overdraft happens, potentially saving you from a $38 NSF fee.
    • Avoid overdrafts: Open a BBVA savings account along with your checking account. You can link the savings to cover overdrafts before they happen.
    • Avoid ATM fees: The Online Checking and Premium Checking accounts give you more free withdrawal options at Allpoint and BBVA ATMs. The savings accounts and the Free Checking option only allow for free withdrawals at BBVA machines.

    What To Consider Before Opening a BBVA Account

    BBVA USA has a solid lineup of banking products but faces stiff competition from online and brick-and-mortar banks. Weigh the pros and cons of banking with BBVA USA before you decide.

    Pros of BBVA USA:

    • User-friendly online platform and mobile app
    • Accounts geared toward different types of account holders
    • Mortgages, CDs and personal loans are also available
    • Low to no fees
    • Some accounts have free access to more than 64,000 ATMs

    Cons of BBVA USA:

    • Only 649 branches available in the states of Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas
    • Early account closing fee of $25 if you close in the first 180 days
    • Low APY on your balances

    How Does BBVA Compare to Other Banks?

    BBVA offers bank accounts for individuals who prefer a traditional, in-person banking experience and for those who like the convenience of doing their banking online. But has the bank spread too thin by trying to do both? Here’s how much you’ll pay for the same services at competing banks.

    Account Fees and Rates at Competitor Banks

    Wells Fargo

    • Basic checking account fees: $10 (waived when you meet account requirements)
    • Basic savings account fees: $5 (waived when you meet account requirements)
    • Overdraft fees: $35
    • ATM fees: $0 at Wells Fargo ATMs; $2.50 at non-Wells Fargo ATMs
    • Basic saving interest rate: 0.01%

    Ally Bank

    • Basic checking account fees: None
    • Basic savings account fees: None
    • Overdraft fees: $25
    • ATM fees: $0 at Allpoint ATMs; up to $10 in reimbursements per month for fees from other ATMs
    • Basic saving interest rate: 0.50%

    TD Bank

    • Basic checking account fees: $15 (waived with a $100 daily balance or if you’re 17 to 23)
    • Basic savings account fees: $5 (several ways to waive fee)
    • Overdraft fees: $35
    • ATM fees: $0 at TD Bank ATMs; $3 at non-TD ATMs
    • Basic saving interest rate: 0.02%

    Chase 

    • Basic checking account fees: $4.95 (can’t waive fee)
    • Basic savings account fees: $5 (waived when you meet account requirements)
    • Overdraft fees: $34
    • ATM fees: $0 at Chase ATMs; $2.50 at non-Chase ATMs
    • Basic saving interest rate: 0.01%

    Capital One

    • Basic checking account fees: $0
    • Basic savings account fees: $0
    • Overdraft fees: $35
    • ATM fees: $0
    • Basic saving interest rate: 0.40%

    Is BBVA the Bank for You?

    BBVA’s low fee structure and the option to bank online, through the mobile app or at physical branches in certain states make it a good option for many types of individuals. The main drawback is interest rates — nearly all accounts and balances earn 0.01% APY. If you plan on holding a large amount of cash in your savings or money market, you may want to search for a high-yield savings account for better returns.

    Another good selling point if you’re still on the fence is BBVA’s sign-up bonuses. You can get paid some cash simply for opening a bank account and meeting certain requirements. Just remember to hang on to the account for at least six months — BBVA will hit you with an early closing fee of $25 if you take the bonus cash and dash.

    Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of April 19, 2021.

    This content is not provided by BBVA. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by BBVA.

    About the Author

    Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.

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