BBVA Review: BBVA CDs Could Help You Build Your Savings

BBVA CD accounts offer many terms, but is the interest rate enough to make you switch?

BBVA

BBVA Compass Bancshares, Inc. is one of America’s 20 largest banks with total assets exceeding $65 billion. BBVA stood out during the financial crisis because it pulled through unharmed. The bank was not eligible for financial assistance from the government because it’s considered “foreign-owned.” But that didn’t matter; the U.S. only accounts for 10 percent of the total revenue of BBVA, so the bank’s global diversification was an advantage.

BBVA Review

BBVA was founded as Compass Bank in Alabama in the 1960s and still maintains its headquarters in Birmingham. Compass Bank was acquired by Banco Bilbao Vizcaya Argentaria (BBVA) in 2007, and the bank changed its name to BBVA Compass Bank.

Today, BBVA has over 745 branches in the U.S. along with more than 13,000 employees. The bank is active in seven states: Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. It offers online banking and is FDIC-insured.

BBVA uses the AllPoint ATM network, which has over 43,000 ATMs nationwide in all 50 states. So, although BBVA branches might be tough to find outside of the aforementioned seven states, ATMs are easily accessible.

BBVA also offers free notary services for customers, which can be helpful as notaries are sometimes hard to find and can be expensive depending on the services needed. Call to find out if your specific branch has notary services on site.

Related: 11 Best Credit Unions for CD Rates

BBVA CDs

A certificate of deposit is a savings certificate that entitles the holder to receive interest. It has a maturity date, a fixed interest rate and can be issued in any denomination. A CD’s term generally ranges from one month to five years, and the account is insured by the FDIC. CDs are great for individuals saving for a specific goal with a known time horizon or people looking to earn more interest than traditional savings accounts offer.

Related: What Should I Do With $50,000 Coming Out of a CD Account?

“Right now, CDs are just about the only way to get any interest at a bank,” said Ryder Taff, portfolio manager of New Perspectives, Inc. “They are also appropriate for emergency funds as they keep the money out of reach unless you really need it.”

BBVA CD Rates

All BBVA CD accounts require a $500 minimum opening deposit. The maximum you can deposit into a BBVA CD is $2,500,000, but for online accounts, the maximum is $250,000. If you choose a CD with a fixed term and decide to withdraw money early, then you will incur a penalty.

Unlike many other banks, BBVA does not charge monthly maintenance fees for its CD accounts. Plus, the bank’s online platform allows 24/7 access to check CD account balances.

TermBranch APY*Online APY*
1 Month0.05%N/A online
3 Months0.05%N/A online
6 Months0.10%N/A online
9 Months0.10%N/A online
12 Months0.10%0.10%
16 MonthsN/AN/A online
19 MonthsN/A1.30%
35 MonthsN/A1.50%
36 Months0.40%N/A online
48 Months0.50%N/A online
60 Months0.50%0.50%
*Annual percentage yield

The above rates are based on accounts for residents living outside of Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas, as the rates vary in those states.

To open an account, you’ll need a valid Social Security number and either a U.S. driver’s license, state-issued ID or passport. The application can be filled out online for the 12-, 19-, 35-and 60-month BBVA CDs only. To get access to the full list of BBVA CD products, you can call the bank’s customer support team or go to a branch in person to further discuss the account offerings.

Keep Reading: 5 Tips for Choosing a CD Account

The Bottom Line

BBVA offers competitive features such as free branch services and easy online access. Its online options and ATM network make it a convenient option for customers who don’t require in-person banking services outside of the states in which it operates.

Taking into account all of the BBVA CD rates available online, from 1-month to 60-month terms, BBVA’s average CD rate is 0.24 percent. That is 0.27 percent below the national average of 0.51% APY. Although BBVA CD rates are currently below the national average, its other features and offerings still made it a finalist in GOBankingRates’ list of the Best Banks of 2015.

BBVA is a client of GOBankingRates.

All APYs are accurate as of 10/05/2015.