BBVA Review: Low Maintenance Fees and Award-Winning Mobile App

GOBankingRates Score

4.6
Our Take: Even though BBVA doesn’t have as many physical locations as some of the largest banks in the country, it still has much to offer. Whether you want to open an interest-bearing checking account or a second-chance account, get an express personal loan or apply for a mortgage loan — or anything in between — BBVA can deliver.
  • Mobile App/Digital Experience
    5.0
  • Rewards Programs (for students, first responders and professionals)
    4.5
  • Opening Deposit Requirements
    4.5
  • Customer Service
    4.5
How did we calculate this?

      Pros

      • A host of banking account options and services
      • Both in-branch and online banking available
      • Award-winning mobile banking app

      Cons

      • More competitive rates may be found elsewhere

      About BBVA

      BBVA USA is a bank that provides online banking and has physical branches in seven states in the United States. BBVA began as a Central Bank & Trust Company in 1964. From its roots in Birmingham, Alabama, this financial institution has pioneered such concepts as opening branches on Saturdays and offering the first ATM and debit cards in Alabama. Today, BBVA continues to look to the future of banking with its award-winning mobile app.

      If you are interested in online banking and enjoy using mobile apps for your finances, then BBVA may be worth your consideration. GOBankingRates has ranked it one of the Best Regional Banks of 2021. Explore the different banking options to see if BBVA aligns with your financial habits and needs. GOBankingRates has named BBVA to the list of one of the Best Online Banks in its Best Banks of 2021 rankings.

        BBVA Products

        BBVA has an array of accounts available to its customers with varying fees and features to compare to other top financial institutions. Depending on your account balance, banking expectations and financial habits, certain accounts might be better to hold your money than others.

        Product Key Details
        Checking Accounts
        • Free and interest-earning accounts available
        • Low minimum opening deposit of $25 for all accounts
        • Options to waive monthly service fees
        Savings Accounts
        • No quarterly service charge for BBVA Online Savings account
        • $25 minimum opening deposit required for all accounts
        • Option to link to a BBVA checking account to cover overdrafts
        Money Market Account
        • Competitive money market interest rate
        • $25 minimum opening deposit required
        • Up to six fee-free withdrawals per month
        CDs
        • Choice of four term lengths for CDs, ranging from 11 months to three years
        • No maintenance fees
        • $500 minimum opening deposit required
        IRAs
        • Offers traditional, rollover and Roth IRA options

        BBVA also offers credit cards, personal and auto loans, mortgage loans, home equity lines of credit, and investment products and services.

        BBVA Checking Account

        BBVA offers a variety of personal checking accounts, which allows you to choose the account that works best for your finances. If you do not qualify for one of BBVA’s regular personal checking accounts due to credit challenges, you may apply for BBVA Easy Checking, which is a second-chance checking account.

        Features

        • Free online and mobile banking
        • Visa debit card with cash-back rewards included with all accounts
        • A low opening-deposit requirement of $25
        • Quick online application process

        Pros

        • Visa debit card with cash-back rewards included with all accounts
        • A limited number of non-BBVA ATM transactions allowed on eligible accounts
        • Free unlimited check writing on all accounts
        • Interest-bearing checking account available: BBVA Premium Checking
        • No monthly service charges with BBVA Free Checking and BBVA Premium Checking

        Cons

        • Must take action to have monthly service fees waived on some accounts, such as by having a qualifying monthly direct deposit or maintaining a minimum average daily collected balance

        BBVA Savings Account

        BBVA offers two traditional savings accounts, depending on your needs. Both accounts, BBVA Savings and BBVA Online Savings, require a minimum opening deposit of $25.

        Features

        • BBVA Online Savings Account features no quarterly service charge and the ability to link to a BBVA checking account for overdraft protection.
        • BBVA Savings Account offers you the ability to waive both the quarterly service charge and monthly statement fees.
        • Both accounts provide access to mobile check deposits.

        Pros 

        • Option to link BBVA savings to BBVA checking for overdraft protection
        • No ATM fees at BBVA ATMs

        Cons

        • More competitive interest rates can be found elsewhere, such as those offered by Discover and Ally

        BBVA Money Market Account

        BBVA offers a money market account as part of its savings product lineup. GOBankingRates has ranked it one of the Best Money Market Accounts of 2021. You potentially can earn more by increasing your BBVA relationship.

        Features

        • Easy access through online and mobile banking
        • Overdraft protection when linked to a BBVA checking account

        Pros

        • First six withdrawals per month are free
        • Minimum $25 opening deposit
        • Options to waive monthly service fee, such as having a daily collected balance of at least $10,000

        Cons

        • Balance of at least $10,000 required before you can earn higher APY rates
        • Comparatively low APY of 0.01% versus other financial institutions

        BBVA CD Account

        Certificates of deposit, or CDs, are a great way to earn a higher interest rate than offered by traditional savings accounts. You can choose your CD term with a corresponding interest rate when you open a CD at BBVA.

        Features

        • Terms vary from 11 months to three years
        • FDIC insured — guaranteed return without risk
        • APY of 0.05% on all term lengths
        • $500 minimum opening deposit to earn APY interest
        • $250 maximum deposit if opening a CD online

        Pros

        • Access to your CD online, anytime
        • No maintenance fees

        Cons

        • More competitive rates may be found elsewhere.

        BBVA Individual Retirement Accounts

        BBVA offers retirement plans, as well as an education savings account, that can match your needs and saving habits. These plans aren’t unique to BBVA.

        Features

        • Traditional IRAYou can invest in this account but taxes are deferred until you make a withdrawal. Contributions to this account could be tax-deductible.
        • Roth IRA: Contributions will be taxed before investment, so withdrawals from this account are tax-free.
        • Rollover IRA: This account is designed for people who need to roll their 401(k) into a Traditional or Roth IRA.
        • Coverdell Education Savings Accounts: You can contribute a maximum of $2,000, tax-free, to this account every year to help build a savings account for qualified education expenses. Individuals with less than $110,000 modified gross adjusted income per year are eligible.

        Pros

        • Contributions may be tax-deductible.
        • Choose between accounts that are tax-deferred or tax-free.

        Cons

        • Withdrawal penalties may apply, depending on account rules.

        Banking Experience

        BBVA operates 649 branch locations in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico and has nearly 1,000 fee-free ATMs. You can manage accounts, pay bills and make mobile deposits and transfers via the bank’s mobile app. Here’s more about BBVA’s banking experience:

          Customer Service

          BBVA offers various ways to get in touch if you need assistance with your accounts or other banking services:

          • Chat: To chat, visit BBVA online.
          • Online Banking Support Customer Service: Call 844-228-2872 to reach a customer service representative.

          Accessibility and Ease of Use

          BBVA offers customers several ways to bank, which makes it easy to find one that works best for you. Here’s more:

          Mobile and Digital Experience

          As long as you’re already enrolled in online banking, you can download and log in to the BBVA Mobile App with your BBVA online username and password. The app is available for both Apple and Android smartphones. BBVA’s iOS app has a rating of 4.8 out of 5, and its Android app rating is 4.8 out of 5 on the Google Play store.

          How To Open a BBVA Account

          Opening a BBVA account is easy. Visit the bank’s website, and select the type of account you’d like to open. Follow the prompts. You’ll progress through these five stages to open a BBVA account:

          Items Needed To Open an Account:

          1. Personal information
          2. ID verification
          3. Occupation and source of income
          4. Agreements and disclosures
          5. Transfer of funds

          Key Information

          Customer Service Number: 844-228-2872

          Routing Numbers: See BBVA routing numbers by state

          Promotions: Newest BBVA Promos and Bonuses

          Login: BBVA Login Help

          BBVA Fees

          BBVA, like its competitors, does charge fees. Here’s a rundown of some of the fee types and amounts that you can expect.

          • Monthly maintenance fees: $0 to $19, depending on the type of account
          • Overdraft fees: $38 per item, $32 in California
          • Returned item fee: $38 per item, $32 in California
          • Wire transfer fees: $15 to $45, depending on the type of wire transfer

          The fees BBVA charges are in line with what many other banks charge, although the $38 overdraft fee is a bit high. BBVA does offer account holders the opportunity to waive monthly maintenance fees via balance or direct deposit requirements.

            Bank Monthly Maintenance Fees Overdraft Fees
            BBVA $0 to $19 $38, $32 in California
            Bank of America $4.95 to $25 $35
            Wells Fargo $5 to $30 $35
            Chase $4.95 to $35 $34

            BBVA vs. Competitors

            BBVA vs. Bank of America

            Bank of America typically offers a lower overdraft fee than BBVA — $35 versus $38 — unless you’re banking in California. But BBVA beats Bank of America’s maximum monthly maintenance fees: $19 versus $25.

            BBVA vs. Wells Fargo

            Wells Fargo’s overdraft fee, like Bank of America’s, is $35, which beats out BBVA’s fee of $38. However, if you bank at BBVA in California, the overdraft fee drops to $32. BBVA comes out the winner for the lowest monthly maintenance fees, charging a maximum fee of $19, compared to Wells Fargo’s maximum fee of $30.

            BBVA vs. Chase

            Chase also beats BBVA when it comes to lower overdraft fees — $34 versus $38 — unless you bank at BBVA in California. Then, the overdraft fees drop to $32. But BBVA beats Chase’s monthly maintenance fees across the board and beats the bank’s highest monthly maintenance fee by far: $19 to $35.

            Final Take

            If you’re looking for a bank that offers a full suite of banking products and services and low minimum opening deposits, BBVA is worth considering. The bank’s monthly maintenance fees are lower than those of other big banks, and BBVA, like other banks, offers account holders ways to avoid account fees by maintaining an average minimum daily collected balance or setting up direct deposits.

            Plus, BBVA’s award-winning mobile app ranks high for customer service and ease of use.

                Editor’s Favorite

                BBVA has lower monthly maintenance fees than some of the biggest banks, which can help you save. The bank also offers low minimum opening deposits of $25 on its checking and savings accounts and makes banking easy with its highly rated mobile app.

                FAQ

                Now that you know more about BBVA’s services, products and fees, here are answers to some of the bank’s frequently asked questions.
                • What does BBVA stand for?
                  • The acronym BBVA stands for Banco Bilbao Vizcaya Argentaria, which is one of the largest banks in Spain.
                • Is BBVA bank FDIC insured?
                  • Yes. BBVA is FDIC insured up to the federal maximum of $250,000 per depositor, per bank.
                • How long does a check take to deposit to BBVA?
                  • In general, if you deposit the check at a branch before the close of business, or before a specified cutoff time at an ATM or a night depository, it will deposit the same business day. All but the first $225 of the check deposit may be held until the second business day following your deposit, depending on the type and dollar amount of the check. Checks deposited via BBVA’s mobile deposit service are generally available within five business days following the deposit.
                • Does BBVA direct deposit early?
                  • No, not at this time.
                • Why did BBVA Compass change to BBVA?
                  • The bank changed its name to BBVA to unify its brand and logo across the globe.
                • Does BBVA offer free money for signing up for an account?
                  • Yes, BBVA does offer various bank promotions throughout the year. Currently, BBVA is offering 0.05% APY for opening a 12-month CD. For credit card customers, if you purchase at least $1,500 within 90 days of opening the account, you could receive a $100 credit on your account.

                Jared Nigro also contributed to the reporting of this article.

                Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of April 8, 2021.

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

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                About the Author

                Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. Her articles have been featured in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English.

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