BBVA Compass Review

How does your bank stack up?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon

Pros:

  • Low required opening deposit amounts
  • Small business and commercial accounts
  • Easy Checking to start or rebuild finances
  • Simple Cash Back program

Cons:

  • Only four transactions allowed per cycle
  • High overdraft fees
  • Low-interest rates
  • Only four different CD options

What You Need to Know

BBVA Compass has low opening balances for their accounts. The minimum opening deposit for all checking and saving accounts is $25. The opening required amount for CDs is $500.

Small business and commercial business accounts are available from BBVA Compass. Checking accounts, savings accounts, loans, and credit cards are available. Commercial business opportunities also include ways to increase your working capital.

If you do not qualify for a checking account, BBVA Compass offers the Easy Checking account. This account helps you rebuild your finances. If the account is active with a positive balance after 12 months, you can upgrade to a different checking account. The fee for this account is $13.95 a month. The opening amount required is $25. This account offers a debit card and unlimited check writing. Online or mobile banking and text alerts are available. You have the option to enroll in the Simple Cash Back program.

Simple Cash Back is a program that allows you to earn cash-back rewards. This program is available if you have a debit or credit card with BBVA Compass. Your purchase history determines what offers you receive. You can select the offers that you want. The money is then deposited into your account.

Federal regulations allow for six transactions from a savings account each billing cycle. BBVA Compass savings accounts only allow four. Each extra transaction has a $3 fee.

Most banks have a fee if you spend more than you have in your account. BBVA Compass fees are higher than other banks. For every transaction over $1.01 of insufficient funds, the fee is $38. You can link your checking account to a BBVA Compass savings or money market account. This could help cover the insufficient amount. However, the fee to transfer money from a savings or money market into your checking for insufficient funds is $12 a day.

Only a few of BBVA Compass accounts have good interest rates. The money market account earns a competitive rate, but the rates are promotional. They may change. The other accounts have lower interest rates. The rates are higher than typical banks but lower than online-only bank accounts.

Only four of BBVA Compass CD accounts are available online. The terms are 12 months, 15 months, 18 months, and 36 months. The 12 months CD offers a good interest rate, but it is only a promotional rate. It may change. The other three CD terms are much lower than the 12-month term.

Cool Things

ClearSpend Prepaid Visa Card

BBVA Compass offers a prepaid Visa card. There are no overdraft fees, purchase transaction fees, or load fees. There is a $4 monthly service charge. Loading more than $400 each month onto the card will waive the $4 fee. BBVA Compass will not do a credit check when you apply.

ClearBenefits Program

For $5 a month you can enjoy BBVA Compass ClearBenefits program. This offers savings and protections from the surprises in life. Some include $10,000 accidental death and cell phone protection. There are identity theft insurance and restoration options. You also get discounts on shopping, entertainment, and price protection. Roadside assistance and discounts on medical plans are also included.

Personalized and Sports Fan Debit Cards

BBVA Compass lets you customize your debit card. Use your favorite photo for one free personalized debit card per account holder. Alternatively, you can sign up for a sports fan debit card. Houston Dynamo, University of Alabama, or Auburn University are available.

History

BBVA Compass opened in Alabama in 1964. The original name was Central Bank & Trust. This was the first new bank to open in Birmingham in almost 20 years. They were the first bank to be open on Saturdays. In 1975 this bank surpassed $1 billion in assets.

In 1978 Central was the first bank to issue an ATM and debit card in Alabama. By 1987 it was the largest bank in the state, and the first branch in New York opened. Since Central was expanding the bank changed its name to Compass Bank in 1993.

Over the years Compass Bank has expanded and established branches in many of the states. In 2004 their assets were at $15 billion. In 2007 the name changed to BBVA Compass.

Awards and Recognition

  • "Best Digital Bank in North American" by global finance magazine Euromoney
  • "Best Bank in America 2015-16" by Money magazine
  • "Best in Mobile Functionality" by Javelin Strategy & Research

Giving Back

BBVA Compass committed $11 billion to help with low to moderate-income communities. They started by helping 128 low-income families get into an apartment. BBVA Compass financed more than half of the total cost to build those apartments. The Lakeline Station Apartments opened their doors in 2016 in Texas.

"Bright Futures Women in Business" is a promotion by BBVA Compass. It awards businesses led by women who are making a difference in their communities. One winner was Backpacks 4 Kids in Arizona. BBVA Compass awarded this business with $2,500. This business helps get backpacks and school supplies into low-income families. A different business is awarded each year.

BBVA Compass began the "Summer of Opportunity" campaign. Employees hand out $25 gift cards to people during summer. This initiative recently added charities to their list of recipients. Bank leaders hand out $250 in gift cards to charities making a difference in their communities.

Frequently Asked Questions

Is this bank FDIC insured?

Yes. BBVA Compass is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

Checks, debit cards, or ATMs. You can make transfers online or visit a local branch.

Does this bank offer mobile banking?

Yes. You can make payments or transfers. Bill pay, mobile deposits, and account alerts are available through mobile banking.

Is this bank free?

Most of BBVA Compass accounts are free of monthly fees. The Interest Checking account does have a fee, but meeting requirement will waive the fee.

Is this a good bank?

The promotional interest rates are competitive. Other rates are typical of other banks. BBVA Compass is secure online, offers a variety accounts, and has local branches.

Is this bank secure online?

Yes. Information online is encrypted. You can set up alerts through online or mobile banking to more closely monitor your accounts. Signing up for BBVA Compass ClearBenefits protects you from identity theft.

Does this bank offer competitive interest rates?

The promotional rates offered on certain accounts are competitive. The other rates are typical of other banks.

Can I use this bank for my business accounts?

Yes. BBVA Compass offers many accounts for small or commercial businesses. Savings, checking, money market accounts, credit cards, and loans are available.

How is the online bank different from the online banking my bank offers?

It is the same. You can access your accounts online or by visiting a local branch. The promotional interest rates are competitive. The regular rates are similar to other banks.

Do their checking accounts pay interest?

Only the Interest Checking account earns interest. To earn interest on that checking account, you must also open a savings account with BBVA Compass.

How do I reach customer service?

By phone or email through online banking. You can also request a customer service agent to call you.

Does this bank offer bill pay?

Yes. All BBVA Compass checking accounts come with free bill pay.

Can I deposit cash?

Yes, at a local branch.

How long do transfers take?

Transfers made between BBVA Compass accounts are instant. All other transfers depend on the transfer.

Can I sign up for direct deposit to this account?

Yes. BBVA Compass offers direct deposit to all their checking and savings accounts.

Bank Information

Find a branch near you
1-800-266-7277

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