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BBVA Compass VS Ally Bank

Which bank is better for you?

  • Financial Rates: 1.5 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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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
  • Financial Rates: 3.5 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
1.00%APY
Savings/MMA
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Pros:

  • Competitive interest rates on accounts
  • No required opening amounts or fees
  • Good variety of accounts available
  • Ten-day Best Rate Guarantee

Cons:

  • Accounts have tiered interest rates
  • Limited ways to fund your accounts
  • Link external accounts to Ally accounts
  • Transfers can take days to fund
BBVA Compass Review

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.

Read the full BBVA Compass review.

Ally Bank Review

Ally accounts offer competitive interest rates. The interest rates for the Ally savings account is 2.20% for all balances. The checking account earns 0.60% on balances over $15,000. The money market account and CDs also earn competitive rates.

Ally accounts do not have required opening amounts. You can open their accounts with any amount. There are no monthly fees for Ally accounts. They do not have set amounts required to keep in the account to avoid a monthly fee. The CDs have a fee if you withdraw money before the maturity date.

There are a good variety of personal accounts offered through Ally. These accounts include:

  • Savings and money market account
  • Interest checking account
  • High yield CD
  • Raise Your Rate CD
  • No Penalty CD
  • IRA CDs

When you open a CD with Ally, they offer a ten-day Best Rate Guarantee. For the first ten-days after opening your CD, Ally will watch the interest rates. If the rates increase during that time, the interest rate for your CD will increase. This guarantee is for new CDs as well as CD renewals.

Some Ally accounts have tiered interest rates. To earn the highest rates requires high account balances. The money market account requires $25,000 to earn the most competitive rates. The checking account requires $15,000.

There are limited ways to fund your Ally accounts. The easiest way to fund your account is through electronic transfers. Once your account is open, you can set up direct deposit with your employer. You can mail in a check or deposit a check through Ally eCheck Deposits. You cannot deposit cash into Ally accounts.

To make electronic transfers, Ally suggests linking an external account. You can then transfer money electronically between the linked account and Ally accounts. You can transfer money electronically between Ally accounts.

The standard time to transfer money from Ally to an external account is three business days. This time does not include weekends or holidays. If you need the money the next day, you must request the transfer before 7:30 p.m. Monday through Friday. Transfers between Ally accounts are immediate.

Read the full Ally Bank review.

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