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BBVA Compass VS CommunityWide FCU

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 3.0 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: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • Accounts offer competitive rates
  • Low opening amounts for most accounts
  • Variety of accounts offered
  • Funds Savings Account

Cons:

  • Must join the credit union first
  • CDs have high opening required amounts
  • No ATM fee reimbursement
  • Checking account has a monthly fee
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.

CommunityWide FCU Review

Accounts at CommunityWide offer competitive interest rates. The rates are competitive with other online accounts. CommunityWide rates are much higher than typical bank rates. Their rates are not tiered. Any balance above the required amount earns competitive interest rates.

Most CommunityWide accounts have low opening required amounts. The savings accounts require $5 to open. The checking accounts requires $15 or $25 to open. To earn interest on these accounts you must have $500 in the account, but not to open the account.

CommunityWide offers a wide variety of accounts. They offer personal savings and checking accounts, and CDs. Their CD terms range from six months to five years. They offer IRA accounts, auto loans, personal loans, and other types of loans.

A Funds Savings Account is available through CommunityWide. This account acts as a savings account but earns a higher interest rate. Members can only withdraw money deposited in the account at specific times. You can choose whether to withdraw the money monthly or quarterly. Money can be deposited into the Funds Savings Account anytime.

Before you can open an account with CommunityWide, you must become a member of the credit union. To be eligible to join you must have worked for a certain company or be a spouse of someone who has. Members of certain organizations are eligible. Immediate family members of CommunityWide members qualify to open an account. Once you qualify, you must present a valid government issued ID and your social security number to open an account.

To open a CD with CommunityWide has a high opening required amount. Each of the CD terms requires $2,000 to open. The CDs ranges from six-month terms to sixty-month terms. Each term offers a competitive interest rate.

CommunityWide Federal Credit Union does not offer ATM fee reimbursement. They offer over 30,000 ATMs that are free for members to use. If you make a transaction with another ATM not in their network, you may be charged a fee. CommunityWide will not reimburse you that fee.

The CommunityWide checking account has a monthly fee. The fee is $2.95 each month. Customers can waive this fee by having a direct deposit into the account. You can also waive the fee by keeping a daily balance of $5,000 in the account. The savings accounts require $5 to avoid a monthly fee.

Read the full CommunityWide FCU review.

Favorite Rates

CIBC Bank USA
Savings 08/20/2019
APY 2.20%
Rate 2.18%
For APY $1
Monthly Fee $0.00
Checkbook No
Grow your savings with a rate you can rely on.
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