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BBVA Compass VS Dime Community Bank

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: 4.0 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:

  • Low opening required balances
  • MMA and some CDs offer competitive rates
  • Variety of different types of accounts
  • Business accounts are available

Cons:

  • Cannot open all accounts online
  • Most account rates are not competitive
  • Some accounts have a monthly fee
  • Branch locations only in New York
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.

Dime Community Bank Review

Most Dime accounts have a low amount required to open an account. All the checking accounts only require $25 to open. The money market account requires $1,000, and CDs require $500. The club savings accounts only require $5 to open.

The money market account offers competitive interest rates. There is no monthly fee for the Dime money market account. This account requires $1,000 to open. You can open the money market account online. Online and mobile banking are available. Some of the CDs offer competitive interest rates, but not all the terms.

Dime offers a variety of different types of accounts. They offer personal and student savings accounts. A money market account and specific Club savings accounts are available. Dime offers four different checking accounts and many different CD terms. This allows you to find the accounts that best fit your financial needs.

Dime offers many business accounts. Savings, checking, and money market accounts are available for businesses. CDs and lines of credit are available. Business account holders have access to different money management options. Online and mobile banking are also available for business accounts.

You cannot open all Dime accounts online. To open a CD, you must visit a branch location. To open a checking account, you can call customer service or visit a local branch. The Dime money market account can be opened online.

Most of the interest rates offered through Dime are not competitive. The interest rates are similar to typical brick and mortar rates. Only the MMA and a few CDs offer interest rates that are competitive with online-only accounts.

Some Dime accounts have a monthly fee. The fees range from $4 to $10 a month. The Dime savings account has a fee. The Prime Dime Interest checking account also has a fee. This checking account earns the highest interest rates of the checking accounts. Waive the account fees by keeping $500 in the savings account and $1,500 in the checking.

To open some Dime accounts, you must visit a branch location. All the branch locations are in New York. If you don’t live close to a branch, you are not able to open those accounts.

Read the full Dime Community Bank review.

Favorite Rates

State Farm Bank
MMA 08/16/2019
APY 2.00%
Intro Rate 1.98%
Intro Duration 12 Months
Post Intro 1.00%
For APY $1,000
Monthly Fee $10.00
To Avoid Fee $500
Checkbook Yes
Intro APY, $1,000 to Open, $5,000 Min Bal post intro, See Limits
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