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BBVA Compass VS North American Savings 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:

  • Variety of personal deposit accounts
  • Low opening required amounts
  • Competitive interest rates
  • Online and mobile banking

Cons:

  • Accounts have monthly fees
  • Tiered interest rates on accounts
  • Cannot open all accounts online
  • No business accounts offered
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.

North American Savings Bank Review

NASB offers a variety of personal deposit accounts. They offer a free, student, and interest-earning checking account. A variety of savings accounts are available as well. They offer student savings, stepping stone savings account, and a premier account. Their CD terms range from six months to 120-month terms.

Most NASB accounts have low opening required amounts. Most of the savings accounts require $25 to $500 to open. The performance savings account does require $5,000 to open. Most of the checking accounts require $50 to $1,000 to open. The money market account and CDs have higher opening required amounts. They require $1,000 to $5,000 to open.

Most NASB accounts offer competitive interest rates. The rates are competitive with other online accounts. The rates are higher than typical bank rates. Two checking accounts earn interest. Those rates are higher than typical bank rates, but not competitive with online checking accounts.

All NASB accounts offer online and mobile banking. With mobile banking, you can deposit checks, transfer funds, and see account balances. You can pay bills through online or mobile banking. With the mobile app, you can access NASB’s personal finance management tool.

North American Savings Bank accounts have monthly maintenance fees. The fees for each account are $7.50 a month. To waive the fees, you must keep a set account balance. Those balances range from $100 to $15,000 depending on the account.

Most all NASB accounts have tiered interest rates, even the CDs. To earn the most competitive interest rates requires a high account balance. To earn the most competitive rates for CDs requires $5,000 to $10,000. The checking account requires $2,500. The money market account requires $50,000 to earn the best rate. The savings accounts require $50,000 to $75,000 to earn the most competitive rate.

Not all NASB accounts are able to be opened online. Some accounts require visiting a branch location to open. North American Savings Bank offers special online accounts and in-branch accounts. Their website makes it easy to see which accounts are online and which are in-branch accounts.

North American Savings Bank does not offer business deposit accounts. They offer commercial lending options and construction and development loans. NASB only offers personal deposit accounts. Those accounts include savings, money market, and checking accounts, as well as CDs.

Read the full North American Savings Bank review.

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