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BBVA Compass VS SmartyPig

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: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Free savings account
  • Tiered Interest Rates
  • Set up multiple goals
  • Direct withdrawals

Cons:

  • Only offer one type of account
  • Six withdrawals allowed per month
  • Maximum account balance
  • One external funding source allowed
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.

SmartyPig Review

SmartyPig accounts do not have monthly maintenance fees. There is not a required amount to keep in the account. The first initial deposit to open the account is $25.

This savings account offers tiered interest rates. This means the more money you have in the account, the more interest you will earn. The interest rates do not vary much between tiers. The difference from a low amount to the higher amount is around 0.05%.

With this SmartyPig account, you can set up different savings goals. The savings accounts can be long-term, like saving for a college education. They can also be short term, like saving for a mountain bike or birthday party. You can transfer money from your SmartyPig primary account to different savings goals.

The best way to save money is to set up direct withdrawals. You set up when you want the money to come out of your account and how much to withdraw. Then, SmartyPig does the rest. Once the money is deposited into your account, you can transfer it into different savings goal. The withdrawals can be set up to occur monthly or biweekly.

SmartyPig has only one account offered: a high yield savings account. They do not offer checking accounts, CDs, money market accounts, or business accounts. The interest rate on this savings account is considerably higher than other banks savings accounts.

The website says you can withdraw money anytime, but federal regulation only allows six withdrawals per billing cycle. This includes transfers between your SmartyPig primary account and your different savings goals. The transfer or withdrawal will not take place if you have made more than six in a billing cycle. If you repeatedly try to make more than six, your account will be closed. Once you reach your goal, you cannot withdraw part of your money back to your external funding source. You must withdraw it all, or transfer the money between other savings goals.

This account is not meant for high account balances. There is a maximum account balance of $250,000. If your account has $250,000, you will earn interest on the money in the account, but you cannot add to the account.

Each SmartyPig account is only allowed to have one external funding source set up for it. That means you can only have one bank account connected to each SmartyPig account. You can change your external funding source if you want, but never have more than one.

Read the full SmartyPig review.

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