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BBVA Compass VS TAB 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: 5.0 Star Icon
No Rate Information
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Pros:

  • Variety of accounts offered
  • No monthly maintenance fees
  • Most accounts have low opening amounts
  • Savings account and CDs offer high rates

Cons:

  • Savings account opening balance high
  • Most account interest rates low
  • Opening accounts not entirely online
  • Customer service not available 24/7
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.

TAB Bank Review

A variety of accounts are available through TAB Bank. They offer personal and business checking, savings, and money market accounts, along with CDs. The CD terms range from six months to five years. TAB offers personal deposit accounts and accounts for all sizes of businesses.

The accounts at TAB Bank do not have monthly maintenance fees. There is no required amount to keep in the account to avoid a monthly fee. The accounts do have set amounts to earn the most competitive interest rates.

Most TAB accounts have low required amounts to open. The money market account, checking, and basic savings account all only require $25 to open. There is a daily balance required of $1 to keep the account open and earn interest. Each of the CD terms require $1,000 to open.

TAB Bank’s high yield savings account and CDs offer competitive interest rates. These rates are competitive with other online accounts. The interest rate for the high yield account is not tiered. You do need to have a balance of $2,500 to earn the most competitive rate. Amounts under $2,500 still earn interest, just a much lower rate. Each of the CD terms offers competitive interest rates. CDs require $1,000 to open and earn interest.

The high yield savings account has a high opening balance. This account requires $2,500 to open. That amount is also required to keep in the account to earn the highest interest rate. Any amount under $2,500 earns interest, just a much lower rate.

Interest rates for TAB accounts, besides the high yield savings account and CDs, are low. They are not competitive with other online accounts. The interest rates for checking, basic savings, and money market accounts compare to brick and mortar bank rates.

Opening an account with TAB Bank is not done entirely online. The application is online. You must print off the application and fill out the information. Once the application is complete, you can email, fax, or mail it to TAB Bank.

TAB Bank customer service is not always available. TAB customer service is open Monday through Friday from 6 a.m. to 7 p.m. Mountain Time. On Saturday they open from 9 a.m. to 3 p.m. TAB customer service is closed Sunday and federal holidays.

Read the full TAB Bank review.

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