BBVA Bank Review

Full service online banking with branches in select states

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BBVA

BBVA has a strong online banking presence and branches in seven states. Based in Birmingham, Alabama, the bank launched its first online offerings as far back as 1995.

In our in-depth review of BBVA bank, we'll look at the products and services available and whether it's a good fit for your banking needs.

  • Pros & Cons
  • Company Overview
Pros & Cons
Pros
  • Full service banking options

  • Cash bank rewards with some checking accounts

  • Large ATM network

  • Award-winning mobile app and online banking service

Cons
  • High overdraft fees

  • Low interest rates

  • Branches in only a few states

  • Few monthly transactions without a fee

Company Overview
  • Year Founded 1964
  • Official Website www.bbvausa.com
  • Official Products Offered Savings, checking, CDs, MMA
  • Customer Service Phone line: 1-844-228-2872 (Ala., Ariz., California, Colo., Fla., N.M., and Texas) & 1-866-534-4482 (all other states)

Pros Explained

  • Full service banking options: BBVA has accounts to meet almost every need, including checking, savings, money market, certificates of deposit (CDs), IRAs, and more.
  • Cash back rewards with some checking accounts: Both BBVA online checking and free checking accounts earn cash back rewards for debit card purchases through BBVA's Simple Cash Back program.
  • Large ATM network: Most BBVA accounts with debit cards have access to 64,000 BBVA and other participating ATMs.
  • Award winning mobile app and online banking service: BBVA's mobile app was named a 2019 leader in mobile banking by independent research firm Javelin Strategy & Research. It also was recognized for its online banking platform.

Cons Explained

  • High overdraft fees: BBVA has an overdraft fee of $38 per transaction, up to six per day.
  • Low interest rates: Interest rates on BBVA accounts are much lower than other online banks.
  • Branches in only a few states: BBVA only has branches in seven states: Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. 
  • Few monthly transactions without a fee: Some BBVA accounts, like BBVA Savings and Online Savings, only allow four free transactions a month.

Who Is BBVA Bank Best For?

BBVA should appeal to consumers looking for a full-service online bank. It may be a good fit for customers who want to:

  • Have a variety of accounts at the same bank
  • Do the majority of their banking online or via mobile app
  • Aren’t interested in earning interest from savings or checking accounts
  • Plan to keep large enough account balances to avoid monthly service fees
  • Access a large no-fee ATM network

What Does BBVA Bank Offer?

BBVA Bank has a full array of banking solutions available to appeal to a wide range of customers including:

  • Savings accounts
  • Checking accounts
  • Money market accounts
  • CDs
  • Credit cards

Savings Accounts

BBVA Savings Account

A BBVA savings account is a basic savings account. It earns very little interest— 0.05% annual percentage yield (APY). Other account features include:

  • $25 minimum opening deposit
  • No fees at BBVA ATMs
  • Only four withdrawals per statement period before incurring fees

There is a $15 monthly service fee with this account, which is waived if you set up an automatic monthly transfer of at least $25 from a BBVA checking account or maintain a daily balance of at least $500.

Online Savings Account

BBVA's online savings account isn't much different from its standard account, other than not having a monthly maintenance fee. It also only earns 0.05% APY, much less than the best online savings accounts. Other account features include:

  • $25 minimum opening deposit
  • Only four withdrawals per statement period before incurring fees
BBVA Bank Savings Accounts
Account Name Min Opening Deposit  Quarterly Fee APY
BBVA Savings $25 $15 (Waivable) 0.05%
Online Savings  $25 $0 0.05%
BBVA Bank Savings Accounts

Checking Accounts

Premium Checking Account

Premium checking is the bank's only interest-bearing checking option, earning 0.05% APY. It also levies a monthly maintenance fee that is waived by keeping a daily balance of at least $4,000 or making at least $4,000 in direct deposits monthly. Other features include:

  • $25 minimum opening deposit
  • Access to 64,000 BBVA, AllPoint, and 7-Eleven ATMs across the U.S.
  • Automatic rebate of two out-of-network ATM fees a month
  • Personalized debit cards available

Online Checking Account

Another checking account option is BBVA's online checking. An account can be opened with a $25 initial deposit. Other features include:

  • No monthly maintenance fee
  • Access to 64,000 BBVA, AllPoint, and 7-Eleven ATMs across the U.S.
  • Free BBVA Visa debit card (One per account holder)

Online checking also includes access to Simple Cash Back. Customers earn cash back rewards for qualifying purchases using a BBVA debit card. 

Free Checking Account

BBVA's free checking is a basic checking account. The account does offer several free perks, similar to its other checking accounts such as:

  • No ATM fees at BBVA ATMs
  • No monthly maintenance fees
  • Free Visa debit card (One per account holder)
  • Free unlimited check writing privileges
  • Free online and paper monthly statements

You can open an account with a $25 initial deposit. Account holders also have access to the Simply Cash Back program. The account offers several add on features for additional costs:

  • Unlimited cashier's checks—$2 per month
  • Safe deposit box—$3 per month
  • No BBVA fees for using another bank's ATM and four ATM fee rebates—$5 per month
  • An option to personalize debit card with a photo for a $10 fee
  • Unlimited standard checks (50% other styles)—$2 per month
BBVA Bank Checking Accounts
Account Name  Min Opening Deposit Monthly Fee APY
Premium Checking $25 $19 (Waivable) 0.05%
Online Checking $25 $0 N/A
Free Checking  $25 $0 N/A
BBVA Bank Checking Accounts

Money Market Accounts

BBVA’s money market accounts offer an APY of 0.13%

Rates are based on standard rates set by BBVA, which may change, depending where you reside.

You can open a money market account with a $25 deposit. There is a $15 monthly service charge which is waived if you either keep a daily balance of $10,000 or set up an automatic monthly transfer of at least $25 from a BBVA checking account.

Money market accounts have a limit of six free withdrawals per month.

BBVA Money Market Accounts
Account Name Minimum Opening Deposit Monthly Fee APY
BBVA Money Market  $25 $15 (waivable) 0.13%
BBVA Money Market Accounts

CDs

BBVA offers CDs online and from local branches. To access local CD rates, stop in or call your local BBVA branch, or call BBVA at 1-844-BBVA USA. Online CDs are only available in four term lengths, all with lower interest rates than offered by the top online banks.

BBVA CDs require a $500 minimum deposit and have no monthly maintenance fees. Terms available are 11, 12, 18, and 36 months.

There are early withdrawal penalties for pulling funds from CDs before your term ends:

  • Terms of 12 months or less: $25 plus 1% of the amount withdrawn
  • Terms longer than 12 months: $25 plus 3% of withdrawn amount
BBVA Online CD Terms and Rates
Term APY
11 months 0.10%
12 months 0.15%
18 months 0.15%
36 months 0.20%

Credit Cards

BBVA offers four credit cards, including cards that earn rewards and a secured credit card, perfect for building credit:

  • Rewards credit cards: BBVA Rewards, BBVA ClearPoints, and Select Credit Card
  • Secured credit card: Optimizer Credit Card

All credit card options, except the BBVA Rewards Card, are only available in Ala., Ariz., Calif., Colo., Fla., N.M., and Texas.

All of the rewards credit cards feature bonuses for new customers.

Other Financial Products Offered by BBVA

BBVA also offers other products to complement its personal banking accounts including:

BBVA Customer Service

BBVA has several customer service phone numbers, depending on where you live and the service you need. For customer service or to open an account in Ala., Ariz., California, Colo., Fla., N.M., and Texas call 1-844-228-2872. In all other states, the number to call is 1-866-534-4482.

For online and mobile banking the number is 1-800-273-1057 and for credit cards 1-800-239-5175. Support is also available online or at bank branches if you happen to live near one.

BBVA's mobile app, 4 stars on Google Play and 4.8 stars on iTunes, gives customers access to:

  • Payments and transfers
  • Online bill pay
  • Mobile deposits
  • Account notifications

How to Bank With BBVA

Customers can open an account with BBVA online via its website. Select bank accounts can be opened in person at a BBVA bank branch or by phone.

To open an account, customers need to verify their identity by providing info from one of the following sources:

  • Driver's license
  • Passport
  • State issued ID with photo

Opening a new account requires a deposit from a debit or credit card, an account at another bank, or an existing BBVA account.

Verdict

BBVA provides customers a full-service online banking experience with options that fit a wide range of needs. But its interest-bearing accounts don't have the higher rates you associate with top online banks. Most of its bank branches are located in the southwest region of the U.S., which limits customers looking for both online and local banking services. Customers face monthly transaction limits with some BBVA accounts. BBVA Bank offers enough variety and value through its banking services to warrant at least a long look from most potential customers.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks including products available, interest rates, fees, and accessibility to ensure that our content helps users make the right decision for their savings and banking needs.

Article Sources

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  2. BBVA. “Checking Accounts.” Accessed April 23, 2020.

  3. BBVA. "BBVA Savings." Accessed April 23, 2020.

  4. BBVA. "Online Savings Account." Accessed April 23, 2020.

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  6. BBVA. "Online Checking Account." Accessed April 23, 2020.

  7. BBVA. "Free Checking." Accessed April 23, 2020.

  8. BBVA. "BBVA Money Market Account." Accessed April 23, 2020.

  9. BBVA. "Certificates of Deposit." Accessed April 23, 2020.

  10. BBVA. "CD Terms & Conditions." Accessed April 23, 2020. 

  11. BBVA. "Credit Cards." Accessed April 23, 2020.

  12. BBVA. "Contact Us." Accessed April 23, 2020.

  13. BBVA. "Mobile Banking." Access April 23, 2020.

  14. BBVA "Compare Our Checking Accounts." Access April 23, 2020.

  15. BBVA. "Free Checking Application." Access April 23, 2020.