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BBVA is an FDIC insured brick-and-mortar bank with 634 branches in seven states. BBVA launched in 1964 in Birmingham, AL. The bank is now among the 25 largest banks based on commercial deposits and is one of the largest banks in Alabama, Arizona, and Texas. This in-depth review of BBVA Bank can help you decide if the products and services are a good fit for you.
- Pros and Cons
- Company Overview
Free checking available with a $25 deposit
More than 64,000 fee-free ATMs available nationwide
"Second chance" checking accounts available
Clear and easy-to-navigate fee disclosures
Branches only available in seven states
Advertised CD rates not available to everybody
Average customer service ratings
- Official Website www.bbvausa.com
- Product Offerings Savings, checking, money markets, CDs, credit cards
- Customer Service Phone line available Monday through Friday from 7 a.m. to 10 p.m. and Saturday from 8 a.m. to 4 p.m. (844-228-2872), mobile app, online chat and contact form
- Year Founded 1964
BBVA USA is now part of PNC Bank, and is no longer accepting applications as of August 2021.
Who Is BBVA Best For?
BBVA may appeal to those who want one-stop shopping from a large brick-and-mortar bank. It should be particularly attractive to those who:
- Live in Alabama, Arizona, California, Colorado, Florida, New Mexico, or Texas
- Like the option of in-person banking
- Want a free checking account that’s easy to qualify for
- Have experienced financial troubles and need a “second chance” checking account
- Value a highly-rated mobile app that’s intuitive and easy to use
What Does BBVA Offer?
BBVA offers a full array of accounts for individuals and small business, ranging from essential services to premium offerings.
- Savings accounts and money market account
- Checking accounts
- Certificates of deposit
- Credit cards
|Account Name||Fee||Fee Waiver||Best For||APY|
|BBVA Savings Account||$15 quarterly service charge||Automatic monthly transfer of $25 or more from BBVA checking account or maintain a minimum daily balance of $500 or more||Those who want a low-maintenance savings account that earns interest||0.01%|
|BBVA Online Savings Account||None||N/A||Those who want to bank with BBVA but don't live near a branch office||0.01%|
BBVA Savings Account
The BBVA Savings Account is a basic savings account for keeping cash secure. The $25 deposit required to open an account is manageable, and the fee waivers are easy to meet for most customers.
While federal law limits certain withdrawals to six per month, BBVA has even stricter standards. After four withdrawals per month, you pay $3 per excess withdrawal.
The interest earnings are unimpressive when compared to other banks, but you may have your reasons for keeping cash in a brick-and-mortar account. For example, you can link this account to your BBVA checking account for overdraft protection.
Likewise, if you only keep a small amount of cash in savings, the APY does not matter too much. However, it doesn’t make sense to pay $15 per quarter. If you’re facing that fee, consider a local credit union, online bank, or BBVA’s online account below to avoid fees.
BBVA Online Savings Account
The BBVA Online Savings Account is similar to the standard BBVA Savings Account, with the same opening balance, APY, statement fees, and withdrawal limits. The primary difference is that there’s no quarterly fee, making it a better option if you have limited resources. You can still use BBVA branches if needed, so you’re not limited to online-only banking.
Although BBVA calls this an online bank account, it doesn’t match the APYs of classic online bank accounts. Those offerings are typically high-yield savings accounts with substantially higher rates.
BBVA Money Market Account
The BBVA Money Market Account requires a low initial deposit and a monthly maintenance fee that's easy to waive if you have a BBVA checking account. You get up to six free withdrawals per month, and free paper and online statements. The account's downside is that its APY is very low at 0.01%, compared to the leading money market accounts.
|Account Name||Monthly Service Charge||Opening Deposit||Minimum Balance||Fee Waiver||APY|
|Convenience Checking||$9||$25||None||Waive with qualifying $500 monthly direct deposit or by having an Average Daily Collected Balance of $1,500+||None|
|Premier Checking||$19||$25||None||Waive with qualifying $4,000 monthly direct deposits OR by having an average daily collected balance of $4,000+||0.01%|
Free Checking is a basic checking account that can handle your everyday needs and doesn’t charge a monthly Service Charge. It comes with standard banking features like mobile check deposits, a debit card, and account alerts.
Overdraft charges and insufficient funds fees can go as high as $92, so keep tabs on your account. Check your balance regularly, and set up alerts to avoid problems.
This account may be a fine choice for free checking with a brick-and-mortar bank. You can handle essential banking tasks at an affordable price, and you can link this account to other banks, if necessary.
You have access to fee-free BBVA-branded ATMs in the seven states where BBVA operates. Those ATMs are at branches as well as locations like grocery stores and convenience stores. However, your free checking account does not give you access to BBVA’s non-bank Allpoint ATMs locations.
You can negate all fees that BBVA charges you for using out-of-network ATMs and up to four ATM fees charged by out-of-network banks by paying $5 per month.
BBVA’s Online Checking offers some minor improvements over the Free Checking account. The primary difference is that you must open the account online or by phone, but you’re allowed to use BBVA branches, if you’d like.
- Basic Free Checking features
- Fee-free access to more than 64,000 ATMs
If you’re eyeing the Free Checking account,w and you’re comfortable opening an account online, the Online Checking account is probably a better option if you like to use ATMs to withdraw cash.
Premium Checking is an interest-bearing checking account geared toward customers who have substantial balances with BBVA. It's also the only checking account the bank offers that earns an APY. Among the perks the account offers are two ATM fee rebates and free standard checks.
Interest earnings in the Premium Checking account are a nice perk. However, the top high-yield savings accounts have significantly higher APYs. If you have excess cash you want to earn money on, a high-yield savings account may be a better option.
Easy Checking is BBVA’s “second chance” checking account. This account might be a good option for you if banks and credit unions won’t let you open a checking account because of problems in your financial history. The account is not cheap (there is no way to waive the $13.95 monthly fee), but it provides access to a brick-and-mortar checking account, and you can potentially upgrade to a more affordable account after 12 months.
Before signing up for an account with a hefty fee, apply for a standard checking account with BBVA, and shop around at other banks and credit unions.
Certificates of Deposit
BBVA has a limited offering of CDs, with terms ranging from 11 months to 36 months. That may seem like a short list of options, but the terms should be sufficient for basic needs without overcomplicating things. CDs require at least $500 to open.
|BBVA CD Rates|
The APY above only applies to new CDs that you open online. To find out how much you can earn in other circumstances, contact BBVA.
Early withdrawal penalties at BBVA are fairly straightforward:
- For terms of 365 days or less, pay $25 plus 1% of the amount you withdraw
- For terms longer than 365 days, pay $25 plus 3% of the amount you withdraw
BBVA’s promotional CD rates are average for a brick-and-mortar bank. If you want to earn more and improve your chances of consistently high rates, browse our list of the best CDs (updated weekly).
BBVA offers four different Visa credit cards including a secured credit card. If you’re looking for a 0% balance transfer or you want to earn rewards for spending, one of these cards might meet your needs:
- BBVA Rewards Card
- BBVA ClearPoints Credit Card
- Select Credit Card
- Optimizer Credit Card
Other Financial Products From BBVA
In addition to deposit accounts and credit cards, BBVA has a wide range of offerings:
- Home mortgage loans
- Refinance mortgages
- Home equity loans and lines of credit
- Personal loans
- Auto loans
- IRAs and annuities
- Self-directed investing
- Managed investment portfolios
- Financial consultants
- Private banking
- Business bank accounts
- Business loans and other business services
BBVA Customer Service
BBVA gets mediocre reviews on customer service, with ratings of “about average” in J.D. Power’s 2021 U.S. Retail Banking Satisfaction Study. However, BBVA's mobile app earned the 2019 Javelin Mobile Banking Leader ranking for functionality, making it the sixth consecutive year BBVA got high marks.
Customer service is available by phone Monday through Friday from 7 a.m. to 10 p.m. and Saturdays from 9 a.m. to 1 p.m. Central time.
How to Bank With BBVA
To get started, visit BBVAUSA.com or go to a branch. Until its merger is complete in October 2021, the website is directing customers to PNC. As with any financial institution, you need to provide personal information when opening a bank account.
BBVA has a broad lineup of services for consumers and businesses. If all you need is a basic checking account, BBVA might be a good option, especially if you’re located in Alabama, Arizona, Texas, California, Colorado, Florida, or New Mexico. Those states have 634 branches to choose from, plus additional fee-free ATMs at grocery stores and other locations. Free checking is accessible to almost anybody at BBVA, and if you can’t get approved for some reason, you can try to get back on your feet with a “second chance.”
Although BBVA is a large bank, the service footprint only covers seven states. As is common with brick-and-mortar banks, BBVA pays low rates on savings accounts, CDs, and money market accounts. The bank may be helpful for free checking at a local branch and business needs, but it’s not the best place to earn interest. If you keep a substantial amount in cash, it’s worth exploring alternatives like online banks for your excess savings.
BBVA. "BBVA USA Now a Part of PNC." Accessed Aug. 6, 2021.
J.D. Power. "U.S. Retail Banks Nail Transition to Digital During Pandemic, J.D. Power Finds." Accessed Aug. 6, 2021.