BBVA, once known as BBVA Compass, is a financial institution that might not be a household name for everyone, but it offers a variety of banking services, especially for those who prefer online banking. This review will explore BBVA’s checking and money market accounts, highlighting the pros and cons to help you determine if one of their accounts is right for you.
Who is BBVA?
BBVA is a major player in the banking world with an impressive $853 billion in assets. While it has numerous branches across the U.S., BBVA also thrives in the online banking space, making it easy for customers to manage their finances from anywhere. The bank offers a range of products including savings accounts, credit cards, personal loans, and investment services. However, we’ll focus on the bank’s checking and money market accounts in this review.
BBVA’s checking accounts are designed to fit various needs, offering both high-quality services and competitive rates. So, let’s dive into what they have to offer.
BBVA Checking Accounts
BBVA offers two main checking account options: Premium Checking and Online Checking. Both provide access to BBVA’s award-winning mobile app and online banking services, making managing your money easier than ever.
- Premium Checking: This account offers an interest-earning checking option, which is rare for a checking account. It requires a $25 minimum deposit to open and comes with a $19 monthly fee. However, you can waive the fee if you maintain a daily balance of $4,000 or have at least $4,000 deposited directly into the account each month. Premium Checking also includes free checks, unlimited check writing, and overdraft protection. A $3 fee for paper statements is also applied, but you can avoid it by opting for electronic statements.
- Online Checking: The Online Checking account also requires a $25 opening deposit but has no monthly service charge. It doesn’t earn interest, but you can still access all of the bank’s mobile and online banking features, including bill pay and overdraft protection. While this account doesn’t include free checks, it offers the benefit of no monthly fees.
BBVA Money Market Account
BBVA’s Money Market Account (MMA) offers a way to earn higher interest while maintaining liquidity for withdrawals and check writing. It’s an ideal choice for those who want to keep their savings accessible while earning more than a standard checking or savings account would provide.
The MMA requires a $25 minimum deposit to open and offers competitive interest rates. The account has a $15 monthly fee, which can be waived by either maintaining a daily balance of $10,000 or setting up a recurring monthly transfer of $25 from a BBVA checking account. However, this account is not suitable for everyday spending, as it’s limited to six transactions per month.
The BBVA MMA is a great choice for savings goals like building an emergency fund or saving for large expenses, such as vacations or tuition. It offers round-the-clock access via mobile and online banking, making it easy to manage your funds.
Pros and Cons of BBVA Bank
Like any financial institution, BBVA has its strengths and weaknesses. Here’s a quick summary:
Pros:
- No Monthly Fees on Online Checking: With no monthly fee, the Online Checking account is a solid choice for those who want a fee-free account with easy access to their money.
- Competitive Interest Rates: BBVA offers a decent interest rate on its Premium Checking account and a much higher rate on the Money Market Account, making them attractive options for savers.
- Fee-Free ATM Access: For Premium Checking customers, BBVA reimburses ATM fees from other networks, making it easier to access your funds wherever you are.
- Strong Mobile and Online Banking: BBVA’s mobile app and online banking platform are user-friendly, giving you control over your accounts from anywhere.
- Low Opening Deposits: With only $25 required to open both checking and money market accounts, getting started is simple and affordable.
Cons:
- High Fees on Premium Checking: The Premium Checking account has a monthly fee, which can only be waived under certain conditions. Additionally, there’s a paper statement fee unless you opt for electronic statements.
- Limited Interest on Premium Checking: While Premium Checking earns interest, the rate is lower than what you might find at other online banks.
- Transaction Limits on Money Market Accounts: The MMA limits you to six transactions per month, so it’s not ideal for everyday spending.
How to Use BBVA Accounts
BBVA’s checking and money market accounts serve different purposes in your financial strategy. The checking accounts are ideal for managing daily transactions, including paying bills, writing checks, and making purchases with your debit card. They also offer features like overdraft protection and direct deposit, making them useful for regular financial needs.
The Money Market Account, on the other hand, is better suited for savings goals. It provides a higher interest rate than checking accounts, though it comes with limitations on the number of transactions you can make per month. This makes it a great option for stashing away savings for things like emergencies, vacations, or tuition payments.
Is BBVA Right for You?
BBVA offers a range of services that can make managing your money simpler. Their checking accounts come with valuable features like no monthly service charges (for Online Checking), free ATM access, and overdraft protection. The Premium Checking account is a great option for those who want to earn interest and have access to a full suite of banking services.
The Money Market Account is an excellent choice for those who want to earn a higher interest rate while still maintaining easy access to their money. However, if you’re looking for a more flexible savings account or a checking account with fewer fees, there may be other options worth exploring.
Final Thoughts
BBVA is a solid choice for online banking, offering both checking and money market accounts that provide the tools you need to manage your finances. With low opening deposit requirements, competitive interest rates, and convenient mobile banking, BBVA is a great option for tech-savvy customers. Just be mindful of the monthly fees associated with some of their accounts, and make sure the account you choose aligns with your financial goals.
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