BBVA Compass offers services that are a combination of traditional banking options and modern solutions. These services come with attractive features such as free maintenance charges and discounted rates on account opening and minimum balances.
The account requires a minimum balance of $25 to open. There are no monthly service charges, and users can get access to no ATM withdrawal fees at 55,000 Allpoint and BBVA Compass ATMs worldwide. You are also entitled to complimentary use of online and mobile banking. Each account user receives one free debit card.
This option provides you to earn a tiered rate of interest on your money and only requires a minimum amount of $25 at account opening with complimentary access to online and mobile banking. Furthermore, you can earn cashback rewards for everyday debit card purchases. There is no ATM withdrawal fee at 55,000 BBVA Compass and Allpoint ATMs throughout the world.
This service includes a monthly charge of $25 which can be avoided by having an opening balance of $5,000 daily or a combined amount of $25,000 from all your BBVA Compass ClearChoice Interest Checking accounts.
This plan is only available in Alabama, Colorado, California, Florida, New Mexico, and Texas. You can open your account by putting in a minimum balance of $25.
This plan comes with a lot of benefits like no ATM fees at BBVA Compass ATMs, no monthly charges, free customizable alerts, complimentary use of online and mobile banking along with free online and paper statements.
You may also avail additional services which are not a part of the original plan by paying a small amount.
You can open this account easily with a minimum balance of $25, but it has a monthly charge of $13.95. You will be entitled to online and mobile banking with one free Visa debit card.
A paper statement costs $3, but opting for an online statement reduces this fee to zero. You can also earn cashback reward points for daily debit card purchases.
The easy checking account is really for anyone who doesn’t qualify for one of the above.
ClearConnect Savings Account
A savings account will help you earn a good amount of interest on your entire savings account balance. You need a minimum amount of $25 to open an account.
You can access your money at any of BBVA Compass ATMs without having to pay any ATM fees. You also have the option to link your checking account for overdraft protection.
ClearChoice Money Market Account
This option helps you maximize your interest, while still having immediate access to your money. The account requires on $25 to open and includes up to 6 free withdrawals per month. You enjoy 24/7 access to mobile and online banking and no ATM fees.
ClearChoice Savings Account
As with the other accounts, this account too can be opened with a balance of $25. You get easy access to funds in your account along with earning an interest in the deposited sum. You will receive a quarterly service charge of $15 with a $3 fee on paper statements per cycle.
Certificates of Deposit
If you are looking to earn a higher rate of interest than a traditional savings account, then you will want to invest in CDs. BBVA Compass offers CD options starting from a minimum duration of 12 months and going up to 36 months.
Rates of interest applicable to these plans vary according to the time frame. You will need to invest a minimum amount of $500 in opening a CD. Interest rates are different for different regions, and branch rates differ from that of online.
BBVA Compass offers a variety of options for personal loans to help you meet your needs without any financial worry. Some loan offers are:
- Express Personal Loans – You can avail online unsecured loans in the range of $2,000 to $35,000 whereas the loan limit can be extended to $100,000 if opened in a branch. These loans do not require any collateral.
- Auto Loans – Given for buying new and used vehicles. A minimum loan amount of $5,000 is provided, and it can be extended up to $15,000. A fixed rate of interest is charged throughout the loan duration, and there are no documentation fees.
- Home Equity Line of Credit – You can use your home equity line of credit for purposes such as home improvements, debt consolidation, and other expenses. You can draw the loan up to 10 years.
- Home Equity Loans – These loans start from $10,000 with competitive interest rates. Monthly payments are fixed, and this plan helps you save more when compared to credit cards and unsecured loans.
- Mortgage Loans – There are many mortgage plans available with BBVA Compass. Interest rates vary with the loan amount.
Small Business Banking Services
Business requirements must be flexible to the size of the business. BBVA Compass has created business specific plans for services like checking, savings, lending, and merchant services with an additional advantage of specialty programs catered specially for your business.
Whether you are running a business or planning to start one, you will require commercial financing solutions to keep your business flourishing.
Financing and Working Capital
Financing and working capital are some of the commercial lending solutions including real estate financing, term loans and credit and international lending. BBVA Compass is competent to offer customized solutions, depending on the nature of the business.
It also provides specific solutions like asset-based lending, commercial billing services, equipment financing, financial sponsor coverage, and international business expansion.
Utilize your cash reserves by putting idle money to work and streamlining your daily cash flow. BBVA Compass provides services such as automated investment sweep service, commercial banking deposit accounts, and savings and money market accounts to help manage your liquidity woes.
These services provide a great solution to optimize your working capital. The services include payable and receivable solutions, information and risk management along with global cash solutions.
Using these services may help you streamline payable processing, assessing financial data quickly to aid in making business decisions and implement security strategies.
History of BBVA Compass Bank
Banco Bilbao Vizcaya Argentaria (BBVA) was founded as the Central Bank and Trust Company in the year 1964 with a capital of $1 million. It made a hostile takeover bid for Decatur’s State National Bank, the only bank that could open branches across county lines.
In September 2007, the bank was acquired by the Banco Bilbao Vizcaya Argentaria, the second largest bank in Spain and renamed BBVA Compass Bank. BBVA Compass acquired the deposits and core assets of Guaranty Bank of Austin, Texas in 2009 after the company suffered a bank failure.
This move enabled BBVA Compass to create a presence in California and Texas. The company also launched BBVA Compass ClearPoints Card, a mobile associated rewards card that allows for in-person, real-time redemption of reward points.
Headquartered in Birmingham, Alabama with over 11,647 employees, BBVA Compass has total assets worth $87 billion in 2017.
Alternatives to BBVA Compass
BBVA Compass also offers modern financial solutions such as online and mobile banking in case you prefer to make your own decisions.
- CitBank – One of the most consistent banks for good interest rates.
- Capital One 360 – One of the more well known banks for online banking.
- Synchrony Bank – A strictly online bank with very competitive rates on all deposit accounts.
Pros of BBVA Compass
- The bank provides a lot of options in savings and checking accounts in addition to modern financing solutions.
- Minimum deposits to open an account are as low as $25.
- Most financial offerings have no monthly service charges.
- The certificates of deposit come with many options.
- No mortgage is required to obtain a personal unsecured loan.
- There are many customizable offerings for small business owners, and they can avail special interest rates and charges on their business accounts.
- Commercial banking solutions are tailor-made with experiential planning and cash flow management.
Cons of BBVA Compass
- Extra charges for receiving paper statements.
- Interest rates vary with different regions.
BBVA Compass Bank Review Bottom Line
Opting for personal or commercial banking solutions has become a norm today. People tend to go to banks that have been well-established with a good reputation.
At such times it becomes imperative to realize the importance of your financial goals and plan them well to gain a better bet from your stakeholders and your bank!