It has been a while since BBVA Compass has offered competitive CD rates. BBVA Compass currently has one CD rate that's competitive. It's a 5-year CD with a 2.00% APY. Minimum deposit is $5,000, and the maximum is $1 million. This is listed on its CD rates page as of the morning of 2/7/2012. Rates may vary by area. I've confirmed this rate for several locations including Southern California, Houston Texas and Jacksonville Florida.
BBVA Compass provides few CD details on its website. I had to call their Telephone Banking Department at 1-800-266-7277 (option 2) to find out some important details. I was told the early withdrawal penalty is equal to $25 plus 1% of the amount withdrawn. You can start the application by phone, but a branch visit is required to complete the application process. I was told they require new customers to live within 60 miles from a branch.
BBVA Compass hasn't been too friendly to depositors in the last year. As I described last year, it has added new and larger fees on its checking accounts. It also has not won many fans from its partnership with SmartyPig. Since BBVA Compass has become SmartyPig's bank partner, SmartyPig rates have gone down substantially.
BBVA Compass branches are located in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
BBVA Compass is the 31st largest bank in the nation and operates 716 branches in Texas, Alabama, California, Arizona, Florida, Colorado and New Mexico. It's under the bank holding company Banco Bilbao Vizcaya Argentaria S.A., the second largest bank in Spain.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 14.75% (above average) based on September 2011 data. Please refer to our financial overview of BBVA Compass for more details. The bank has been a FDIC member since 1964 (FDIC Certificate # 19048).
How This CD Rate Compares
The best 5-year CD rate that's nationally available is 2.60% APY at Digital Credit Union. This requires a $25K minimum deposit and Relationship Checking. Without this relationship, the rate is 2.35% APY for a $25K minimum and 2.25% APY for a $500 minimum deposit.
The best 5-year CD rate at a bank is 2.00% APY (59-month CD special) at US Bank.
These rates are accurate as of 2/7/2012.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.