BBVA Compass is offering a competitive rate of 2.50% APY on its 2-year CD. Minimum deposit is $5,000. This rate is listed on the bank's rate table as of 7/09/09. Note, they have separate CD rate tables for the different regions. I've checked most of these, and they all have the 2.50% APY for the 24-month term. This is the only CD term with a competitive rate.
Compass also has a promotion for opening a new checking account. It's not as good as previous ones. Here's the link to the promotions page. When you open a new checking account by 7/31/09, you'll receive 5% cash back for gas, groceries and utilities when you pay using the BBVA Compass Visa Check Card that comes with the checking account. The maximum cash back is $50, and the signature-based check card purchases must be made before 8/31/09.
I've been happy with my Compass Bank Build-to-Order Free Checking. I don't use it much. I keep it active with monthly debits which qualifies me for yearly $25 bonuses. Refer to my previous Compass Bank post for details of the Build-to-Order checking.
To open an account, you must reside in one of Compass's market areas which include Alabama, Arizona, Colorado, Florida, New Mexico and Texas.
BBVA Compass used to be just Compass Bank. It was rebranded after Compass was acquired by Banco Bilbao Vizcaya Argentaria, the second largest bank in Spain. The bank is still called Compass Bank in the FDIC database with a FDIC certificate # 19048.
Compass Bank has fair ratings for safety and soundness: 3 stars (performing) at Bankrate.com and 3½ stars at BauerFinancial. Both ratings are based on 3/31/09 financial data.
Thanks to the reader who emailed me news of this CD.
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