11/30/2012: The promotion has been extended to December 31, 2012.
BBVA Compass is offering its first major checking account promotion since it added new checking account fees. The promotion is listed on the bank's home page. Here's the direct link to the promotion. You can earn $100 for opening a new Build-to-Order or CompassLink Checking Account online by December 31, 2012
June 30, 2012. Also required is either a qualifying direct deposit or 3 online bill payments of at least $50 each within 60 days of online account opening. Below is the offer's small print:
$100 Bonus Terms & Conditions: New consumer checking accounts opened online from May 4, 2012 to June 30, 2012 may be eligible to receive a $100 bonus with qualifying direct deposits or online bill payments. Within 60 days of online account opening at least one of the following requirements must be met: (1) receive at least one qualifying direct deposit of at least $300 from an unrelated third party; OR (2) make three online bill payments of at least $50 each. Transfers made from PayPal, ING Direct, or accounts you own at other financial institutions do not qualify. To receive the bonus offer, you must be a new checking account customer, or have not had a BBVA Compass consumer checking account within the last 90 days. Offer available for new Build-to-Order and CompassLink Checking accounts opened online. Limit one bonus totaling $100 per household. Account must be open for at least 6 months or your account will be charged the amount of the bonus. Other limitations may apply. Bonuses will be deposited into the new checking account within 90 – 120 days of when requirements are met. Account must be open at time of payment to receive bonus. Bonus may be subject to income tax reporting.
One important thing to note in the small print is that transfers that you initiate from another bank won't qualify as direct deposit. At least they are allowing online bill payment to be used as an alternative to direct deposit since many people may not be able to establish real direct deposits.
BBVA Compass Checking Account Fees
As I mentioned above, you'll have to be careful to avoid fees. BBVA Compass ended its free checking last year. The Build-to-Order Checking requires at least one of the following to avoid a $10.95 monthly fee:
- Direct Deposit (ACH) credit of $300 or more from an unrelated 3rd party (such as an employer or Social Security), OR
- average daily collected balance of at least $1,500, OR
- account is enrolled in the BBVA Compass Preferred Client PLUS Program
- Student under 25
To avoid a $20 monthly fee on the CompassLink Checking account, even larger balances are required. To see all the account details, please refer to the Compass Checking Accounts page.
On the first page of the application it states that you must have a permanent residence of one of the following states: Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas. They also require a new applicant to be a U.S. citizen.
Competitive 5-Year CD
BBVA Compass is also offering a competitive rate on its 5-year CD. I last reported on this CD in February. The 5-year yield used to be 2.00% for all states, but this has gone down to 1.75% in all states except California, Arizona and Colorado.
BBVA Compass is the 32nd largest bank in the nation and operates 720 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 5 stars (out of 5) with a Texas Ratio of 14.62% (above average) based on December 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).
Other Bank Bonuses
We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.