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Competitive CD Rates at BBVA Compass in Several States


BBVA Compass is offering some competitive rates on its Featured CDs. It continues to offer a good deal on the 5-year CD with a 2.00% APY. It has added some good deals for the shorter terms. The two best are a 1.25% APY 2-year CD and a 1.00% APY 15-month CD. Minimum deposit is $500, and the maximum deposit is $1,000,000. These rates are listed on its CD rates page for Southern California as of 6/4/2012. Rates may vary by area. I've confirmed these rates for several locations including Southern California, Houston Texas and Jacksonville Florida.

I first reported on the 2% 5-year CDs in February. This rate had gone down in some states for several weeks until recently. It now appears available in all states where Compass has branches.

BBVA Compass provides few CD details on its website. In February 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 I was told the early withdrawal penalty is equal to $25 plus 1% of the amount withdrawn.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.

Other BBVA Compass Promotions

BBVA Compass continues to offer a $100 checking account bonus. It's scheduled to last until 6/30/2012. I reviewed this in May.

As I warned in the checking account bonus review, you have to watch out for fees. Last year BBVA Compass added new and larger fees on its checking accounts.


BBVA Compass branches are located in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.

Bank Overview

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. Some may be concerned about having any connection with a Spanish bank due to Europe's debt crisis. Banco Bilbao Vizcaya Argentaria SA was one of 16 Spanish banks that were downgraded by Moodys last month. U.S. depositors shouldn't worry. Based on past examples, the most likely consequence of a foreign bank holding company that faces serious problems is for it to sell its U.S. subsidiary. That's what happened with ING DIRECT after its parent ING was bailed out by the E.U. Part of the bailout agreement was for ING to divest ING DIRECT USA.

BBVA Compass has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 13.45% (above average) based on March 2012 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 These CD Rates Compare

This 2% CD is a better deal now than it was back in February since rates have trended down. For 5-year CDs that are nationally available, you have to look to credit unions if you want yields over 2%. The highest 5-year CD rate is 2.20% APY at Justice Federal Credit Union. This requires a $100K minimum deposit. For a small deposit, the highest rate is 2.17% APY at Melrose Credit Union ($5K minimum deposit).

For the shorter terms, Melrose Credit Union also has top rates: 1.36% APY for a 2-year term and 1.10% APY for a 1-year term. The best 1-year CD rate is actually at Doral Bank Direct which offers 1.15% APY.

These rates are accurate as of 6/4/2012.

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.

Related Pages: BBVA Compass, CD rates, IRA rates

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