BBVA Compass is again offering a free Kindle Fire HD for opening a checking account and for performing a few activities. It’s a 7" 8GB Kindle Fire HD which is currently selling on Amazon for $139. It is not the Kindle Fire HDX which is much more expensive. Here's the link to the new promotion. Below are the steps required for the bonus:
- Open any ClearChoice consumer checking accounts by March 31, 2014
- Within 90 days of account opening, at least one electronic direct deposit of $300 or more from an unrelated third party (e.g. your employer or government agency) must post to this account
- Within 90 days of account opening, at least three qualifying online or mobile bill payments of $50 or more to three different, unrelated third parties must be made from this account
Below is the small print of this offer (I’ve highlighted some of the important terms):
Offer is valid only for consumers who have not had a BBVA Compass consumer checking account within the last 90 days. Customers who open an Easy Checking account are eligible for this offer. NBA Checking and ClearConnect Checking accounts are not eligible. Checking accounts subject to approval, which may include credit approval. $25 minimum opening deposit required. Miscellaneous fees and service charges may apply. A qualifying bill payment is one that you schedule through your BBVA Compass Online or Mobile Banking profile and is paid by the deadline. Person-to-person (Pay People) payments and wire transfers do not qualify. Once the required activities have been completed, the 7" 8GB Kindle Fire HD will be shipped via courier within 60 days to the checking account statement address. Signature will be required at the time of delivery. The account must remain open and be in good standing at the time the bonus is shipped. BBVA Compass employees and household members are not eligible. There is a maximum of one (1) bonus per household. BBVA Compass may report the value of the Kindle Fire HD to the IRS as required by law. Kindle, Kindle Fire, Amazon, and the Amazon Kindle logo are trademarks of Amazon.com, Inc. or its affiliates. Kindle devices are given away on behalf of BBVA Compass. Amazon is not a sponsor of this promotion. Other limitations may apply.
One important thing to note in the small print is that the value of the bonus may be reported to the IRS. As I mentioned above, Amazon lists the value of the 8GB Kindle Fire HD as $139.
Will BBVA Compass Honor the Promotion?
BBVA Compass has a pretty good record of honoring the terms of checking account promotions. Last year I asked readers in a poll if the bank has paid you the bonus as promised in past promotions. 68% of those who took the poll reported that they had received the bonus without a phone call. 14% reported that they did not receive the bonus, but admitted that it was their fault. Only 18% reported that they did not receive the bonus and it was the bank’s fault.
BBVA Compass Checking Account Fees
One downside with many checking account bonuses is that the required checking account has monthly service fees. If you don’t avoid these fees, the fees can offset the value of the bonus. The best checking account for this promotion is the BBVA Compass ClearChoice Checking. It has a potential monthly fee of $4. It can be waived if the balance is at least $1,500 or if there’s a direct deposit of at least $300 per deposit or a total of $600 in deposits in the month. According to BBVA Compass, the direct deposit must come from an unrelated third party. So an ACH transfer that you initiate from another bank may not count.
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. If you're not a U.S. citizen, you must visit a branch to apply.
Competitive CD Rates
BBVA Compass continues to offer a competitive 5-year CD rate. The standard featured CD rate is 2.00% APY. However, they have been offering a rate bump of 25 bps if you also open a checking or savings account with the CD, and your combined balance (can include the CD) is at least $25,000 (see post).
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 grade at DepositAccounts.com of an A+ with a Texas Ratio of 5.28% (excellent) based on September 2013 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).