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Competitive CD Rate Specials at BBVA Compass


Last September I reported on a special 5-year CD at BBVA Compass. That special continues, and there’s also a new 29-month CD special that is also competitive. In addition, a few things have changed at Compass. The 5-year CD special still has a 2.00% APY. The new 29-month CD special has a 1.25% APY. Minimum deposit is $500, and the maximum deposit is $2,500,000 ($250,000 maximum deposit for CD accounts opened online). These rates are listed in the bank’s CD promotion page as of 3/24/2014.

One thing that has changed for the worse is that BBVA Compass only adds 10 basis points to CDs is no longer offering a bonus CD rate for Preferred Clients. I was just told this by a bank CSR. Last year you could get an extra 25 bps on a CD if you had a checking account with a combined balance of $25,000.

One thing that is still the same since my last report is the early withdrawal penalty. It’s equal to $25 plus 1% of the amount withdrawn. So if you withdraw $5,000, the penalty would equal $75 ($25 + 0.01*5,000). Please refer to the bank’s Time Deposit Terms and Conditions document for more details.


One thing that has changed for the better is that they are now allowing people in any state to open CD accounts. According to the bank CSR:

you do not have to live in our market area for deposit accounts. However, we do require you live in our market area for some loans, lines of credit, and credit cards.

There’s an online application that's available to both new and existing customers. but according to the bank CSR, you have to have existing accounts with BBVA Compass to apply for a CD online. If you don’t have an existing account, You can also open a CD by phone with the bank’s Sales Department at 1-800-239-1001. You can fund the account through electronic transfers from other financial institutions or by mailing a check to BBVA Compass.

If you prefer to open a CD at a branch, BBVA Compass branches are located in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.

Checking Account Promotion

If you do open a Compass CD, you may also want to consider the bank's latest checking account promotion in which you can earn a Kindle Fire HD. This is scheduled to last until March 31, 2013. Please refer to my BBVA Compass bonus review for more details. Note, this promotion appears to still be limited to their market area.

Bank Overview

BBVA Compass is a large bank that operates 688 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.

BBVA Compass has an overall health grade at DepositAccounts.com of an A+ with a Texas Ratio of 4.23% (excellent) based on December 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).

How These CD Rates Compare

These two CD specials have competitive rates, but they’re not the best rates as compared to some nationally available CDs. The best 24-month CD rate that’s nationally available is 1.40% APY at Northrop Grumman Federal Credit Union. This requires a $40K minimum deposit. The best rate at an internet bank is 1.20% APY at Bank5 Connect and CIT Bank. The Bank5 Connect CD allows add-on deposits. CIT Bank’s CD is called the Achiever CD and it allows an add-on deposit and a rate bump. Minimum deposit is $25K.

Compass BBVA’s 5-year CD special isn’t as competitive as it used to be. The best 5-year nationally available 5-year CD rate is 2.53% APY at Garden Savings Federal Credit Union. The best rate at an internet bank is 2.30% APY at CIT Bank. This requires a $100K minimum deposit. A 2.25% APY is available for a $1K deposit.

The above rates are accurate as of 3/24/2014.

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.

Edit: Updated preferred client CD info based on latest info from CSR.

Related Pages: BBVA Compass, CD rates

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OldGuy   |     |   Comment #1

You might want to double-check the info you received on rate bump-ups for Preferred Clients.  I spoke with a branch manager, an online banking specialist and a "rate specialist" late last week. All three said there was a bonus but that it had been reduced to 10 basis points.  Two said I had to be simply a "Preferred" client ($25k in "qualifying balances") while one said I had to be a "PreferredPlus" client ($100k in "qualifying balances"). 

The bonus may have been eliminated since then, but my experience with this bank is that it's just awful about giving out accurate information. 
Ken Tumin
Ken Tumin   |     |   Comment #2
Thanks for sharing what you were told. It's always a good idea to double check what the CSRs say. I'll check with some more CSRs about this.
Ken Tumin
Ken Tumin   |     |   Comment #3
I just received an email reply about this question, and this CSR confirmed the 10 bps rate bump that you mentioned. I've updated the post. Thanks. 
OldGuy   |     |   Comment #4
Thanks for the follow-up.  I like the rates at BBVA Compass, but I run into errors and misinformation internally everywhere I turn.  My local branch manager has worked with me in the past to fix things that have gone wrong, but she can't keep her colleagues in Birmingham and the call centers from ****ing up.
OldGuy   |     |   Comment #5
By the way, what got bleeped in my post was not what you think.  It was a much milder word, but I guess the system didn't like it!