We have another savings account paying 1% APY. I don’t know how long it will last, but it’s always nice to see another savings account join the 1% club. Hopefully, this club will keep expanding in the near future and we’ll soon be talking about the 2% club. This rate is being offered by BBVA Compass, and it’s part of the bank’s NBA Banking promotion. To qualify for the 1% APY, you’ll need to open the bank’s NBA Savings account by June 30, 2014. Also, it requires that you open a NBA Checking or ClearConnect Checking account. The 1% applies to your entire balance. According to the small print, "rates subject to change." So there’s no guarantee that this rate will hold after June. According to the CSR, it’s likely to last for several months.
Full details of this offer are listed at NBA promotions page at BBVA Compass.
Both the NBA Savings and Checking accounts have no monthly service fee. However, there are some fees that could hit savers. I was told these accounts are designed to be used as online accounts. So that helps explain some of these fees. First, both accounts have a $3 paper statement fee, but this can be avoided by turning off your paper statements and receiving your statements electronically through online banking. The checking account has an excess branch deposits fee. This is charged for each deposit processed in branch after 1 per statement cycle. There’s also an excess withdrawal fee which is charged for each check or in-branch withdrawal processed after 3 per statement cycle. These exclude checks issued from online bill pay. As you would expect from any savings account, there’s an excess transaction fee. However, it’s charged for each withdrawal transaction in excess of 4 per statement cycle. Federal regulations allow up to 6 per statement cycle.
BBVA Compass does have a bank-to-bank ACH transfer service. I tried to get the transfer limits this morning from a CSR, but according to the CSR, the dollar limits vary per customer. The CSR said the highest that she has seen is a $10K limit per transaction. They don’t restrict ACH transfers that are initiated from other banks. So that looks like the most convenient way to make transfers for those with large balances.
NBA Checking Bonuses
The NBA Checking account doesn’t pay interest, but it has some perks. The first is a $50 sign-up bonus, and this doesn’t have any activity requirements. All that is required that you open the account by June 30, 2014 with a $25 minimum deposit. If you click on the "apply now" button at the BBVA Compass NBA page, it’ll show you the following requirements and details for the bonus:
- Must be a new BBVA Compass customer; existing BBVA Compass customers are not eligible.
- New NBA Checking checking account must be opened by June 30, 2014
- Account must be opened online utilizing the link provided below.
- New account must be funded within 30 days of account opening.
- $50.00 bonus will be deposited into the new account within 30 days of funding.
- The account must be open and in good standing at the time the bonus is deposited.
- BBVA Compass may report the value of the bonus to the IRS as required by law.
In addition to the sign-up bonus, you can earn additional bonuses with activities like online bill pay, direct deposit and debit card usage. One of the bonuses is a $100 NBAStore.com electronic gift card for making at least 3 qualifying bill payments of $50 or more each within 90 days. The second one is a $15 Amazon gift card for receiving 2 direct deposits of $300 or more within 90 days of activating Direct Deposit Dash. The third is a $10 iTunes gift card for using the debit card 40 times in 30 days.
These NBA Savings and Checking accounts are available to people in any state. There’s an online application that can be used to open both of these. BBVA Compass used to limit their products to customers in their market areas. That has recently changed, and now BBVA Compass allows people in any state to open many accounts.
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 3.76% (excellent) based on March 2014 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).