BBVA Compass is offering another checking account promotion. In this latest one, you can earn up to $150, but it will take a year to earn the full amount. Refer to this BBVA Compass promotions page for the full details. The checking account must be opened by September 30, 2014. Below is a summary of what’s required:
- First open up your BBVA Compass ClearChoice Checking account.
- Then, within two calendar months, add a BBVA Compass savings or Money Market account, if you don't already have one.
- Have one or more electronic deposits totaling $1,000 in a calendar month from an unrelated third party post to the checking account.
- Then, BBVA Compass will deposit $10 each of the first 12 months you have the account open and meet the stipulations. Plus, an additional $30 bonus after meeting the monthly bonus requirements for 12 consecutive months.
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. Offer valid for BBVA Compass ClearChoice consumer checking accounts opened from July 14, 2014 through September 30, 2014. ClearConnect Checking, NBA Checking, Bama Checking and Dynamo Checking accounts are not eligible for this offer. Checking and savings accounts subject to approval, which may include credit approval. $25 minimum opening deposit required. Miscellaneous fees and service charges may apply. For each calendar month that you meet the bonus requirements set forth above, you will receive a $10 bonus (the "Monthly Bonus"). You can receive the Monthly Bonus for a maximum of twelve (12) consecutive months. The maximum cumulative amount of the Monthly Bonus is $120. Bonus requirements must be met in consecutive months in order to continue receiving the Monthly Bonus. The Monthly Bonus will be deposited into your most recently opened BBVA Compass consumer savings or money market account. Your savings or money market account must be open and in good standing at the time the bonus is paid. If you receive the Monthly Bonus for 12 consecutive months (totaling $120), you will also receive an additional bonus of $30 deposited into your most recently opened BBVA Compass consumer savings or money market account (the "Additional Bonus" and together with the Monthly Bonus, the "Bonus"). Bonus payments will be deposited on last business day of each month, based on whether bonus requirements were met in the immediately preceding month. The Additional Bonus will be deposited into your savings or money market account within 60 days of meeting the necessary bonus requirements. Your savings or money market account must be open and in good standing at the time the bonus is paid. BBVA Compass employees and household members are not eligible. Bonuses will be paid on only one checking account per household. BBVA Compass may report the value of the bonuses to the IRS as required by law.
Will BBVA Compass Honor the Promotion?
BBVA Compass doesn’t have the best 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. 59% of those who took the poll reported that they had received the bonus without a phone call. 11% reported that they did not receive the bonus, but admitted that it was their fault. 30% 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 BBVA Compass ClearChoice Checking 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 BBVA Compass ClearChoice Checking 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 some competitive CD rates. Last month I reviewed the bank’s special 18-month, 29-month and 5-year CDs. Please refer to my July blog post for more details about these CD specials. Unlike this checking account promo, people in any state can open these CDs.
BBVA Compass is one of the 25 largest banks in the nation. It operates 687 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 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).