Last week, BBVA Compass began offering a 19-month CD with APYs ranging from 1.20% to 1.40%. A minimum deposit of $500 opens the 19-month CD and there is no maximum balance cap.
The various rates are determined by state and whether the CD is opened online or in-branch. To determine which rates apply to your particular state, go to the Featured CDs page and click on,
Your banking region is currently set as _____. If not correct, please select your banking region.
A pop-up menu will appear allowing you to choose not only the appropriate state, but also the city.
As stated on BBVA Compass' CD Terms and Conditions, the Early Withdrawal Penalty reads as follows:
Early Withdrawal Penalty for CDs with a term Greater than 365 Days:
$25 plus three percent of the amount withdraw.
ClearChoice Money Market
About a year ago, I wrote about BBVA Compass’ promotional guarantee of 1.00% APY on balances up to $2.5 Million through 2015. Unfortunately, that promo is gone, but BBVA Compass recently raised the rate dramatically on its ClearChoice Money Market (1.10% APY) by 105 basis points. The 1.10% APY applies to balances between $10K and $5 Million; balances over $5 Million earn 0.25% APY, while balances below $10K earn 0.05% APY.
|0.45*%||$1m||-||BBVA Compass||ClearChoice Money Market Account|
|OTHER TIERS: 0.25% → Up to $20k | 0.30% → $20k - $100k | 0.40% → $100k - $1mm|
There are potential fees associated with this account, which, in some cases, can be avoided:
- Monthly Service Charge $15, which will be waived if,
- Early Account Closing fee of $25, if account closed within 180 days of opening.
- Dormant Fee of $5 per month.
A minimum daily balance of $10K or more is maintained in the ClearChoice MMA, OR
An automatic, recurring monthly transfer of $25 or more from a BBVA Compass checking account to the ClearChoice MMA is in effect at the time of the service charge.
Headquartered in Birmingham, Alabama, BBVA Compass’ market area includes Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
The 19-month CD can be opened online or in-branch. The rate on the 19-month CD varies (5 or 10 basis points) in Alabama, Florida, New Mexico, and Texas, depending if it is opened online or in-branch.
For a brick-and-mortar experience, you can open the CD at any of the 671 branches located in Alabama (88), Arizona (76), California (62), Colorado (38), Florida (45), New Mexico (20), and Texas (342).
BBVA Compass has an overall health rating of "A+" at DepositAccounts.com, with Texas Ratio of 3.31% (excellent) based on March 31, 2015 data. In the past year, BBVA Compass' total deposits have grown by $5.82 Billion, an excellent annual growth rate of 10.17%. Please refer to our financial overview of BBVA Compass for more details.
BBVA Compass (FDIC Certificate # 19048) was originally established in 1964 as the Central Bank of Birmingham. In 50 years of continuous operation, BBVA Compass has acquired 28 banks in seven states, has changed its name five times, and ranks in the top 25 largest U.S. commercial banks, with assets in excess of $81 Billion.
How the CD Compares
Given BBVA Compass’ multi-state market area, a comparison to nationally available CDs is fitting. Therefore, when compared to the 100 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, BBVA Compass’ 19-Month CD’s highest APY currently ranks second.
How the Money Market Compares
When compared to the 113 Money Market accounts tracked by DepositAccounts.com available nationwide, BBVA Compass’ ClearChoice Money Market currently ranks second.
The above rates are accurate as of 8/10/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.
To search for nationwide MMA rates and MMA rates in your state, please refer to the Money Market rates section of DepositAccounts.com.