BBVA Online Banking: Get access to free checking, free ATMs and cashback rewards

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BBVA Online Banking was recognized by Javelin Strategy & Research as a Leader in its Mobile and Online Banking awards in the key categories of Customer Service & Ease of Use for Mobile Banking for online banking in 2018, 2019, and 2020.

BBVA Bank opened its doors in the United States on March 2, 1964, with a branch in Birmingham, Alabama as Central Bank & Trust Company.

Today, BBVA Bank headquarters remains in Alabama but deposit accounts and other financial products are available nationwide. BBVA Bank has grown to one of the nation's top largest banks, with branch locations throughout Alabama, Arizona, California, Denver, Florida, New Mexico, and Texas.

But don't worry, BBVA Online Banking makes it easy for customers nationwide to access a variety of full-service financial products. With more than 50 years of service under its belt, BBVA Bank has maintained excellent customer service efforts along with its lending commitment to small business owners.

BBVA Bank is one of the few banks that don't use ChexSystems to screen new customers. This can help people that have been locked out of traditional banking due to past mistakes. Early Warning Services is used to screen applicants for things like check fraud, forgery, and check kiting.

BBVA Online Banking – Types of Accounts

You can become a bank customer without ever having to step foot in a branch. BBVA Bank (formerly known as BBVA Compass) offers a variety of financial products that include Checking, Savings, Money Markets, CDs, Credit Cards, Personal and Business Loans, IRAs, Mortgages and a variety of investment products.

We're only going to look at BBVA's Checking, Money Market and CD Accounts in this overview.

BBVA Bank Free Checking Account

$200 Checking Account Bonus. You could get a $200 bonus by opening a new checking account. Open the BBVA Online Checking account between November 9–27 and receive a qualifying direct deposit of $500 or more by January 15, 2021.*

Save up to $144 a year. BBVA Bank began offering a completely free checking account in 2015. Online banking customers, as well as in-branch customers, can open BBVA Bank's Free Checking Account.

No Monthly Service Charge. Keep more money in your pockets. Paying monthly fees for a checking account will slowly drain your account. At BBVA Bank monthly fees can be avoided.

BBVA Free Checking Account has all the features that make a good checking account. Monthly fees can be avoided and a checking account should be free to operate. Several features you might find valuable include:

  • No monthly Service Charge
  • No ATM fees at BBVA USA ATMs
  • Free Online Banking and Mobile Banking, plus Mobile Deposit® and Bill Pay
  • Earn cash back rewards for everyday debit card purchases with Simple Cash BackSM
  • Personalize with your favorite photo for $10 per card
  • Free customizable account alerts
  • Free unlimited check writing
  • Member FDIC

What we like most about BBVA Free Checking

  • Worldwide ATM access. There are no ATM fees at more than 64,000 AllPoint, participating 7-Eleven and BBVA ATMs. You can even deposit cash at the participating 7-Eleven ATMs.
  • Free checking. There's no monthly service charge for free checking or online checking.
  • Open with credit or debit card. BBVA only requires $25 to open a checking account.
  • BBVA ClearBenefits Program. Enrollment gets you benefits like cell phone protection and identity theft restoration and insurance for $4.00 a month.

What we like least about BBVA Free Checking

There are three Overdraft Protection options at BBVA and we're not fond of any of them.

  • Linked account service. You can link another BBVA account or a secondary checking account from a different bank to cover overdrafts. With both options, you will be charged a once-daily Inter-Account Transfer Fee of $12 ($7 in CA) for each day the bank makes one or more transfers.
  • Overdraft Protection Line of Credit. You can link an existing checking account to a line of credit to cover overdrafts but you will be charged a once-daily Overdraft Protection Fee of $12 ($7 in CA) for each day the bank makes one or more advances from your ODP Line of Credit and may be subject to a 21% APR.

BBVA Bank Money Market Account

Pros. The BBVA money market account offers all the benefits of a traditional savings account but with checking account features like check-writing and a debit card.

Cons. BBVA Money Market Account has all the features that make a good money market account except for the monthly maintenance fee. The monthly service charge of $15 can be waived if the minimum daily balance for each month is $10,000 or more; or, you set up an automatic, recurring monthly transfer of $25 or more from a BBVA checking account to your BBVA Money Market account.

Here are more details about the BBVA Money Market Account:

  • $25 minimum opening deposit.
  • Debit card available.
  • No ATM fees nationwide at 64,000 BBVA USA and participating non-bank ATMs like 7-Eleven.
  • Includes check-writing privileges.
  • $15 monthly account maintenance fee (can be waived).
  • Get 24/7 access with an award-winning Mobile Banking app.
  • Access your money, with up to 6 withdrawals per month fee-free.
  • Earn interest on all that you save with no minimum daily account balance.
  • Get overdraft protection when you link to a BBVA checking account.
  • Member FDIC

What we like most about BBVA Money Market Account

  • Debit card. BBVA money market customers get a debit card, giving you access to your funds at anytime. There are no ATM fees at more than 64,000 AllPoint, participating 7-Eleven and BBVA ATMs.
  • Free checking. There's no monthly service charge for free checking or online checking.
  • Only $25 to open. The minimum opening deposit is only $25 compared to most major banks.

What we like least about BBVA Money Market Account

  • Monthly fee. Unless you meet the requirements to waive the $15 monthly fee, you'll end up eating away at your interest-earning power.
  • Low APY. There are higher money market accounts that earn you more for your deposit.

BBVA Bank CD Accounts

Certificate of Deposit Options. CDs can be a great place to store cash. Rates are typically higher than savings or money market account but you must commit to the term of the CD to get the rate. Cashing in a CD before the term will cost you a surrender charge that can reduce the earned interest.

BBVA 12-month Certificate of Deposit (CD):

  • $500 minimum opening deposit.
  • Earn 0.10% APY.
  • No Maintenance Fees.
  • The early withdrawal penalty is $25 plus 1% of the amount withdrawn.
  • Member FDIC

BBVA 36-month Certificate of Deposit (CD):

  • $500 minimum opening deposit.
  • Earn 0.10% APY.
  • No Maintenance Fees.
  • The early withdrawal penalty is $35 plus 3% of the amount withdrawn.
  • Member FDIC

What we like most about BBVA CD Accounts

  • Only $500 to open. BBVA Certificate of Deposit Accounts offer a lower minimum opening deposit than most big banks.

What we like least about BBVA CD Accounts

  • Temporary Rate. CD rate is only available for a limited time, so you may want to lock in your money in this CD sooner rather than later.

Overall thoughts on BBVA Bank

BBVA Bank brings full-service banking online. While there are a growing number of Fintechs like SoFi Money and Chime, challenging traditional banks – they are typically limited to checking and savings accounts. BBVA understands that every individual customer has unique needs and wants. BBVA has the financial products most customers will need at some point in time.

More Banks with Free Checking

Aspiration Spend & Save Account – Best for Budgeting

Aspiration Bank is an online-only bank offering a generous interest-earning, free checking, and savings account. The account is a combination of a checking and savings account. The headline here is the Cashback rewards increases for spending at socially-conscious companies.

Plus, Aspiration is committed to equal financial opportunity and giving back to the community by donating 10% of their earnings. Unlimited 0.5% to 1.00% Cashback rewards on every purchase.

Checking Account Details:

  • Opening deposit: Minimum opening deposit of $0.
  • Cashback: Offers a hybrid cash account with a rare up-to-5% cash back on purchases and a 1.00% APY.
  • Mobile Banking: Spending tracker for social impact and 10% of Aspiration’s earnings go to charity.
  • Free ATMs: Reimburses fees for up to five ATM withdrawals per month.
  • Service Fees: No monthly fee and no overdraft fees.

Axos Bank – Best old school online bank

banks-that-offer-early-depositAxos Bank's history dates back to 2000. They have been providing an array of financial products for over 20 years. Headquartered in San Diego, CA, Axos Bank has more than $12.3 billion in assets and ranks as one of the 200 largest banks in the country.

Axos Bank is available online in ALL States.

Rewards Checking Account Details

  • $50 minimum opening deposit.
  • Earn up to 1.25% APY.
  • No overdraft or non-sufficient funds fees.
  • Unlimited domestic ATM fee reimbursements.
  • Get your paycheck up to two days early with direct deposit express.
  • No monthly maintenance fees.

CIT Bank – eChecking Account

The CIT e-Checking Account lets you earn interest with no monthly fees. Earn 0.25% APY with $25,000 minimum balance or 0.10% APY on balances under $25,000. Minimum of $100 to open your account. You can transfer funds with electronic transfer, mail in check, or wire.

e-Checking Account Features

  • CIT Bank does not charge ATM fees.
  • Get up to $30 in other bank’s ATM fees reimbursed per month.
  • Transfer, pay and purchase via mobile with Zelle®, Bill Pay, Samsung Pay and Apple Pay.
  • Deposit checks and make unlimited withdrawal and disbursements with the CIT Bank mobile app.
  • 24/7 account access online and mobile, plus an automated telephone system.

Radius Bank – Rewards Checking

The Rewards Checking Account is designed for customers that like to earn cash back rewards and interest on deposits. Additional features include unlimited ATM fee reimbursements and monthly free checking. Radius Bank will rebate non-Radius ATM fees each month for withdrawals.

Accounts can be managed totally online with digital and banking technology. Radius Bank is a full-service bank with various financial products that include savings accounts, CDs, credit cards, personal and mortgage loans plus insurance products.

Radius Rewards Checking Features:

  • $100 minimum opening deposit.
  • No Monthly or Hidden Fees.
  • Up to 1.5% Cash Back.
  • Early Direct Deposit by up to two days.
  • Free Bill Pay and eStatements.
  • Free ATMs Worldwide – Get unlimited ATM fee rebates.

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