Is BBVA Compass Bank the best online bank?
Predictions show that the total number of online and mobile banking users will exceed 3.6 billion by 2024. This has led to some intense competition for online banking customers.
BBVA Compass stands above many of the others thanks to its excellent mobile app, accessible online banking options, and lack of regular fees or minimum balance requirements.
But is BBVA Compass the best in terms of online banking? To help you decide whether this bank is right for your needs, we’ve broken down everything you need to know about the institution in our full review below.
BBVA Compass Bank Overall Rating:
4 out of 5 Stars
Quick Review Summary
At its core, BBVA Compass is a streamlined and simplified banking service that provides a few basic checking and savings account types, a variety of loan options, and a robust mobile app experience.
It’s perfect for folks who don’t mind doing most of their banking online or who need something easy to jump into without high minimum account balances or fees and enough products and services to meet most people’s needs.
BBVA Compass Bank is one of the best – if not THE best – online banking experiences today. If you are looking for a new bank to join, then this one is certainly worth seriously considering.
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BBVA Compass is an accessible bank perfect for folks who like online banking or having a lot of ATMs. It’s also one of the best options for people with a less than ideal banking history that is looking for a good second chance checking account.
It was notably the first bank to provide banking services on Saturdays, starting in 1970. (1)
Today, you can find BBVA Compass banks in a variety of states including California, Texas, Arizona, and more.
While BBVA Compass offers several online accounts that are well worth your time and money, there are some minor downsides, such as low overall savings rates. Still, it’s a good bank overall if you need something functional and accessible most of the time.
BBVA Bank is Best For:
It’s an ideal banking institution if you prefer doing most of your banking by mobile app and don’t need really high interest rates for your savings account. It may also be a good choice if you like having a large, accessible ATM network to avoid paying extra fees.
What does BBVA Compass Bank Have to Offer?
BBVA Compass Bank is an established institution with a long history and hundreds of total locations scattered throughout the US. It also has a network of ATM machines, making withdrawing cash relatively trivial if you live in one of the states with a retail branch.
Let’s take a closer look at what BBVA Compass truly offers in terms of financial products and accounts.
BBVA Personal & Auto Loans
BBVA Compass provides a diverse selection of financial products, such as loans. These include auto loans and a variety of personal loans. (2)
For instance, BBVA Compass’s express personal loans have (potentially) very low rates and often provide same-day funding to those who qualify. The downside is that you must be invited to one of these loans through a specialized code you get from BBVA Compass after being a customer for some time.
The estimated APR is between 4.99% and 28.99% and you can get loans for up to $100,000 in total. All in all, should you qualify for this loan and get invited, it may be worth looking into for its potential value alone.
BBVA Compass also provides auto loans with easier accessibility. You’ll get a decision on the same day as you apply and there aren’t any unnecessary fees, like documentation fees or prepayment penalties. Furthermore, you can sign up for an auto loan with a relatively low minimum amount, making it perfect for finishing off the payment on your car.
Interest rates can range from 3.39% up to 12.59% and flexible loan terms range from between 12 and 72 months. If you sign up for a BBVA Compass checking account and have your monthly payments automatically deducted from that checking account, you’ll get a 1% rate discount. All in all, BBVA Compass’s auto loans are pretty good and even better than their personal loan option thanks to their accessibility.
BBVA Checking Accounts
BBVA Compass also offers three types of checking accounts. The first two, you should note, are designed for customers who live near physical branches. The primary online bank account is open to anyone in the country, however.
The first free checking account doesn’t have any monthly maintenance fees attached but does require a minimum deposit of $25 to open. Each free checking account owner receives one debit card, bill payment options, and free unlimited check writing, plus access to the mobile app (more on that below).
In addition to its free aspects, the free checking account has purchasable add-ons, such as unlimited checks for $2 per month or the use of out-of-network ATMs without fees for $5 per month (ideal for travelers outside states with retail BBVA Compass locations).
The main online checking account, also called a ClearConnect Checking Account, gives you access to AllPoint fee-free ATMs, everything in the above free checking account, and overdraft protection. You must provide a $25 minimum deposit as well. We’d recommend turning off paper statements as you’ll be saddled with an extra $3 by default otherwise.
Last is premium checking, which is a special account that offers an APY of 0.05% as of 2020. The account does come with a $19 monthly service charge unless you have an average daily balance of over $4000 in your account or have a monthly direct deposit of the same amount. Still, it can be a good choice if you want to make a little money through your checking efforts.
BBVA Savings Accounts
BBVA Compass provides savings accounts in addition to the selection of checking accounts mentioned above. Provide a minimum deposit of $25 and you’ll get access to either a state branch account or an online-only account.
Both accounts incur the above-mentioned $3 for any paper statements per cycle, so be sure to opt out of those ASAP. The benefit of an online savings account is that you can access your funds whenever necessary.
The downside here is the biggest with the entire BBVA Compass. The 0.05% APY for the checking accounts above also applies to the savings accounts. Therefore, BBVA Compass is not the best bank when it comes to making your money work for you in the long run. Even so, its accessibility and ease of use make this a good basic online account option for many.
We should also mention that you can open CDs or certificates of deposit with BBVA Compass. Certificates of deposit are essentially specialized savings accounts that come with fixed terms and rates and do not let you withdraw the savings you put in for a set period of time. In exchange, you get a higher APY.
CDs from BBVA Compass come with terms ranging from 11 months to 36 months and each has a minimum deposit amount of $500.
BBVA Wallet App Summary & Features
Of all of BBVA Compass’s offerings, its mobile app is one of the most beneficial aspects. While the bank has several hundred physical branches and tens of thousands of ATMs, the mobile banking app is truly superb.
It’s available for both iOS and Android users and is fully bilingual, so it’s great for folks who speak one or the other language. It also includes special functionalities that other banking apps don’t always include, such as a search tool that either takes typed commands or voice commands.
Furthermore, you can do almost everything on the mobile app if you aren’t near a physical branch. This includes applying for new accounts and using intuitive digital budgeting tools to help you figure out your finances and plan for long-term financial security.
Even better, BBVA Compass’s Wallet App allows you to deposit checks from a distance and look into your check deposit history. You can send money through automatic payments or make instantaneous transfers, download PDFs of your various accounts and credit cards, and more. In short: it’s perfect.
The only downside to BBVA Compass’s online presence is that you can only reach customer service reps by phone instead of through chat. Expect significant delays if you call near the end of business hours. This minor flaw isn’t enough for us to significantly mark BBVA down, however.
BBVA Compass Bank Locations
BBVA Compass has a variety of locations throughout the country. There are hundreds in total (649 at last count), so here are some example branches in most of its home states.
Florida BBVA Compass Bank Locations
- 7205 Forest Oaks Blvd., Springhill, FL 34606 352-686-5930
- 1695 US-1 South, St. Augustine, FL 32084 904-824-0101
- 5500 Southwest College Rd., Ocala, FL 34474 352-854-4460
California BBVA Compass Bank Locations
- 40780 California Oaks Rd., Murrieta, CA 92562 951-698-4060
- 1101 South California Blvd., Walnut Creek, CA 94596 925- 947-3434
- 72625 CA-111, Palm Desert, CA 92260 760-341-3622
Texas BBVA Compass Bank Locations
- 2131 Palmer Hwy., Texas City, TX 77590 409-948-8488
- Northwoods Branch, 18080 N US-281, San Antonio, TX 78232 210-592-5601
- 1703 W. 5th St. Suite 100, Austin, TX 78703 512-421-5710
Arizona BBVA Compass Bank Locations
- 8911 West Thomas Rd., Phoenix, AZ 85037 480-403-8770
- 7605 S. McClintock Dr, Tempe, AZ 85284 480-73-6835
- 2810 W. Peoria Ave, Phoenix, AZ 85029 602-866-5500
Colorado BBVA Compass Bank Locations
- 1595 South Havana St., Aurora, CO 80247 303-306-4360
- 101 Garfield St., Denver, CO 80206 303-355-3030
- 4115 East Colfax Ave., Denver, CO 80220 303-398-4470
There are many more locations than these. Use Google Maps or another resource (or the Wallet App) to find a good location near you.
BBVA Compass Customer Service Phone Number & Hours
As mentioned, there isn’t any online chat customer service experience available at this time. But you can call BBVA Compass’s automated system and be connected to a customer service rep by dialing a specific number for different needs. Here’s a breakdown of the numbers you can call when needed:
- For new accounts and general customer service in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas: 1-844-BBVA USA
- For general customer service and all other states: 1-866-5-DIGITAL
- For mortgage orientation inquiries: 1-888-8-LENDING
- For automated loan payoff: 1-800-239-1966
- For American Express Card specific customer service: 1-844-622-2282
- For home equity loans and lines of credit: 1-844-443-2282
- For credit card customer service: 1-800-239-5175
Check out BBVA Compass’s customer contact page for even more phone numbers.
Alternatively, enter your BBVA Compass mobile app, type the microphone and say clearly “customer service”. The app will automatically dial the most appropriate number based on your geographic location. Remember that phone calls are generally limited to business hours in their home state.
BBVA Compass Bank Login
Since BBVA Compass has such a well-developed app, there are two ways you can log into your account to see your check details, make transfers, and more.
To visit your account using a desktop or laptop, visit the BBVA Compass login page and enter your account information and password.
Alternatively, download the BBVA Compass Wallet App and enter your login information there. It should be exactly the same as it is on the website platform.
Either way, you’ll quickly gain access to your account and be able to do whatever you like.
BBVA Compass Bank Overall Rating:
4 out of 5 Stars
Ultimately, BBVA Compass is a high-quality banking institution that has evolved quite well with the times and now represents one of the best online banking experiences in the country. For that reason, we recommend this bank for folks who prefer doing most of their banking from afar or using a mobile app, as BBVA Compass’s Wallet App has almost every feature or function you can imagine needing.
However, you may want to look elsewhere if you wish to deposit lots of savings into a dedicated savings account and watch that money grow over time. BBVA Compass’s savings account APY is not very impressive and you can find better offerings from many other banks.