【Updated July 2020】Open a BBVA Premium Checking account and get a $400 sign-up bonus. This account can be funded with a personal Visa credit card for up to $500, which is pretty good.

Key points:

  • Open before September 15 and use code PREM400.
  • Before November 15, make a $2,500 direct deposit (see below for other DD methods that count).
  • The $400 bonus will be posted on February 15, 2021.
  • You must not have opened a BBVA Checking account in the past 12 months.
  • To waive monthly fees, you need a $4,000 direct deposit each month, or keep a daily balance above $4,000.
  • The account cannot be closed within 1 year, or the sign-up bonus will be revoked.

There is also a bonus for the regular BBVA Checking + Savings offer. After opening, simply make a $500 direct deposit by October 31. If you open a Savings account, you can get an additional $50 by depositing $1,000 by October 31. You can fund the account with a personal Visa card, and both Savings and Checking can be funded with $500 each, which can also help you complete the $1,000 opening requirement.

About BBVA

BBVA Compass, formerly known as Compass Bank, is a U.S. bank with more than 50 years of history. Since 2007, it has been a fully owned subsidiary of Spain’s second-largest bank, Banco Bilbao Vizcaya Argentaria (BBVA). It primarily operates in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. It has over $86 billion in assets and over $12 billion in equity. The company has more than 600 branches across the South and West and is the 30th largest bank in the U.S. BBVA Compass offers money market savings, checking, and CD accounts.

BBVA Checking and Savings

Sign-up bonus

There is also a bonus for the regular BBVA Checking + Savings offer. After opening, simply make a $500 direct deposit by October 31. If you open a Savings account, you can get an additional $50 by depositing $1,000 by October 31. You can fund the account with a personal Visa card, and both Savings and Checking can be funded with $500 each, which can also help you complete the $1,000 opening requirement.

In addition to payroll and Social Security, the following also count as DDs. PayPal appears to be the easiest option—just deposit $500 from another Checking account and withdraw $500 (HT: DoctorOfCredit)

  • Capital One 360: 1, 2, 3, 4, 5, 6, 7, 8,
  • Charles Schwab: 1(brokerage) , 2(brokerage) , 3, 4, 5, 6, 7, 8, 9, 10, 11,
  • Fidelity: 1
  • First Tech Federal Credit Union: 1
  • Merrill Edge: 1
  • PayPal: 1, 2, 3, 4, 5, 6,
  • Provident Credit Union: 1
  • TD Ameritrade: 1

Not counted:

  • Ally: 1,
  • Chase: 1.
  • Robinhood: 1

Also, if you open another Savings account now, you can get an additional $50 bonus. You need to deposit $250 into Savings before Nov. 19, and you must have $300 in Savings on Dec. 31. This is a very easy requirement, so if you’re opening a Checking account, it’s a good idea to open Savings as well. If you open another BBVA credit card, you can also get another $100. In my opinion, it’s not worth it—skip the extra card.

Other terms (partially from DOC)

  • Scope:Nationwide, except Hawaii and Alaska
  • Credit report pull: Soft (does not affect your credit score)
  • Card funding:You can fund Checking with your personal Visa card, up to $500. Savings can be funded with an additional $500 (a good way to complete the account-opening bonus)
  • Monthly fee:ClearChoice Free Checking has no monthly fee; Clearconnect checking has no monthly fee (requires e-statement); ClearChoice Saving has a $15 monthly fee (waived with deposits above $500); ClearConnect Saving has no monthly fee
  • Early closure:If closed within one year, bonus may be reversed
  • Eligibility:Online applications require citizenship; if not, you need to apply in a local branch

BBVA Money Market Account

BBVA Bank now offers a Money Market Account (MMA) at 1.9% APY. MMA combines features of Checking and Savings, can offer higher rates, and allows check writing. However, withdrawals are still limited to 6 transfers out per month.

  • Application link: BBVA Compass ClearChoice Money Market 1.9% APY
  • Available in:27 states, Arkansas, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New York, North Carolina, North Dakota, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, West Virginia or Wisconsin
  • Annual interest:2.35%
  • Monthly fee:$15 (waived with daily deposits above $10,000, or if you set up automatic transfers of $25+ per month from BBVA checking)
  • Early account closure fee:$25 (if closed within 180 days)
  • Insurance:FDIC insured
  • Application restriction:No BBVA Compass money market account in the previous 30 days
  • Eligibility:Online applications require a green card or citizenship

BBVA Certificate of Deposit (CD)

The APY is only 1.5%, so competitiveness is limited. Requires at least $500 on deposit.

Notes

  • Tax considerations:Unlike card rewards, bank incentives are often treated as income (generally interest income), which means they are taxable. Whether tax applies depends on your U.S. tax status. General guidance is that nonresidents usually do not owe tax, while everyone else likely does. Consult a tax attorney for specifics.
  • Plan ahead:Savings account is different from checking, with generally limited monthly outgoing transfers (usually 6). Exceeding the limit may result in account closure. So if you need to make repayments, estimate the number of transfers, or estimate how much you need to transfer back to checking.

Application links