BBVA USA (formerly BBVA Compass) is a subsidiary of the Spanish behemoth Banco Bilbao Vizcaya Argentaria and is the 30th largest bank in the United States with just shy of $93 billion in assets.
Although this bank only has branches in the sun belt states, it services customers nationwide with its online banking platform and mobile apps.
BBVA has branches in the following states:
- Alabama (89 branch locations)
- Arizona (63 branch locations)
- California (61 branch locations)
- Colorado (37 branch locations)
- Florida (45 branch locations)
- New Mexico (18 branch locations)
- Texas (336 branch locations)
The state of Texas is BBVA’s largest stronghold. They are the 4th largest bank in the state based on consumer deposits held at the institution.
BBVA has also spent considerably on both marketing and real estate in Texas. Along with their 336 branch locations, BBVA holds the naming rights to BBVA stadium – a professional soccer venue in Houston.
If you’re in the market for an FDIC-insured certificate of deposit from BBVA, then continue reading our review below.
BBVA bank deposits are FDIC-insured up to $25,000 per depositor and come with yields that beat the national average for their respective terms.
BBVA claims the yields on their CDs vary based on location, and that you’ll need to contact a representative to get a specific quote. That said, we don’t expect rates to vary much by location at this time in today’s market. Many banks that quote CD rates by location all provide the same yields across all zip codes currently.
However, for the purposes of this review we will use the CD rates available to consumers opening BBVA deposits online, rather than in-branch. The rates on their online CDs do not vary by location.
BBVA USA CD Rates + Account Details
The online certificate of deposit suite offered by BBVA USA consists of just four products at the moment, all of which features the same yield of 0.10% APY.
They have an online 11 month CD, 12 month CD, 18 month CD and 36 month CD. There are no longer term deposits offered online through BBVA. If you’re looking for a CD with terms greater-than 3 years we would suggest reaching out to a local representative or finding a different bank or credit union.
All of BBVA’s online CDs come with a minimum deposit requirement of $500.
BBVA CD Rates
To put this flat yield in perspective, the current national average on a 12 month CD sits at 0.22% APY with top offers coming in around 0.70% APY.
For 36 month CDs, Connexus Credit Union offers the highest yield with an APY of 0.90% APY as of November 2020.
Early withdrawal penalties are steeper with BBVA’s online CDs than most online banks or credit unions. Early withdrawal fees at BBVA also have the ability to eat into your principal.
Early Withdrawal Fees
|Less than 12 months||Flat $25 plus 1% of amount withdrawn|
|More than 12 months||Flat $25 plus 3% of amount withdrawn|
Interest is paid upon maturity for all online CDs. If you open a deposit in-branch this may be different.
You will also need to contact a representative (1-877-737-7727) to get the compounding frequency of your certificate of deposit. This information is not publicly available even for online CDs.
While BBVA has been known to offer exceptional promotional CDs in the past, they do not offer any at this time. Check back here often, as we update this post when new products are introduced by BBVA.
How to Open a BBVA CD, Both Online and In-Branch
Opening a BBVA USA certificate of deposit is fairly straightforward if you are a US resident or citizen. And the bank requires the same information from you whether you’re opening the deposit online or in a local branch.
Here’s what you’ll need:
- Drivers License. They’ll need your full legal name AND your drivers license number.
- Date of Birth.
- Current Address.
- Telephone Number.
- Social Security Number.
Other items you should have handy that they MAY require:
- Passport to further confirm your identity
- Taxpayer Identification number or EID or EIN number if opening for a business.
- Employment status (and job title)
If opening the account online, you should be able to have it completed in minutes. Once the account is open, you’ll need the routing number and account number of the bank you’d like to transfer money from to fund your BBVA CD.
While BBVA USA’s CD rates still beat the national average for their respective terms, more competitive offers can be found with other FDIC-insured online banks and/or nationally available credit unions.
Keep an eye out for promotional CDs that come in and out of BBVA’s deposit product suite regularly. If opening one of these promotions in the future, please know that they do not renew for the same yield and terms once they’ve reached maturity.
Do you have experience with BBVA’s CDs – either online or in branch? We’d love to hear about it in the comment section!