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Hanmi Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Savings account from Hanmi BankHanmi Bank was founded in 1982 and is currently headquartered in Los Angeles. Part of the parent company Hanmi Financial Corporation, Hanmi Bank has 40 full-service branches throughout California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington.Rates for Hanmi Bank may differ by location. Also, rates aren’t currently being advertised on their website so you’ll need to contact Hanmi Bank to confirm them.

This review will cover checking, savings, CD, money market and IRA deposit accounts.

Hanmi Bank checking account options

Regular checking

This account doesn’t earn interest, and if you don’t meet the minimum balance requirement, you’ll be charged a monthly service fee and $0.25 per debit.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $7 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33 per check

This account doesn’t offer any interest and charges you for each withdrawal if you don’t meet their minimum balance amounts. Unless you’re able to maintain an average daily balance of $1,000 or minimum daily balance of $500, you’ll need to pay $0.25 per debit. This is also the same requirement you need in order to waive the monthly maintenance fee.

The account also comes with e-statements, bill pay, online, telephone and mobile banking. You also get a debit card that comes with its own rewards program, UChoose Rewards. How it works is that you earn one point for each $2 you spend, sometimes more when shopping at participating retailers. Once you reach 1,500 points you can redeem them for various rewards from the bank’s online catalog. You can also use your debit card at more than 25,000 surcharge-free ATMs from the MoneyPass network.

How to get the regular checking account

You can open an account in person or call customer service at 1-855-773-8778 to find out more.

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Green checking and student checking

While there are no monthly fees, you’re limited to how many free transactions you can make.
  • Minimum opening deposit: $200 (green checking) or $50 (student checking)
  • Monthly account maintenance fee: $0
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33

This account also doesn’t earn any interest but it does offer students and adults the opportunity to save on monthly maintenance fees. To be eligible for the student account, you’ll need to either be enrolled in a school or be under 18 years old — in which case you’ll need a parent or a guardian as a joint owner.

The only difference between the green checking account and the student checking account is the minimum opening deposit — as a student, you can open it with less money. Otherwise, the features are the same; you get e-statements, bill pay, online, telephone and mobile banking. You also get a debit card that has a rewards program, UChoose Rewards, where you can earn one point (more at participating retailers) for every $2 you spend and redeem them once you reach 1,500 points.

Just because this checking account doesn’t have any monthly fees, doesn’t mean you don’t need to pay anything. You’re only allowed up to three free withdrawals, and more than that will set you back $3 each transaction.

To open a green or student checking account, visit the bank in person, or call customer service at 1-855-773-8778 to find out more.

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Hanmi neighbor/basic checking

Hanmi is batting three for three with non-interest bearing checking accounts.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33

The Hanmi neighbor/basic checking is the most economical of all the checking account options but you still don’t get unlimited withdrawals. You’ll only get the first 10 withdrawals for free then it’s $0.25 for each one afterward. There’s also a monthly maintenance fee which is waived if you set up a monthly direct deposit, reside in Illinois and are at least 65 years old.

Like the other checking accounts, you get a rewards debit card which earns you one point — could be more at participating retailers — for every $2 you spend and you can start redeeming them for rewards once you reach 1,500 points. You also get bill pay, e-statements, online, mobile and telephone banking.

You can open an account at your nearest branch or call customer service at 1-855-773-8778.

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How Hanmi Bank’s checking accounts compare

Considering the fact that none of these checking accounts earn interest and you need to pay to make withdrawals, we give Hanmi Bank’s checking accounts a hard pass. Sure, the bank offers a rewards program, but it seems hardly worth it.

If you’re looking for the current best rates and low monthly fees, we recommend you check out our list of the 10 best online checking accounts.

Hanmi Bank savings account options

Savings account

Rates offered are fairly competitive but it requires a high minimum balance.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: none

The rates you see for Hanmi Bank’s savings account isn’t directly advertised on their website, so it’s a good idea to call the bank to ask about the current rates. These are also their promotional rates, which you can only get if you deposit new money. Hanmi Bank defines as money currently not on deposit with them.

Features of the account include an ATM card, e-statements, online, telephone and mobile banking. You’re also able to link it to a checking account for overdraft protection.

Account holders will need to keep a $500 minimum daily balance in order to waive the monthly maintenance fee. You’re also allowed up to six certain withdrawals a month as mandated by Regulation D. Over six and you’ll need to pay $10 for each excessive transaction. If you continually make excessive withdrawals Hanmi Bank could convert your account to one that doesn’t earn any interest.

Ready to open an account? Head to your local branch or call customer service at 1-855-773-8778 to get started.

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Kid’s savings account

No-fee savings account for kids.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The kid’s savings account is for those whose parents want to help their child learn about how to manage their money a bank. Children under 18 years old can only open this account if the parent or guardian as the primary account holder. The child is a joint owner and can only withdraw funds with the adult’s permission.

Although you don’t get ATM access, your child can access their funds via online, mobile or telephone banking. Remember that Regulation D allows up to six certain withdrawals a month or else you’ll need to pay a $10 excessive withdrawal fee. If continue to violate this restriction, Hanmi Bank could convert this to a non-interest bearing account.

Once the child is 18 years old, the account may be converted to a regular savings account.

Note that this account can only be opened online.

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How Hanmi Bank’s savings accounts compare

Hamni Bank does offer a rate that’s pretty comparable to some of the best rates out there, it does require a high minimum deposit amount. If you don’t have that much cash to spare, the rate for the lowest tier is quite low. In that case, you’re better off checking out our list of the best online savings accounts.

Hanmi Bank CD rates

Installment savings

Great for those who don’t want their CD automatically renewed.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: varies
  • Early withdrawal penalty: Depends on length of term:
  • 7-31 days: 7 days simple interest
  • 32 days to 12 months: 1 month simple interest
  • 12 months or more: 3 months simple interest

The installment savings CD gives you an opportunity to save money by depositing a fixed amount for a predetermined amount of time. It’s a fixed-rate CD, meaning you’ll earn a guaranteed rate of return assuming you keep your funds in the account until maturity and make additional deposits on the dates you originally scheduled. The rates aren’t advertised on Hanmi Bank’s website so you’ll probably want to call the bank to find out their current rates.

You start off by making your initial deposit and schedule a fixed amount to deposit each month, though it does need to be a minimum of $1,000. Interest is then compounded daily and credited to your every account every quarter.

If you stop making scheduled deposits for two months, Hanmi Bank will convert it into a regular savings account. You’ll also receive statements each quarter, or monthly if you elect to make electronic fund transfers.

When your matures, the amount you saved will be paid out. It won’t be renewed automatically and if you don’t make withdrawals, the CD will be converted into a regular savings account.

If you are interested in opening an installment savings account, head to your nearest branch.

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Certificate of Deposit

Hanmi Bank CD’s do not earn compounded interest, which could mean less earnings overall.
  • Minimum opening deposit: $1,000 or $100,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term:
    • Less than 12 months: 1 month simple interest
    • 12 months or more: 3 months simple interest
    • All promotional rates: 6 months simple interest

This is a fixed-rate CD and the rates you see above aren’t advertised on their site, meaning to find their current rates you may need to call Hanmi Bank. Unlike the installment savings CD, you can’t make additional deposits until maturity. You’ll only earn simple interest, which could mean lower earnings. You can choose whether to have interest earned deposited into your CD quarterly, semi-annually or annually. For terms 12 months or less, you can choose to have your interest deposited when your account matures.

Upon maturity, you’ll receive a seven-day grace period in which you can make any changes such as make additional deposits, withdrawals or renew for another term. Otherwise, the CD will automatically be renewed for the same term.

To get started with a Certificate of Deposit from Hanmi Bank, get in touch with your local branch.

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Diamond Freedom CD

Making penalty-free withdrawals is a nice touch.
  • Minimum opening deposit: $50,000 or $100,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty: Only applies if you make more than six withdrawals and depends on length of term:
    • 12 months: 1 month simple interest
    • 24 months: 3 months simple interest

The Diamond Freedom CD gives you the opportunity to make additional deposits and fee-free withdrawals before account maturity. You can make additional deposits in $10,000 increments up to your original opening deposit amount. The rates you see aren’t advertised on their site — call their customer service hotline at 1-855-773-8778 to double-check before opening an account.

For fee-free withdrawals, you can make partial withdrawals — up to $10,000 —seven days apart for the 12-month term and after six months for the 24-month term. Your withdrawal amount can’t be more than half of what’s currently on deposit. Otherwise, you’ll face early withdrawal penalties.

Just like the regular CD, you’ll only earn simple interest. You can choose when you want interest deposited into your CD — at maturity (only for those with terms 12 months or less), annually, semi-annually or quarterly. Thirty days before your account matures you’ll receive a written notice and you’ll get a seven-day grace period upon maturity. If you do nothing. your CD will automatically be renewed for the same term.

If you’re interested in opening a CD, head to your local branch.

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How Hanmi Bank’s CD rates compare

Unfortunately, Hanmi Bank’s CD rates are lower compared with what’s currently being advertised by competitors out there. What’s more, most of their CD products only earn simple interest, meaning that you could be earning less than others that compound their interest. The Diamond Freedom or installment savings CD may be of interest to those who want to make additional deposits or fee-free withdrawals, but we’re not sure the lower rates are worth it.

To find better rates, check out our list of the best CD rates.

Hanmi Bank money market account options

Money market

Looks like you’re better off opening a savings account instead.
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $6 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

The money market account is best for those who want a hybrid checking account as it offers ATM access and limited check-writing capabilities. As it is a savings account, you’re allowed up to six certain withdrawals because of Regulation D, or else you’ll need to pay a $10 excessive transaction fee. Your account could be converted to a non-interest bearing account if you keep making excessive withdrawals.

With this account, you get bill pay, e-statements, online, mobile and telephone banking. You can also link it to a checking account for overdraft protection. To waive the monthly maintenance fee, you’ll need to maintain a $2,500 minimum daily balance each month.

To find out the most current rates, you’ll need to call Hanmi Bank as rates aren’t advertised on their website. You can open a money market account by heading to your local branch or calling customer service at 1-855-773-8778.

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How Hanmi Bank’s money market accounts compare

You’re really not getting much as far as rates go with this account when comparing it side by side with other ones out there. First, the rates are lower than ones advertised from our list of the best money market rates. Next, some of the other accounts have lower balance amount thresholds and also come with limited check-writing capabilities.

All this to say, it may be the wiser choice to go elsewhere.

Hanmi Bank IRA rates

Individual Retirement CD

While you’re getting a guaranteed rate of return, these rates are much lower than other competitors.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Annual account maintenance fee: $10 (this can be waived)
  • Early withdrawal penalty: Depends on length of term:
    • 12 months: 1 month simple interest on closing balance
    • 12-36 months: 3 months simple interest on closing balance
    • 36 months+: 6 months simple interest on closing balance

The IRA CD offers fixed-rate terms. The rates you see above aren’t advertised on the website so before opening an account you’ll want to call Hanmi Bank to confirm rates. In addition, all the terms you see are available nationwide except for California, where account holders can only open a 12-month IRA CD.There’s also an annual fee which Hanmi Bank says you can get waived, though you’ll need to contact the bank to find out exactly how to do so.

Once you make your opening deposit, you can’t make any additional deposits until account maturity. Interest earned is compounded and credited your account every quarter. Once your account matures, you’ll have a seven-day grace period where you can make withdrawals, additional deposits or renew for another term. Otherwise your IRA CD will automatically be renewed.

If you’d like to learn more about this banking product, click the button below. You’ll need to open an account in person at your local branch, though.

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How Hanmi Bank’s IRA CD rates compare

Hanmi Bank’s IRA CD rates are much lower than the ones on our list of the best IRA CD rates we’ve found online. What’s more, if you reside in California, you’re restricted to the 12-month term only. There’s probably no other way to say this but you’ll do better if go with another competitor.

Overall review of Hanmi Bank’s banking products

Some of Hanmi’s CD and savings account rates are pretty comparable to what’s currently being offered out there. However, the rest of their deposit accounts leave lot to be desired. The checking accounts are non-interest bearing and the IRA CD and money market accounts have low rates.

If you’re looking for a decent CD account or have a huge chunk of change to make an opening deposit to put into a savings account, Hanmi Bank could be a good bet. However, for all other products, it’s best to go elsewhere.

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Reviews

BBVA Compass Review of Checking, Savings, CD, Money Market, and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

BBVA Compass checking account options

ClearChoice Interest Checking account

Get additional benefits such as free checks and the ability to earn interest.

APY for New Customers

APY for Existing Customers

Minimum Balance Amount

0.00%

0.05%

$0.01

0.00%

0.05%

$25,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $25
  • ATM fee: None.
  • ATM fee refund: Up to two refunds per month

This checking account is meant for those who want to earn interest and intend on using their account fairly often. Though the monthly maintenance fee seems a bit steep, you can get it waived in one of four ways:

  • Have an average daily balance of $5,000 or more in your account.
  • Have an average daily balance of at least $25,000 across your checking and money market accounts.
  • The primary account holder has Premier Personal Banking status with the BBVA Premier Personal Banking program.
  • You’re a BBVA Compass Global Wealth client.

In addition to the features you get with the free checking accounts, you earn a tiered interest rate. Also, you won’t get charged when you use an out-of-network ATM and get two ATM fee refunds per month. Other perks include free checks and no monthly maintenance fees if you choose to also open one of BBVA Compass’ money market accounts.

The rates you see above are promotional rates. To qualify for the better rate, you can’t have opened a checking account within the last 90 days.

How to get BBVA Compass’ ClearChoice Interest Checking account

Opening an account can take as little as a few minutes by filling out an application form on the BBVA Compass website. Enter personal details such as your address, income information and ID to verify your identity. Once approved you can then fund your account.

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Free Checking account

Take advantage of full-service features without the price tag.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $3 for out-of-network ATMs
  • ATM fee refund: Up to four transactions per statement cycle for a $5 monthly fee
  • Overdraft fee: $12 per transaction with overdraft protection service

This account is a great option for those who want to save money on banking fees while still being able to get access to a whole host of features. The downside is that this isn’t an interest-bearing account.

There are no monthly service charges nor fees for in-network ATMs. There is a fee for out-of-network ATMS, but you can pay $5 each month as an add-on and BBVA Compass will reimburse you up to four times a month. It could be worth it if you make a lot of ATM transactions and there aren’t any in-network ATMs around.

The account is set to default to decline any transactions that will cause your account to go into overdraft, but you can link it to a savings account or a line of credit. If you choose this option, then you’ll be charged each time a transfer occurs.

As for other features, you get free online and mobile banking, including bill pay and mobile deposit. Account holders also get a free Visa debit card and the ability to earn cashback rewards every time you make a qualifying purchase. Let’s not forget free online or paper statements, which other banks tend to charge for a few bucks a month.

Unfortunately, the free checking account is only available to those in Alabama, Arizona, Colorado, California, Florida, New Mexico and Texas. If you don’t live in any of these states, the ClearConnect checking account is a great alternative.

How to get BVAA Compass’ Free Checking account

Residents in any of the above mentioned locations can fill out an application form online. Before entering your personal details, you’ll be asked to enter your ZIP code. You’ll need to provide name, address, a government-issued ID, and employment information. After agreeing to BVAA Compass’ terms, you’ll then fund your account, confirm your information and the checking account is considered open.

Otherwise, you can open a Free Checking account at your local branch.

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ClearConnect Checking account

A great option for those wanting a free checking account option with numerous features.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: None for in-network ATMs, $3 for out-of-network ATMs
  • ATM fee refund:  none
  • Overdraft fee:$12 per transaction with overdraft protection service

There aren’t many differences between the Free Checking account mentioned above and this one. The fees for this non-interest bearing account — including the monthly maintenance and ATM fees — are pretty much the same, except you’ll need to pay $3 a month for paper statements. Account holders also get free access to online and mobile banking as well as bill pay.

With your free Visa debit card, you can earn cashback rewards with the Simple Cash Back program. You can select rewards once you log into your account online or via the mobile app. Account holders earn rewards by doing simple tasks such as making a qualifying purchase.

How to get BBVA Compass’ ClearConnect Checking account

U.S. residents can open an account online. Head to BBVA Compass’ application form and fill in your personal details. This includes your name, employment information and a piece of government ID. Once approved, you can then fund your account.

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Easy Checking account

A great opportunity for those who don’t qualify for the free checking account options.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $13.95
  • ATM fee: $3 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $12 if opted into overdraft protection

The Easy Checking account is for those that don’t qualify for the Free Checking account, perhaps because of bad bank or credit history. You’ll get limited account features until you’re able to get another BBVA Compass checking account.

While there are no opportunities to waive the monthly maintenance fee, you do get free ATM access for in-network ATMs and at all Allpoint© ATMs. You also get free online and mobile banking so you can keep an eye on your account anytime you want. Included in this account is a Visa debit card with cashback rewards on qualifying purchases.

Once you have this account open for a minimum of 12 months, you may be able to upgrade to another checking account if your account is still active and has a positive balance. To do so, you’ll need to call customer service or go to any BBVA Compass location.

How to get BBVA Compass’ Easy Checking account

BBVA Compass encourages new customers to apply for the Free Checking or ClearConnect checking account first through its website. If your application is rejected, then you can open a Easy Checking account by visiting your local branch or by calling customer service.

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How BBVA Compass’ checking accounts compare

Compared with other online banks, the rates for the interest-bearing checking account fall a bit short. Many of its competitors have checking accounts with no fees and much higher APYs. However, BBVA does stand out in that it does offer ATM fee reimbursements, a rewards program and free checks. If you earn enough cash back through its program, it may be worth it to open an account.

BBVA Compass savings account options

Compass ClearConnect savings account

Account holders earn a minuscule amount of interest with no maintenance fees.

APY

Minimum Balance Amount

0.05%

$0.01

  • Minimum opening deposit:  $25
  • Minimum balance to earn APY: $0.01
  • Quarterly Monthly account maintenance fee: $0
  • ATM fee: Free for BBVA ATMs, $3 for out-of-network ATMs
  • ATM fee refund: None.
  • Overdraft fee: $12 when linked to a checking account

This is a basic savings account that offers free online and mobile banking. Like most big banks, the interest you earn is pretty minuscule. However, this account can be useful if you want to store some extra cash if you plan to link it to a checking account for overdraft protection.

As with all savings accounts, Federal Regulation D limits up to six transfers and electronic payments a month. However, BBVA Compass will charge you $3 per transaction if you make more than four withdrawals every statement cycle.

How to get a Compass ClearConnect savings account

Opening an account is easy as you can do it online via BBVA Compass’ application form. You’ll need to provide personal information like your name, address, employment information and a government-issued ID. You’ll then need to fund your account. Otherwise, you can open an account at your local branch or by calling the bank.

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Compass ClearChoice savings account

A basic savings account with a low rate.

APY

Minimum Balance Amount

0.05%

$0.01

  • Minimum opening deposit:  $25
  • Minimum balance to earn APY: $0.01
  • Quarterly account maintenance fee: $15
  • ATM fee: Free for BBVA ATMs, $3 for out-of-network ATMs
  • ATM fee refund: None.
  • Overdraft fee: $12 when linked to a checking account

This savings account doesn’t seem all that much different from the ClearConnect account, except that it comes with a quarterly account maintenance fee. You’re still getting the same rates and features, including the excess transaction fee of $3 if you make more than four withdrawals a month.

What does make this account different is that it seems to encourage you to save money instead of it just being an account you can link to for overdraft protection — the minimum daily balance requirement of $500 in order to waive the monthly maintenance fee is a built-in incentive. You may also waive the monthly maintenance fee by transferring a minimum of $25 every month from a BBVA Compass checking account.

How to get a Compass ClearChoice savings account

You can open an account within a few minutes by heading to BBVA Compass’ website and filling out its online application form. Information you’ll be asked to provide will include your name, address, a government-issued ID and employment information. Afterward, you’ll be asked to fund the account. Otherwise, you can open an account at your local branch or by calling the bank’s customer service department.

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Build My Savings account

Earn bonuses just for saving money.

APY

Minimum Balance Amount

0.05%

$0.01

  • Minimum opening deposit:  $25
  • Minimum balance to earn APY: $0.01
  • Quarterly account maintenance fee: $0
  • ATM fee: Free for BBVA ATMs, $3 for out-of-network ATMs
  • ATM fee refund: None.
  • Overdraft fee: $12 when linked to a checking account

This is a unique account in that it is a hybrid between a regular savings account and a CD. You choose the length of your savings goal — six or 12 months — and then choose an amount you want to have automatically transferred from your checking account. Account holders have the ability to earn a match transfer bonus. BBVA Compass will match up to 1% of the total amount you saved, up to $25 for the six-month plan and up to $50 for a 12-month plan. You must set up an automatic transfer of a minimum of $25 every month to qualify for the bonus.

If you cancel your account or withdraw money before your designated term is up, you won’t be eligible to receive the bonus. You’ll also be charged $10 per withdrawal and a $15 quarterly service charge if you don’t make automatic transfers of a minimum of $25.

How to get a Build My Savings account

You can only open this account in person. Click here to check for a location closest to you or by calling the bank.

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How BBVA Compass’ savings accounts compare

Unfortunately, like many other big banks, BBVA Compass’ saving accounts fall short when it comes to their rates. Many online competitors offer much higher APYs on their savings accounts with no monthly maintenance fees, though some may require higher minimum balances. However, BBVA’s Build My Savings account does offer a unique opportunity to earn some extra cash, but it may not be enough to make up for the low rates.

BBVA Compass CD rates

Fixed Term CDs

Offers competitive rates, but with limited terms.

Term

APY (Online)

APY (In-Person)

12 months

0.70%

1.30%

15 months

0.50%

0.10%

18 months

0.25%

2.00%

36 months

0.40%

2.00%

  • Minimum opening deposit:  $500
  • Minimum balance amount to earn APY:  $500
  • Early withdrawal penalty: Depends on CD term:
    • Terms of 365 days or less: $25 + 1% of amount withdrawn
    • Terms of more than 365 days: $35 + 3% of amount withdrawn

With BBVA Compass’ CDs, you tend to get better rates when you open an account online, though you don’t get access to shorter terms. Terms range from seven days to 15 years for CDs opened at a branch.

Interest earned will only be paid when your account matures if you open it online. However, if you open a CD in person, you have the option to have interest earned paid out either monthly, quarterly, twice a year, annually or at maturity. The interest can be paid out to another account, via check or kept in the CD.

Account holders will receive a written notice before the account matures. Once it does, you’ll have a 10 day grace period in which to withdraw funds, renew for a different term or add additional funds. Otherwise, your CD will automatically be renewed at the current rate, which will be different from the promotional APY.

How to get a BBVA Compass CD

You can take advantage of the promotional rates by filling out an application form online. You’ll be asked to select the CD term you want then personal details such as your name, employment information and government-issued ID. You’ll then provide details on how you want to fund the account and confirm your information. Upon approval your account will be considered opened. If you’re looking for short term rates, you’ll need to head to your local branch.

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How BBVA Compass’ CD rates compare

The bank’s CD rates are pretty much on par with what is offered out there. Although its rates are slightly lower compared with other banks with the same terms, BBVA Compass’ offers a lower minimum opening deposit. Unfortunately, there aren’t many longer term options. In addition, those rates mentioned above are only for the initial term, so if that’s a concern then you may be better off looking at other CD options out there.

BBVA Compass money market account

ClearChoice Money Market account

Offers one of the best APYs out there for those who qualify.

APY for New Customers Online

APY for Existing Customers

Minimum Balance Amount

0.05%

0.05%

$0.01 - $99,999.99

0.05%

0.80%

$100k - $999,999.99

0.05%

0.80%

$1m+

  • Minimum opening deposit:  $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15
  • ATM fee: Free for BBVA ATMs, $3 for out-of-network ATMs
  • ATM fee refund: None.
  • Overdraft fee: $12 when linked to another BBVA Compass account

BBVA Compass’ money market account is best for those who want a higher interest rate than what the bank’s savings accounts offer and an account to provide overdraft protection for a linked checking account.

You can waive the monthly maintenance fee if you have at least $10,000 in your account each quarter or if you set up an automatic transfer of least $25 from your BBVA Compass checking account each month.

The promotional rate you see above is only good for those who open an account online and only for the first 12 months. You also cannot have opened another money market account within the last 30 days of account opening. After the 12 month promotional period is over, you’ll earn the regular rate. Depending on your deposit amount, the APY could still be higher than a savings account.

Because this is a type of savings account, Federal Regulation D states that you can only make a maximum of six withdrawals a month. BBVA Compass charges a $10 for each excess withdrawal.

How to get BVAA Compass’ ClearChoice money market account

You can open an account within a few minutes by filling out BBVA Compass’ online application form. Information you’ll be asked to provide will include your name, address, a government-issued ID and employment information. Afterward, you’ll be asked to fund the account. Otherwise, you can open an account at your local branch or by calling the bank’s customer service number.

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How BBVA Compass’ money market account compares

BBVA Compass offers one of the highest rates from our list of the best money market accounts out there. It doesn’t require a minimum balance to earn this rate, though it does have a high minimum balance to waive the maintenance fee. Many other competitors have mobile banking just like BBVA does. However, the rate for this money market account is only good for the first 12 months, so if you’re not happy with the regular rate (or don’t qualify for the promo one), you may want to go with another institution.

BBVA Compass IRA account options

IRA CD

Term

APY (Online)

APY (In-Person)

12 months

0.70%

1.30%

15 months

0.50%

0.10%

18 months

0.25%

2.00%

36 months

0.40%

2.00%

  • Minimum opening deposit:  $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on CD term:
    • Terms of 365 days or less: $25 + 1% of amount withdrawn
    • Terms of more than 365 days: $35 + 3% of amount withdrawn

BBVA Compass also offers CDs as an IRA. With that option, the rates and terms are pretty much the same except you’re able to make another two deposits a year, up to the IRS limit. Currently, this is $5,000 per year or $6,000 for those who are 50 years and older.

If you do make an early withdrawal, you’ll be subject to BBVA Compass’ penalties plus any additional taxes and other fees as mandated by the IRS. Considering the competitive rate for the IRA CD, it’s a great way to possibly save money in a tax deferred account (if you opted for a Traditional IRA).

How to get BBVA Compass’ IRA savings account

Even though you can open a regular CD account online, with an IRA account you’ll need to do so in person. You can click here to find a location closest to you or call the bank to find out more.

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Overall review of BBVA Compass’ banking products

BBVA Compass does offer some unique features such as different options to get cashback rewards with its Visa debit card. It also offers rate matching for its Build My Savings account. Its CD, money market and IRA rates are on par with the best rates out there, even if it’s just for the first 12 months. Currently, BBVA is offering a $200 bonus if you open an online checking account by February 28, 2020 with a qualifying deposit, and will bump that up to $250 if you add a savings account.

Sadly, its checking and savings accounts fall short. There are better rates, many at triple the APY that’s currently being offered at BBVA Compass. Even with perks like no-fee accounts and free checks, other online banks offer many of the same options at higher rates.

If you’re only after the highest rates for checking and savings accounts, you’ll probably want to look elsewhere. However, if you want some of the best money market and CD rates out there, then BBVA Compass is a great choice.

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Reviews

Columbia Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Columbia Bank’s checking account options

Totally Free Advantage Checking

A basic checking account that discourages out-of-network ATM usage.
  • Minimum opening deposit: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

Columbia Bank’s basic checking account option may be great for those who don’t want to maintain a minimum balance. If you don’t intend on using the ATM much, this can also be a great option since you’ll pay ATM fees plus surcharges for machines outside of Columbia Bank. But this is not an interest-bearing account, so if you want to earn on your money, you should look at its other options.

Totally Free Advantage Checking also comes with free checks, online and mobile banking. The free Visa debit card also comes with Apple Pay, Google Pay or Samsung Pay.

How to get the Totally Free Advantage Checking account

New Jersey residents can open an account by filling out an online application. After choosing which account you want to open and entering your ZIP code, provide personal details such as your name, address and Social Security number. Then you can go ahead and fund the account.

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Yield Plus Checking

Earn a fairly competitive rate, but only if you a high deposit amount.
APYMinimum Balance to Earn APY
0.10%
$0.01
0.15%
$1,000
0.50%
$10,000
1.10%
$250,000
0.10%
$500,000
  • Minimum opening deposit: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to six a month; maximum of $20
  • Overdraft fee: $35

This is Columbia Bank’s only interest-bearing checking account. It also offers free ATM usage nationwide. You also don’t need to pay any monthly maintenance fees, but you do need to meet the bank’s qualifications to get the rates mentioned above.

To qualify, you’ll need to make at least one direct deposit each month. Otherwise, your APY will drop to 0.10%. Just like the Totally Free Advantage Checking account, you get a free Visa debit card — with which users can utilize Apple Pay, Google Pay or Samsung Pay — free checks, online and mobile banking.

How to get the Yield Plus Checking account

You can only open this account in person at a branch.

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Advantage Plus Checking

Get some neat perks like cashback rewards and free subscription services.
  • Minimum opening deposit: 1 cent
  • Monthly account maintenance fee: $9 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to 10 a month, maximum of $30
  • Overdraft fee: $35

Although you don’t earn any interest with the Advantage Plus Checking account, it does come with a whole host of perks. For one, you can get a rebate — up to $14 a month — on your monthly subscription to services such as Spotify, Netflix or Hulu. Account holders can also enroll in the uChoose Rewards program, where you can earn up to $120 cash back per year on qualifying purchases you make with your debit card.

Other benefits of this account include free checks, money orders, online statements, bonus rates for some CD terms and a rate discount on fixed-rate home equity loans. There’s also free online and mobile banking, as well as the ability to use Apple Pay, Google Pay or Samsung Pay.

To waive the monthly maintenance fee, you’ll need to maintain a $500 daily minimum balance. If the primary account holder is younger than 23, there is no minimum balance.

How to get the Advantage Plus Checking account

You can only open an Advantage Plus Checking account at a branch.

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How Columbia Bank’s checking accounts compare

The rates for the Yield Plus Checking account are on par with some of those on our list of the best online checking accounts. But unlike many of those competitors, it does require a high minimum account balance. We also think the sign-up bonus, along with the cashback feature of the Advantage Plus Checking account, is pretty good if you believe you can maximize that feature. Otherwise, you may want to look elsewhere.

Columbia Bank’s savings account options

Advantage Plus Savings

Link this account to an Advantage Plus Checking account for free ATM access.
APYMinimum Balance to Earn APY
0.15%
$10 ($100 for passbook holders)
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $4 (or $2 if you opt for passbook savings)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: N/A

This savings account earns a small amount of interest and may differ in fees depending on the option you choose. If you opt for a passbook account — meant for those who don’t intend to access their account often — you can waive the monthly maintenance fee if you keep a $100 minimum daily balance. For the regular statement savings, you’ll only need to keep a $50 minimum daily balance.

For ATM access, you can link this account (not the passbook option) with the Advantage Plus Checking account. Remember that you’re allowed up to six certain withdrawals because of Regulation D. If you go over six, the bank will charge you a $15 excess transaction fee per withdrawal.

How to get the Advantage Plus Savings account

If you’re a New Jersey resident, you can browse the online application to open an account. You’ll need to indicate which account you want to open and your ZIP code, then fill in details such as your name, address and Social Security number. Afterward, fund the account.

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Kids Count Youth Savings

Your kids can get a higher rate than you.
APYMinimum Balance to Earn APY
0.30%
$1
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

A parent or guardian can help their kids open this account — choose from a passbook or statement format. The rate is higher than the regular adult account. Columbia Bank will match your child’s initial opening deposit up to $15 as a bonus.

Because of Regulation D, this account is allowed up to six certain withdrawals a month. Columbia Bank will charge a $15 excess transaction fee for each withdrawal over six.

How to get the Kids Count Youth Savings account

Both the child and a parent or guardian need to be present to open this account at a branch.

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How Columbia Bank’s savings accounts compare

We’re not impressed with these savings accounts (even with the bonus on the kids’ option) because the rates fall way short compared to our list of the best online savings accounts. Most don’t have minimum balance requirements, so it looks like you may be better off going elsewhere.

Columbia Bank’s CD rates

Certificates of deposit

The longer terms on these CDs aren’t too bad.
Regular rates
TermAPY
7 days0.10%
28 days0.10%
91 days0.90%
182 days0.90%
9 months0.60%
12 months0.90%
12 months (Advantage Plus rate)1.10%
18 months0.90%
20 months0.45%
24 months0.90%
30 months0.50%
36 months1.00%
48 months1.15%
60 months1.15%
60 months (Advantage Plus rate)2.45%
72 months1.15%
84 months1.15%
Promo rates
TermAPY
20 months (Bump Up CD)1.75%
36 months (Home Saver)1.50%
  • Minimum opening deposit: $500 (except for seven-day and 28-day terms, which is $2,500)
  • Minimum balance amount to earn APY: $500 (except for seven-day and 28-day terms, which is $2,500)
  • Early withdrawal penalty: Depends on length of term:
    • Seven to 28 days: All interest earned
    • 91 days: 30 days’ interest
    • 182 days to nine months: 90 days’ interest
    • 12-20 months: 180 days’ interest
    • 24-84 months: 365 days’ interest

Columbia Bank offers some attractive promotional rates for those who are Advantage Plus Checking account customers. There’s also the Home Saver CD meant to help those who are saving for a home down payment. The Bump Up CD offers account holders the chance to increase their rate once upon request if it goes up during the term.

Except for the seven- and 28-day CDs — where dividends are paid out at maturity — interest is credited quarterly or upon maturity. Interest earned differs depending on your CD term:

  • Seven to 182 days: Interest not compounded
  • Nine to 12 months: Interest compounded quarterly
  • 18-84 months: Interest compounded daily

Upon maturity, your CD will automatically be renewed for the same term, except for the seven- and 28-day CDs. You’ll have a seven-day grace period where you can make changes such as add additional funds, make withdrawals or renew for another term.

How to get Columbia Bank’s CDs

You can only open the 12-, 24- or 36-month CDs online. To do so, fill out the online application by providing details such as your name, address, phone number and a way to fund the account.

For all other terms, you’ll need to head to the nearest branch.

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How Columbia Bank’s CD rates compare

We noticed that some of these CD terms are fairly competitive compared to the ones on our list of the best CD rates. Fortunately, the ones you can open online are some of the higher ones. If you’re not a New Jersey resident though, you have no choice but to look elsewhere.

Columbia Bank’s money market account options

Advantage Money Market

These rates don’t do much for us.
APYMinimum Balance to Earn APY
0.15%
$0.01
0.25%
$2,500
0.50%
$10,000
0.50%
$25,000
0.50%
$50,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $12 (this can be waived)
  • ATM fee: $1 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is best for those who want a hybrid savings account since there is ATM access without linking to a checking account. You’ll also get bill pay, e-statements and free online banking. But the monthly fee and minimum opening deposit seem a bit steep in comparison.

To waive the monthly maintenance fee, you’ll need to agree to receive e-statements and meet the $2,500 daily minimum balance. Since this is a savings account, Regulation D allows you up to six certain withdrawals each month. Exceed that threshold and you’ll face a $15 transaction fee for each one you go over from Columbia Bank.

How to get Columbia Bank’s money market account

You need to head to a local branch to open a money market account.

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How Columbia Bank’s money market accounts compare

Sadly, Columbia Bank is on a bit of a roll when it comes to low rates for its savings accounts. Combined with the fact that you can only open an account in person, you’re probably better off looking at competitors, such as the ones on our list of the best money market accounts.

Columbia Bank’s IRA account options

IRA CD rates

Some of the rates are pretty low on these retirement versions of CDs.
Fixed rates
TermAPY
91 days0.90%
4 months0.10%
5 months0.10%
182 days2.00%
7 months0.10%
8 months0.10%
9 months0.60%
10 months0.10%
11 months0.10%
12 months1.10%
14 months0.10%
18 months1.25%
20 months0.45%
24 months0.90%
30 months1.45%
36 months1.20%
40 months0.75%
42 months0.75%
48 months1.15%
60 months1.15%
72 months1.15%
84 months1.15%
Promo rate
TermAPY
20 months (Bump Up rate) 1.75%
Variable rate
TermAPY
18 months0.90% Variable
  • Minimum opening deposit: $500 ($100 for variable-rate CD)
  • Minimum balance amount to earn APY: $500 ($100 for variable-rate CD)
  • Early withdrawal penalty: Depends on length of term:
    • 91 days: 30 days’ interest
    • Four to nine months: 90 days’ interest
    • 10-20 months: 180 days’ interest
    • 24-30 months: 270 days’ interest
    • 36-84 months: 365 days’ interest

The IRA CDs offer fixed-rate and variable-rate choices, along with a Bump Up option — you can request a one-time rate increase if it goes up during your CD term.

Interest is compounded depending on your term, except for the 91- to 182-day ones, where interest is not compounded. For terms of seven to nine months or 12 months, interest is compounded quarterly. For terms of 10 or 11 months, as well as between 14 and 84 months, interest is compounded daily. All CD terms credit interest earned either quarterly or at maturity.

When your CD matures, your account is automatically renewed for the same term unless you make changes within the seven-day grace period — additional deposits, withdrawals or renewing for another term.

How to get Columbia Bank’s IRA CDs

You can only open an IRA CD account in person.

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How Columbia Bank’s IRA CD rates compare

Most of these CD rates fall flat when compared to other places. Even with the Bump Up CD option, you’re probably not going to get nearly as high of a rate of return like the ones on our list of the best IRA CD rates. You may want to do yourself a favor and do some comparison shopping.

IRA savings account

You can choose between a passbook or distribution account.
APYMinimum Balance to Earn APY
0.15% (distribution)$0.01
0.15% (passbook)$50
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: 1 cent or $50
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

You can choose from a passbook or distribution account — both offer the same rate. The main difference is that with a passbook account, you are expected to keep the money in the account or not access it as often. The distribution account is one where you want to make more withdrawals — though be careful as you may get penalized if you take money out before you’re 59½. The interest in the distribution account is compounded daily, while the passbook option interest is compounded quarterly.

Remember that Regulation D allows account holders up to six certain withdrawals a month, or else you’re looking at a $12 excess transaction fee from the bank for each one you go over.

How to get Columbia Bank’s IRA savings account

You’ll need to head to a local branch to open an IRA savings account.

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Overall review of Columbia Bank’s banking products

Unfortunately, the rates for Columbia Bank’s deposit account products aren’t that great. They’re consistently lower than other competitors, except for a few of the fixed-rate CD terms. Besides, only New Jersey residents can open accounts here. Those living outside of the Garden State have to look elsewhere.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.