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Reviews

An In-Depth Review of Ally Bank’s Rates

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.

Ally Bank CD Rates

Interest Checking Account Ally Bank’s CD features three products: the High Yield CD, the Raise Your Rate CD and the No Penalty CD. The APYs currently available range from 0.75% to 2.15%, depending on your opening deposit and term length. All accounts have no minimum balance requirement, though rates will vary depending on the term and amount deposited.

All of Ally Bank’s CDs have a Ten Day Best Rate Guarantee. If their rate goes up within 10 days and you make a deposit within 10 days of account opening, you may get the better rate. This rate also applies when you renew your CD account. Interested is compounded daily with all accounts and your account will be automatically renewed when your CD matures. If you choose to close a CD account, you have a 10-day grace period after the maturity date.

Ally Bank’s CD rates are lower than some of its competitors. You can easily find a 12-month CD at 1.65% APY and three-year at 2.00% APY with only a $500 minimum, as of the date of publishing this review. Other banks also offer higher APYs but require minimum deposits, often $2,000.

High Yield CD Rates

 

Up to $5K

$5K-$25K

$25K+

3 months

0.75% APY

0.75% APY

0.75% APY

6 months

1.00% APY

1.00% APY

1.00% APY

9 months

1.25% APY

1.25% APY

1.25% APY

12 months

2.00% APY

2.00% APY

2.00% APY

18 months

1.90% APY

2.00% APY

2.05% APY

3 years

1.95% APY

2.05% APY

2.10% APY

5 years

2.15% APY

2.15% APY

2.15% APY

The High Yield CD is more a traditional CD featuring a fixed term and interest rate until maturity. You can choose terms anywhere from 3 months to 5 years, with varying APYs. This type of CD has the highest rates compared with the Raise Your Rate and No Penalty CD. The best rate is 2.15%  APY for a five-year term, with no minimum deposit.

With the High Yield CD however, you are subject to an early withdrawal penalty. The penalty charged depends on your CD terms. Usually the longer the term, the more interest you’ll be charged. Currently, the maximum you may be penalized is 150 days of interest. If the interest you’ve earned so far is less than the penalty, the rest will be deducted from the balance in your CD.

Raise Your Rate CD

Term

APY

2 years

2.05% APY

4 years

2.05% APY

The Raise Your Rate CD gives you the option to raise your rate during your term, once for a two-year term, and twice for the four-year term. You’ll get the opportunity to do so if the rate goes up and your balance tier increase. Currently, the APY is lower than the High Yield CD, which could mean that you earn less in interest.

Like the High Yield CD, you will also be subject to early withdrawal penalties. For a two-year term, you’ll be charged 60 days interest; it’s 120 days of interest for the four-year term. Like the High Yield CD, the penalty may de deducted from your CD’s balance if the interest you’ve earned is lower than the penalty amount.

You also cannot make partial withdrawals.

No Penalty CD

 

Up to $5K

$5K-$25K

$25K+

11 months

1.65% APY

1.85% APY

1.90% APY

The No Penalty CD is only offered for 11 months. This type of CD may be suitable for those who may want to withdraw their money before the term is up — for instance, in an emergency or when you reached your short term savings goal. Compared with the High Yield CD, the APY is higher when looking at the shorter terms, which max out at 1.90% APY for a nine-month term with a minimum deposit of $25,000.

There is no penalty for withdrawing your money early, after the first six days. However, if you don’t plan on withdrawing your money for a few years, you may want to consider the other two options for higher interest rates.

Ally Bank Checking and Savings Rates

Ally Bank Savings Account

APY

Minimum Amount to Open

Monthly Fee

1.60% APY

No minimum

none

There are virtually no fees with an Ally Bank savings account, no minimum balance requirements and high interest rates. You can access funds online or via their app by making an ACH transfer (wire transfers are subject to a fee) or by requesting a check. You can make deposits either with an ACH transfer or via Ally eCheck DepositSM.

However, you do not get a debit card with a savings account, meaning you cannot deposit or withdraw cash from your account. You’re also limited to six withdrawals per statement cycle, although you can make unlimited deposits. If you make more than six, you’ll be charged $10 per transaction. Other fees include overdraft fees, cross border transactions, expedited delivery and returned checks.

Other online banks listed on our site have higher APYs as high as 1.30%, as of time of publishing, with no minimums and monthly fees. However, not all banks offer a mobile banking option.

Ally Bank Checking Account

APY

Minimum Balance Amount

Minimum Amount to Open

Monthly Fee

0.10%

none

none

none

0.50%

$15,000

none

none

Ally Bank’s interest checking account gives you access to online bill pay, transfers between bank accounts, an option to send money to others, as well as free checks and a debit card. There are no minimum amounts to open an account but you’ll get a higher APY if you can keep your minimum balance at $15,000. Compared with other banks, their APY is on the low end.

But, as previously noted, if your minimum balance amount is greater than $15,000, Ally Bank will offer a better rate.

You can send money to friends and family with Popmoney®. All you need is the person’s mobile number, email address or bank information, and funds will be transferred via Ally Bank’s app or online. If you link your account to a savings account, you can get free overdraft protection. And you can make unlimited transactions, unlike with the online savings account.

In addition to online transfers, you also get a MasterCard® debit card. Although you cannot make cash deposits, you can easily withdraw cash from any ATM. There are no fees if you take money out from any AllPoint ATM in the U.S. For other domestic ATMs, you’ll get reimbursed a maximum of $10 per statement cycle.

However, if you use your debit card outside the U.S., you’ll be charged a 1% transaction fee. If you want same-day or overnight bill pay, you’ll be subjected to a fee. Other fees include stop payments, rush delivery (debit card/checks) and returned deposits.

Ally Bank Money Market Account Rates

Ally Bank Money Market Account

APY

Minimum Amount to Open

Monthly Fee

0.75% APY

none

$0

Ally Bank’s money market account rate isn’t the greatest rate you’ll find out there by a long shot — you can easily find rates as high as 1.30% APY elsewhere, as of date of publishing. You can even score a better rate by parking your cash in a regular Ally Bank savings account, which earns 1.60% APY.

Still, Ally Bank’s Money Market Account has some useful features. You get a free debit card and checks with a money market account. There are no fees if you withdraw cash from any Allpoint ATM, but you will be reimbursed up to $10 per statement cycle for fees charged at other cash machines nationwide. You’re also limited to six transactions per statement cycle like the online savings account, though you get unlimited ATM withdrawals.

Ally Bank IRA CD Rates

Ally Bank’s IRA CDs come in terms from three months to five years. Accounts are available as a Traditional, Roth of SEP IRA and interest is compounded daily. When the IRA CDs mature, you have a 10-day grace period to withdraw your money or it’ll be automatically renewed. You also have the option to do a rollover to Traditional or Roth IRAs. Both IRA CDs will offer the best rate within 90 days after account opening, or when you fund your account.

As listed on our site, other banks offer higher rates, some as high as 1.62% APY with a $5,000 minimum, as of date of publishing. However, there are no minimums at Ally Bank.

IRA High Yield CD Rates

 

Up to $5K

$5K-$25K

$25K+

3 months

0.75% APY

0.75% APY

0.75% APY

6 months

1.00% APY

1.00% APY

1.00% APY

9 months

1.25% APY

1.25% APY

1.25% APY

12 months

2.00% APY

2.00% APY

2.00% APY

18 months

1.90% APY

2.00% APY

2.05% APY

3 years

1.95% APY

2.05% APY

2.10% APY

5 years

2.15% APY

2.15% APY

2.15% APY

The High Yield CD IRA is best for those looking for a short-term option or seeking a higher rate for longer terms. The highest rate offered is for the five-year term with no minimum deposit. For those interested in creating CD Ladders, this type of account offers an excellent opportunity.

However, there are early-withdrawal penalties which vary depending on your CD IRA terms. You’ll be charged more the longer the term. The minimum you’ll be charged is 60 days of interest with a IRA 18 months or less, and 150 days of interest with terms longer than 48 months. Usually the longer the term, the more interest you’ll be charged. Currently, the maximum you may be penalized is 150 days’ interest.

IRA Raise Your Rate CD

Term

APY

2 years

2.05% APY

4 years

2.05% APY

The Raise Your Rate CD IRA gives you the chance to increase your rate if your balance tier or the rate for your term increases. You can do this once for a two-year term account and twice or a four-year account. This account is best for those who believe interest rates will go up.

There are no minimums with this account but you may be subject to a maximum amount depending on the type of IRA you choose. You’re also subject to early-withdrawal penalties. A two-year IRA will be charged 60 days of interest; it’s 120 days for a four-year account. If you’re under the age of 59.5, you may also have to pay another 10% to the IRS.

Ally Bank IRA Online Savings Account

APY

Minimum Amount to Open

Monthly Fee

1.60% APY

none

none

The rate for the IRA Online Savings is variable, meaning it may change after you open an account. Though the rate is lower compared with the other IRA options, you’re not subject to an early-withdrawal penalty, though the IRS may tax you if you’re under 59.5.

If you do make early withdrawals, you’re only allowed a maximum of six per statement cycle. You get charged $10 for each transaction over that amount. To access your money, you’ll need to request a distribution.

Conclusion

You don’t need to rely on your brick-and-mortar bank for competitive rates, products and customer service. Ally Bank provides products at competitive rates, with convenient access via their mobile app or online portal.

Ally Bank’s no-minimum opening deposits and fees make it more accessible to everyone. Its online accounts for checking and savings cover all the basics, and with no maintenance fees.

Because there are a growing number of alternative online banks these days, it’s important to compare rates at a number of banks to find your best option. Depositaccounts.com, also owned by LendingTree, is a great research tool you can use to compare rates easily online.

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.

Advertiser Disclosure

Auto Loan, Reviews

The Best Auto Loans: 2020 New & Used Car Loan Rates

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.

Just because cars are getting more expensive, it doesn’t mean your car loan has to break the bank. Car debt and car payments have been hitting new highs recently, so it’s more important than ever that you do your research for the best rate. To that end, we researched the best auto loans of 2020, whether you’re purchasing or refinancing, or if you’re a credit union loyalist or an online-only type of shopper.

Overview of the best auto loans in 2020

Company

APR Range

Term

Amounts

Best for Comparison Shopping

No. 1

LendingTree

As low as 3.99%

24 - 84

$5,000 - $300,000

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Best Purchase

Top Credit

LightStream

3.99% - 10.84%

24 - 84

$5,000 - $100,000

APPLY NOW Secured

on Lightstream’s secure website

Fair Credit

Capital One

As low as 3.39%

36 - 84

$4,000 Minimum

SEE OFFERS Secured

on LendingTree’s secure website

Best Credit Union

No. 1

Penfed

2.49% - 17.99%

36 -84

$500 - $100,000

No. 2

Navy Federal CU

As low as 2.49%

12 - 96

$250 Minimum, No Maximum

Best Online-Only Lender

No. 1

Carvana Auto Loan

NA

12 - 72

Any vehicle on website

SEE OFFERS Secured

on LendingTree’s secure website

How we picked the best auto loan rates

Using information from LendingTree, we compiled auto loan data over a six-month period across 31 auto lenders. We analyzed new and used auto lending, as well as refinance loans, selecting lenders from among those that consumers chose most often and offered the lowest average APRs.

Start with LendingTree

LendingTree
APR

As low as
3.99%

Terms

24 To 84

months

Fees

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

LendingTree is our parent company. LendingTree is unique in that they allow you to compare multiple, auto loan offers within minutes. Everything is done online. LendingTree is not a lender, but their service connects you with up to five offers from auto loan lenders based on your creditworthiness.

With LendingTree, you can fill out one short online form, and there are dozens of lenders ready to compete for your business. Upon completing the form, you can see real interest rates and approval information instantly. Some auto lenders will do a hard pull on your credit and this is common with auto lending. It’s important to remember, multiple hard pulls will only count as one pull, so the best strategy is to have all your hard pulls done at one time.

Best purchase for top credit: LightStream

LightStream
APR

3.99%
To
10.84%

Terms

24 To 84

months

Fees

No Origination Fee

APPLY NOW Secured

on Lightstream’s secure website

Advertiser Disclosure

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream is the online-only division of SunTrust Bank, which recently merged with BB&T. It offers auto loans for people with good to great credit (660-plus). It even has a Rate Beat Program in which LightStream will offer a rate 0.10 percentage points lower than the rate offered by a competing lender.

Its lowest rates assume you will enroll in AutoPay, which automatically deducts your monthly payment from your bank account or charges it to your credit card. Enrolling in AutoPay means a 0.50% APR discount; if you do not enroll in AutoPay when you accept the loan offer, your APR will increase by 0.50%.

Best purchase for fair credit: Capital One

Capital One
APR

3.39%
To
11.25%

Terms

36 To 84

months

Fees

No Origination Fee

SEE OFFERS Secured

on LendingTree’s secure website

Capital One is one of the largest banks in the U.S., and offers rates competitive with other large lenders. It has several hundred branch locations and works with more than 12,000 dealerships. It also offers pre-qualification with the Capital One Auto Navigator, which can help you to find a car and get approved for a car loan before going to a dealer.

However, it may offer a relatively low maximum amount you could borrow, up to $40,000 in the past ( spokesperson recently declined to provide a maximum). Other lenders offer up to $100,000 auto loans.

Best credit union auto loan: PenFed Credit Union

PenFed Credit Union
APR

3.99%
To
17.99%

Terms

49 To 60

months

Fees

No Origination Fee

PenFed Credit Union can offer its membership some of the lowest rates available on new and used auto financing and refinancing. Qualified borrowers may be able to finance up to 110% of the vehicle’s value.

However, because PenFed is a credit union, you must be a member before accepting a loan. But wile the credit union has historical ties to the U.S. military, the only requirement to become a member is to have a valid Social Security number or a Tax Identification Number (TIN).

Runner-up for best credit union auto loan: Navy Federal Credit Union

Navy Federal Credit Union
APR

2.49%
To
17.99%

Terms

12 To 96

months

Fees

No Origination Fee

Navy Federal Credit Union also has some of the lowest auto loan rates available. Its prices for auto loan add-ons, such as GAP insurance, are also very low. However, you will have to have ties to the U.S. military to join Navy Federal.

Best online-only lender: Carvana

Carvana
APR

3.00%
To
6.00%

Terms

12 To 72

months

Fees

No Origination Fee

SEE OFFERS Secured

on LendingTree’s secure website

Carvana may be enticing for people who want to do the entire car-buying process online. It offers used cars as well as financing for those cars, but only those cars — you could not finance a car you bought from another seller with Carvana.

The average APR in the six-month period we examined was nearly 12%, higher than the average 9.6% for used vehicles, but Carvana financing may be a possibility for those with fair credit. Its auto loan calculator lists “below average” credit scores of 588, but it doesn’t have a credit score option lower than that.

Understanding the auto loan process

Most people apply for an auto loan through a dealership after they’ve picked out a vehicle, but there’s a smarter way to go. Dealers tend to make more money setting up auto loans than selling cars. Here are some tips to help you keep your money in your account by obtaining your own auto loan.

Tips when shopping for a car loan

Know what you can afford. You’re going to pay more for a car than what’s on the car’s price sticker. Government taxes, dealership fees and auto insurance can have a sizable impact on what you pay. MagnifyMoney suggests following a 50/30/20 rule when setting your budget.

Don’t let the dealer be the middleman. Dealers often raise customer auto loan APRs for their own profit. One of the best things to do is to apply to a few lenders directly, without the dealership being in the middle, so you know what APR you deserve.

Apply to a few lenders. It does not hurt your credit to apply to several auto lenders any more than it does to apply to one, as long as you do all applications within a 14-day window. You are not obligated to accept any of the loan offers you get and most are good for at least 30 days.

Consider a cosigner. If your credit score or income is low, a cosigner could make a big difference on your being approved for an auto loan and in getting a good auto loan offer.

Get a preapproval. This way, if you know you qualify for a 4% APR auto loan, you’re not likely to accept a dealership offer of a 7% APR auto loan. And if you have a preapproved auto loan when you walk into the dealership, you could even ask the dealer to beat the rate you got.

Finalize the loan offer. Once you choose a car, contact the lender with the car’s information to finalize the loan offer. And if it suits you, follow the lender’s directions regarding how to sign off on the loan.

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.

Advertiser Disclosure

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.

SEE DETAILS Secured

on BBVA’s secure website

Member FDIC

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.

SEE DETAILS Secured

on BBVA’s secure website

Member FDIC

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.

SEE DETAILS Secured

on BBVA’s secure website

Member FDIC

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.

SEE DETAILS Secured

on BBVA’s secure website

Member FDIC

magnifying glass

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.

SEE DETAILS Secured

on BBVA’s secure website

Member FDIC

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.

SEE DETAILS Secured

on BBVA’s secure website

Member FDIC

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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on BBVA’s secure website

Member FDIC

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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

1.40%

1.30%

15 months

1.00%

0.10%

18 months

1.00%

2.00%

36 months

1.00%

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.

SEE DETAILS Secured

on BBVA’s secure website

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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%

1.25%

$100k - $999,999.99

0.05%

1.25%

$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.

SEE DETAILS Secured

on BBVA’s secure website

Member FDIC

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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

1.40%

1.30%

15 months

1.00%

0.10%

18 months

1.00%

2.00%

36 months

1.00%

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.

SEE DETAILS Secured

on BBVA’s secure website

Member FDIC

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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