• Features: 5/5
  • Ease of Signup: 5/5
  • Rewards: 5/5
  • Minimum Deposit: 4/5
  • Eligibility Requirements: 5/5
  • APY: N/A
  • Customer Reviews: 3.7/5

BBVA Online Checking Review

  • Features: 5/5
  • Ease of Signup: 5/5
  • Rewards: 5/5
  • Minimum Deposit: 4/5
  • Eligibility Requirements: 5/5
  • APY: N/A
  • Customer Reviews: 3.7/5

Best For

Those Who Want a Simple Account

STRENGTHS

  • Cash back rewards
  • Protection services
  • $0 monthly fee

WEAKNESSES

  • APY 0%
  • A bit higher wire transfer fees than usual

Checking accounts play a vital role in our lives and are an excellent choice for convenient, low-cost banking.

Among the dizzying number of options available nowadays is the online checking account offered by BBVA, and it’s a good one.

In this BBVA online checking review, I’ll answer questions about pricing, the bank’s pros, and cons, and give a general summary of what it’s like to have a BBVA’s online checking account.

BBVA Online Checking Overview

A quick Google search shows that BBVA is one of the largest full-service banks with a pretty strong online presence. While BBVA has brick-and-mortar banks in only a couple of states, its online services are available in 48 states across the nation, according to its website.

One of the bank’s most popular services is the online checking account. Based on what BBVA has to offer account-wise, its BBVA Online Checking option is best for customers who do not want to rely on a bank branch.

In addition to availability, customers can maintain an online checking account with no monthly service fees, get cashback rewards with debit card purchases, and obtain extra low-cost protection services.

Main Features

BBVA offers a lot of surprisingly convenient features for this account, given that they don’t ask for a monthly fee, but also don’t allow account holders to earn interest.

The feature that stood out the most when I was reviewing BBVA’s online checking was the zero-monthly maintenance fee. BBVA does not charge users for keeping the account alive, unlike many other banks out there. Still, to open an account, you need a $25 initial deposit.

Setting up and opening an account online is quite easy. BBVA’s website has a simple layout and is pretty transparent when it comes to fees and other requirements.

After digging through BBVA online checking reviews, I found that the bank really shines when it comes to accessibility. Account holders have access to 64,000 BBVA, AllPoint, and 7-Eleven fee-free ATMs worldwide without additional surcharges or fees.

Also, BBVA has a great mobile banking app that’s available on both Android and iOS devices. I find it extremely handy to be able to keep track and manage one’s finances and account 24/7, as well as being able to customize features.

One downside is that BBVA’s checking accounts do not earn interest. The annual percentage yield (APY) for a BBVA Online Checking is at 0%.

Still, it’s not like you can’t get something out of the account. While most banks usually reserve reward-like perks for credit card holders, this bank lets you earn cash back when using a BBVA debit card, which is really rare in the banking world. Banks usually need a cashback feature to make it to the list of the top 10 best dining credit cards.

This comes with a catch. The Simple Cash Back program doesn’t just churn out rewards for every purchase but comes up with special offers based on the account holder’s spending habits.

Another great feature that I didn’t expect to see is the overdraft protection option. It allows you to withdraw money even when you don’t have enough in your checking account.

BBVA also offers to protect their clients in case they fall victim to identity theft. Its ClearBenefits program guarantees identity theft restoration, cell phone insurance, and roadside assistance. This feature, however, is not free and costs $5 per month.

Features Description Rating
Fees It’s great not having to pay a monthly fee and still having an active account. 5
Ease of Signup The website and mobile app are easy to use and have been improved in the last several years to make the services that much quicker. 5
Rewards While you cannot earn interest with an online checking account at BBVA, the bank still allows you to earn rewards with credit card purchases. Not a lot of banks have this feature. 5
Minimum Deposit The minimum opening BBVA check deposit of $25 is high compared to other banks. However, I still believe it’s a reasonable amount for a free account and all the other perks that come with it. 4
Eligibility Requirements The bank only asked for my personal information for verification purposes, but nothing out of the ordinary. 5
APY While it’s a disadvantage that no interest rate comes with this account, the bank compensates with the cash back rewards. 2
Customer Reviews Customer reviews are, more often than not, great. 3.7

What Is the BBVA Online Checking Best for?

After thoroughly examining its features I found that the BBVA Online Checking account is best for people who opt for convenience. The bank’s mobile banking app and website allow clients to have control of their account and finances at their fingertips, without having to go to branches.

It’s the perfect match for those who do not want to pay banks a monthly fee just to keep their checking account and people with bad credit scores, given that BBVA does not take this into consideration when a client opens an account.

BBVA Online Checking Pricing & Fees

BBVA checking accounts are free to use, but the bank requires a minimum $25 deposit to open an account. They also charge $3 for a paper statement but account holders have the possibility to opt out.

On the other hand, BBVA’s overdraft fees are quite steep and even excessive. The bank will charge around $38, depending on the state (for example, it charges California residents $32 in overdraft fees), which I believe is a lot.

Also, withdrawing money from out-of-network ATMs will cost you $3, canceling a check costs $30, and the nonsufficient funds fee is $32.

Service Price/Fee
Paper statement $3 per month (you can opt out of this service)
Monthly service fee $0
Early accounting closing fee $25
Returned item $32
Stop payment $30

BBVA Online Checking – Eligibility Requirements & Application Process

The BBVA Checking account is only available online. The bank does not require a lot of information to get started and the process is quite easy and quick.

To open an account, you’ll need:

Valid ID: BBVA requires that potential account holders show some kind of identification document as long as it’s valid.

Social Security number: You will have to provide BBVA with your nine-digit SSN.

Minimum Deposit: The bank requires an initial deposit of at least $25.

Application process:

  1. Visit the BBVA website and click on the “Become a Customer” button.
  2. Once you do, the website will list the eligibility requirements and how you can verify your identity.                                                                               
  3. Click “Start” and choose whether the BBVA Online Savings account will have one or more holders.                                                                               
  4. Click on “Next,” enter your personal information, review the details, and confirm.

BBVA Rating and Reviews

BBVA Bank reviews are generally positive on most review sites but aren’t outstanding. For example, Investopedia’s BBVA loan review gave the service 3 stars.

Overall, people like the account options at BBVA that come with a lot of privileges and access to thousands of fee-free ATMs.

Reviewers who gave the company a lower rating say they are not happy with the extra fees that come with their accounts. Many of the negative reviews cite the steep overdraft fee and the low yields.

Here’s how some of the most trusted review platforms rated the bank:

  • Indeed.com – 4.2-star rating
  • NerdWallet.com – 4-star rating
  • ConsumerAffairs.com – 3.7-star rating
  • BankRate.com – 3.4-star rating

BBVA Alternatives

BBVA’s checking accounts have their advantages but they also sometimes fall short compared to other services.

  • BBVA Online Checking vs. Axos Rewards Checking Account

Let’s see how Axos Bank fares against BBVA:

Feature Description
Win 1.25% APY Unlike with the BBVA debit card, Axos clients can earn some interest with theirs.
Lose $50 minimum deposit Axos’ minimum deposit requirement is twice as high as BBVA’s.
Best for No monthly fees and up to 1.25% APY The Axos Rewards Checking account is one of the most lucrative checking accounts currently available.

Read the full Axos review here.

  • BBVA Online Checking vs. Chime Spending Account

A Chime Spending Account has this to offer:

Feature Description
Win Automatic Savings Program A BBVA account holder can automatically connect their checking account with a savings account and keep the extra cash there.
Lose With BBVA, cash deposits need a third party Chime Spending Account holders do not need third parties to deposit to their accounts.
Best For Early access to deposits If you receive a direct deposit to your Chime Spending Account, you can access your paycheck two days earlier.

Read the full Chime review here.

Overall, the BBVA online checking accounts still win when it comes to robust and convenient banking and are an excellent choice for individuals with bad credit scores.

Where the BBVA Online Checking Dominates

PROS $0 monthly fee
Cash back rewards
Protection services

Where the BBVA Online Checking Falls Short

CONS A bit higher wire transfer fees than usual
APY 0%

The BBVA online checking account is ideal for those who want a simple account with free maintenance.

Bottom Line

To round up our BBVA online checking review, the BBVA online checking account is a basic, fee-free service with a surprisingly good cashback reward program and cheap protection services. It gives you access to thousands of ATMs worldwide and allows you to keep track of and maintain your finances through the BBVA online banking app that’s readily available and easy to use.

FAQ

Does BBVA charge monthly fees?

Yes, BBVA offers accounts that require a monthly fee but its online checking account is free to use. The bank does offer some services that are charged extra. There are also additional fees for overdrafts, etc.

Can you open a BBVA account online?

Yes. It’s the fastest way to open an account at BBVA. In fact, the bank is known for doing business online. There is also the option of visiting a branch or calling the BBVA customer support via a phone number provided on its website.

Is BBVA a legitimate bank?

Yes, it is. In fact, almost every BBVA online checking review rates the bank’s services higher than 3.5 stars. Most clients like the bank’s many fee-free account options, the simplicity of its website, and its mobile app.

ABOUT AUTHOR

I learned a lot about finance after working for a digital marketing company specializing in investing and trading stocks, forex, etc. After that, I got exposed to other verticals such as wealth management and personal finance, which further improved my understanding of the financial world.