Update 2/1/21: Deal is available again.
Offer at a glance
- Maximum bonus amount: $200 checking + $50 savings
- Availability: Nationwide (apart from a few states)
- Direct deposit required: Yes, $500+
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: No
- Credit card funding: $500 Visa only and personal cards only (you can also fund savings account for another $500)
- Monthly fees: None
- Early account termination fee: One year, bonus forfeit
- Household limit: None
- Expiration date:
November 27, 2020February 16th, 2021
The Offer
- BBVA Compass is offering $200 when you open a new qualifying checking account and receive a qualifying direct deposit of at least $500 by April 30, 2021
- You can also get a further $50 by opening a savings bonus by opening a new savings account. The savings account balance must be $1,000 or more on April 30, 2021. Keep in mind you can only do this savings bonus if you do the checking bonus, and must be opened at the same time.
The Fine Print
- For accounts opened online, eligible accounts include BBVA Online Checking and BBVA Easy Checking. For accounts opened in branch or by calling 1-844-BBVA USA, eligible accounts include BBVA Premium Checking, BBVA Convenience Checking (only available in Florida and California), BBVA Free Checking and BBVA Easy Checking, BBVA Free Checking and Easy Checking are only available in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. Account must be opened online by clicking “Open Now” above.
- A qualifying direct deposit is a recurring paycheck, pension or benefit (such as Social Security) from your employer or the government. The following deposits are not qualifying direct deposits: interest payments or transfers from your investment accounts; payments received from payment apps such as PayPal, Venmo and other similar payment service providers; tax refunds or one-time economic stimulus payments such as financial assistance made available under the CARES Act or any other financial assistance made available in express response to the COVID-19 pandemic. You must be a new BBVA consumer checking customer who has not had a BBVA consumer checking account open within the last 24 months or closed due to negative balance to be eligible for the bonus.
- You must first meet stipulations for the $200 Checking Bonus to be eligible for the $50 Savings Bonus. The savings account must be opened at the same time as the checking account through this landing page using the “Open Bundle Now Button”.
- The BBVA savings account holder must be an account holder on the new BBVA consumer checking account. You must be a new BBVA savings customer who has not had a BBVA consumer savings account in the past 24 months or closed due to negative balance.
- We reserve the right to deduct the bonus amount if the account is closed within 12 months of opening. BBVA Employees are eligible for each bonus.
- Workplace Solutions / BBVA For Your Cause clients are eligible for this offer.
- These bonuses are not combinable with other BBVA Direct Deposit or Savings Account cash bonus promotions, and you may not have received a Direct Deposit or Savings Account Bonus in the past 24 months.
- Offer subject to change at any time without notice.
- BBVA may report the value of the bonus to the IRS as required by law.
- Any client whose tax status would require BBVA to impose tax withholding of any sort will not be eligible for this bonus.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
If you live in AL, AZ, CA, CO, FL NM or TX then the best account to open is the BBVA Compass ClearChoice Free Checking as this has no monthly fees to worry about. Otherwise open the Clearconnect checking account which also has no monthly fees to worry about. There is a $3 fee on ClearConnect for paper statements, so make sure you opt for paperless statements.
ClearChoice Saving: has a $15 quarterly fee if the balance falls below $500. ClearConnect Saving has no monthly fees.
Early Account Termination Fee
Account needs to be kept open for one year or bonus is forfeit
Our Verdict
This is a frequent offer now that we see on a regular basis. No household restriction this time, so can do this if somebody in your household has already done this. Will add this to our list of the best bank account bonuses.
Hat tip to JennW & nycdpj
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
