Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $400
- vailability: Nationwide (apart from a few states. Might only be in areas with a physical branch)
- Direct deposit required: Yes, $2,500+
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: No
- Credit card funding: $500 Visa only and personal cards only
- Monthly fees: $19, avoidable
- Early account termination fee: One year, bonus forfeit
- Household limit: None
- Expiration date: September 15th, 2020
Contents
The Offer
- BBVA is offering a bonus of $400 when you open a new Premium Checking account with the promo code PREM400 and and receive a qualifying direct deposit of at least $2,500 by November 15th
The Fine Print
- How to qualify for the $400 Bonus: You must be a new BBVA consumer checking customer who has not had a BBVA consumer checking account open within the last 12 months or closed due to negative balance to be eligible for the bonus.
- A qualifying direct deposit is a recurring paycheck, pension or government benefits (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 other one time payments from the government.
- This offer is not combinable with any other bonus offer.
- To qualify you cannot have received a cash bonus for account opening in the past 12 months.
- We reserve the right to deduct the bonus amount if the account is closed within 12 months of opening.
- Account must be open and in good standing with a balance greater than or equal to $0.00 at the time of payment in order to receive the new account bonus. 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
$19 monthly Service Charge is waived with qualifying $4,000 monthly direct deposits OR by having an average daily collected balance of $4,000+
Early Account Termination Fee
Account needs to be kept open for one year or bonus is forfeit
Our Verdict
There is currently a $200 checking & $50 savings bonus. This is a an extra $200 on the checking bonus, but it’s more difficult to keep the account fee free. Keep in mind you need to keep the account open for a full year otherwise the bonus is forfeit. Easiest way to keep fee free is probably keeping the $4,000 in the account. Works out to be 5% APY return on the money so definitely worth considering. I’ll add this to the best checking bonuses.
Hat tip to reader newbie
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
