Deal has ended, view more bank account bonuses by clicking here.
Update 8/21/20: Today is the last day for this bonus. There’s also a $400 bonus.
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 19th, 2019 February 28, 2020August 21st, 2020
Contents
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.
- 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 October 31st, 2020. 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
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- Eligible accounts include BBVA Online Checking and BBVA Easy Checking (Easy Checking available in AL, AZ, CA, CO, FL, NM, and TX only). Account must be opened online by clicking either the “Open Checking Now” or “Open Bundle Now” button above.
- 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. 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. The promo code SB2020 must be applied at account opening.
- How to Qualify for the Additional $50 Savings Bonus: You must meet stipulations for the $200 Checking Bonus to be eligible for the $50 Savings Bonus. The Online Savings account must be opened at the same time as the checking account through this landing page using the “Open Both Now Button”.
- The BBVA Online 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 12 months or closed due to negative balance.
- The cash bonus(es) will be deposited into the new checking account within 90 days of meeting the bonus requirements described above. Accounts 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(es). 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.
- 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
Pretty similar to the recent offer, but this time with no household restriction. This means your spouse should be able to do this deal even if you’ve done a previous deal. Very good bonus and we will be adding this to the best nationwide bank bonuses.
Hat tip to reader Brian C
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
Post history:
- Update 1/31/20: Deal is back nationwide (ht Steve).
Only for TX, AZ, CA, CO, AL, FL, NM. If anyone knows of a nationwide link, please let us know.They increased the savings requirement from $300 to $500, and I’m not seeing a mention of using a promo code (I suppose it tracks automatically by using the landing page). Updated a few other minor details below as well.
