Posted by William Charles on November 5, 2018
Bank Account Bonuses

Published on November 5th, 2018 | by William Charles

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[Expired] BBVA Compass $200 Checking & $50 Savings Bonus – Nationwide & Available Online

Deal has expired, view the best current checking bonuses by clicking here.

Offer at a glance

  • Maximum bonus amount: $200 checking + $50 savings
  • Availability: Nationwide (excluded Hawaii)
  • Direct deposit required: Yes, $500+
  • Additional requirements: Open savings and maintain $100+ balance until 01/23/2019
  • 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: Limit of one
  • Expiration date: November 20th, 2018

The Offer

Direct link to offer

  • BBVA Compass is offering $200 when you open a new qualifying checking account and receive a qualifying direct deposit of at least $500 within the first 60 days of account opening
  • You can also get a further $50 by opening a savings bonus by opening a new  savings account with a minimum balance of $100. This balance must be maintained through January 23rd, 2019. Keep in mind you can only do this savings bonus if you do the checking bonus (savings account must be opened within 60 days of checking)

The Fine Print

Checking bonus:

  • You must be a new BBVA Compass consumer checking customer who has not had a BBVA Compass consumer checking account open within the last 12 months or closed due to negative balance to be eligible for the bonus.
  • Eligible accounts include BBVA Compass ClearConnect Checking, BBVA Compass ClearChoice Interest Checking, BBVA Compass ClearChoice Free Checking and Easy Checking
  • Within sixty (60) days of account opening, at least one electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government in the amount of at least $500 must post to the new checking account
  • The $200 cash bonus will be deposited into the new checking account within 90 days of meeting the bonus requirements described above. 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.

Savings bonus:

  • You must be a new BBVA Compass consumer savings customer who has not had a BBVA Compass consumer savings account open within the last 12 months or closed due to negative balance to be eligible for the bonus
  • Eligible savings accounts are BBVA Compass ClearChoice Savings, Build My Savings, ClearConnect Savings and Young Savers
  • Savings account must be opened within 60 days of checking account
  • Account must be opened with a minimum balance of $100 in your new BBVA Compass Savings account. The minimum balance of $100 must be maintained through January 23, 2019 to qualify.
  • The $50 cash bonus will be deposited into the new checking account within 90 days of meeting the bonus requirements described above. 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.
  • The BBVA Compass savings account holder must be an account holder on the new BBVA Compass consumer checking account

General rules:

  • New BBVA Compass customers may be eligible for $250 in cash bonuses from November 5, 2018 – November 20, 2018, by opening a new qualifying BBVA Compass consumer checking account, and one of the following: BBVA Compass consumer savings account.
  • There is a maximum of one (1) $250 bonus per household. There is a maximum of one Checking Bonus and one Savings 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.

Savings account has no monthly fee to worry about.

Early Account Termination Fee

Account needs to be kept open for one year or bonus is forfeit

Our Verdict

The biggest bonus they have offered in the past has been $200. This is basically the same but with a $50 savings bonus. Nationwide bonuses like this don’t come around often, so I do think it’s worth doing. You might as well do the savings bonus as well because the requirements are easy to meet and that should allow you to fund with a credit card for another $500. Keep in mind people have reported issues with credit card funding in the past, so might not work smoothly.   I will be adding it to our list of the best checking account sign up bonuses. BBVA will often send out targeted promotions after opening this account as well.

Big thanks to reader, Matt K & Syd who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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How quickly does the bonus post? I would prefer to get taxed for this in 2018 rather than 2019.

X2. Would like to know as well.

You will likely receive your bonus in 2019. I opened November 15 2017, received my bonus on January 23, 2018.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

I’m going to try do savings bonus as I have a checking account currently due to prior $100 bill pay promo.

I was gonna do the same until I saw this in the terms:
“Savings account must be opened within 60 days of checking account”

FYI: “This product is only available online for US citizens. If you are not a US citizen, please visit a branch.”

can the savings bonus be done if you already have a checking?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

No

“Savings account must be opened within 60 days of checking account.”

“We reserve the right to deduct the bonus amount if the account is closed within 12 months of opening.”

Doc,

“Previous bonuses have required the account be kept open for one year, but I don’t see it in the fine print this time. I might be missing it though”

Does this verbiage count as a requirement to keep it open 1 year?

“We reserve the right to deduct the bonus amount if the account is closed within 12 months of opening.”

“You must be a new BBVA Compass consumer savings customer who has not had a BBVA Compass consumer savings account open within the last 12 months”

Geez just closing my account I’ve had open for a year since last Nov. Guess it’s gonna be another year before I can churn it.

Is there a promocode for this offer? in the signup there is a spot for a promocode and it’s not pre-populating so i’m getting slightly nervous.

There’s none mentioned on the signup page but I saved the offer details just in case..

Not nationwide. Tried w/ HI address.

I opened a checking account half year ago. Will my spouse get this offer if we open a new checking account? It says “There is a maximum of one (1) $250 bonus per household”, but have no idea if “per year” or “per time”.

I did one of these with BBVA and they never pay out. I think their system for tracking just doesn’t work.

No chex!! Hallelujah!!

I just logged into my old NBA AMEX account and I see that my BBVA compass checking account that I asked to be closed in November 2017 is still open.

Wonderful.

Any sense of whether a recent denizen account would disqualify?

Did you ever get an answer to this? I’m in the same boat with the open Denizen accounts. :/

“We reserve the right to deduct the bonus amount if the account is closed within 12 months of opening.”

This is the last bullet point in the other information section.

For some banks, this clause usually is not strictly enforced. I wonder about BBVA though.

I’m paid weekly, so with all the deductions taken out of my pay, I couldn’t qualify for the $500 deposit all at once. Shame as otherwise I would do this.

Wasnt able to open online. Asked me to visit a branch saying they couldnt verify my identity. I suspect it is something to do with MN zip code.

I just applied and was approved for both accounts with a MN zip. The funny thing is I have such a sordid history w/ BBVA from the days of hitting their $5k account funding hard. They always said they were going to ban me, but they never did and I just closed out my accounts and now I will go for the deposit bonuses.

Since this is BBVA it can also mean that based upon the IP address of your computer the application isn’t being made from someone at or near the town you live in.

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