Deal has now ended, view more checking promos by clicking here
Offer at a glance
- Maximum bonus amount: $200
- Availability: Nationwide
- Direct deposit required: Yes, $4,000+
- Additional requirements: No
- 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: $19, avoidable
- Early account termination fee: Bonus forfeit, one year
- Household limit: None
- Expiration date: December 31st, 2019
Contents
The Offer
- BBVA Compass is offering $200 when you open a new BBVA Premium Checking Account and complete the following requirements:
- Receive one or more qualifying direct deposits totaling at least $4,000 within 60 days of opening your account
The Fine Print
- 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.
- Within sixty (60) days of account opening, must have electronic Direct Deposits of your paycheck, pension or government benefits (such as Social Security) from your employer or the government totaling at least $4,000 posted to the new checking account.
- Qualifying electronic Direct Deposits do not include payments received into your account from payment apps such as PayPal, Venmo and other similar payment service providers.
- 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
This account has a $19 monthly fee. This is waivedwith qualifying $4,000 monthly direct deposit 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
They just offered a $200 checking + $50 savings bonus, that bonus was much better as it was easier to keep the account fee free and trigger the bonus. Because of that I wouldn’t recommend signing up for this offer and instead wait for one of the better offers BBVA offers to return. I won’t be adding this to our best checking bonus page.
Hat tip to reader Gadget
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
