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BBVA Offers Unique Savings Bonus

BBVA Compass LogoBBVA Compass is offering a unique savings account payout if you set money aside each month. For that behavior, the bank will give you a year-end bonus of up to $250.

Residents of seven states, including the biggies of California, Texas and Florida, can open the Build My Savings account with the bank, based in Birmingham, Ala.

The account is intended to get you saving regularly, but you’ll get the biggest bang for your buck if you’re able to set aside $10,000 for the year.

The offer works like this:

You’ll need to open the Build My Savings account with a deposit of at least $25 and set up an automatic, recurring transfer of at least $25 a month from a BBVA Compass checking account.

If you keep the money flowing in for either six or 12 months – depending on the term you choose – you’ll score a bonus.

The bonus is based on the amount of your opening deposit, the amount you transfer each month and the number of months you keep the account open. An online calculator on the site can help you determine how much you’ll earn under all kinds of scenarios.

The biggest bonus you can land is $125 for six months or $250 for a year.

You’ll score the best bonus with the least amount of cash tied up if you open up an account with a deposit of $5,000 and then add $440 each month. That will gain you the $250 bonus for the year.

The account also earns nominal interest.

How does this offer compare?

If you put $10,280 aside in a 12-month CD, you’d have to earn 2.45% APY to get a similar return. Right now, the top nationally available 12-month CDs pay 1.05% APY.

Once your savings term ends, BBVA Compass will pay your bonus within 30 days.

Because the idea is to get you saving, you’ll have to pay a $10 fee every time you make a withdrawal from your account. And if you stop making your regular transfers, the account will revert to a Basic Savings account and you won’t receive a bonus.

While BBVA Compass is offering some products, such as CDs, nationally, the Build My Savings account is available only to residents of the seven states where the bank has branches – Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. You can open an account online or at one of the bank’s nearly 700 branches.

For more information, visit www.bbvacompass.com/buildmysavings.

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