Everyone needs a a place to save money. Even if you have bad credit, you need a savings account while you work on getting your credit back on track. Credit has crept into just about every aspect of our financial well-being. Whether it’s finding an apartment, applying for a job, getting a cell phone or opening a bank account…your credit report might play a significant role.
An online savings account when you have bad credit can help you reach financial goals. Saving money takes practice and it’s much easier to practice saving money when you have a bank account. Set a goal and track your progress with an online savings account that anyone can open. If you have a ChexSystems or EWS record you can still open a savings account with bad credit.
Why Open an Online Savings Account
Set your goals and put saving on automatic pilot with an online savings account at BBVA Compass Bank. Online banking is an important tool for those who want to manage their finances easily and efficiently. Customers of online banks tend to benefit from lower overhead costs compared to traditional banks. Online banks like BBVA Compass Bank can pass these savings onto you in the form of competitive interest rates and no monthly maintenance fees.
Earn a higher savings yield rate
Currently BBVA’s Money Market Savings Account Rate is 0.85% APY for all balances. In comparison Chase, Citibank and Bank of America savings accounts currently offer 0.01% APY for all balances.
Opening deposit required
Although you do not have to maintain the deposit once the account is opened, BBVA requires an initial deposit of $25. You have 30 days to fund the account if you choose to mail a money order, cashier’s check, personal, payroll or government check or you can fund it immediately upon opening with an electronic transfer.
Set up automatic transfers to your account
Saving any amount of money on a regular basis can really add up – even if you just stash a little away every week. With an Automatic Savings Plan, you can choose the amount you want to save and transfer money to your account when you want to save it. Make changes to the amount you transfer whenever you want.
Get online instead of waiting in-line. Pay your bills, transfer money, check your balances and deposit checks quickly and conveniently with our mobile app.
Your money is safe
Your money is FDIC-insured up to the maximum allowed by law, plus we have $0 Liability Protection so you are never responsible for unauthorized debit card, online, or mobile banking transactions.
Deposit checks from anywhere with Mobile Deposit
With Mobile Deposit, you can drop money right into your from anywhere, really – using your mobile device.
Set up Direct Deposit
Direct deposit can be set up in a snap. Whether you want some (or all) of your money to go directly to your savings account is up to you.
There’s an App for that
Handy tools that can help you save money automatically are available with the BBVA mobile app. Transfer and stash cash on the go, make mobile check deposits, keep tabs on balances and lots more from your mobile device. The BBVA Compass Mobile Banking app was named the Best Mobile Banking App in 2015 by Money Magazine.
BBVA Money Market Savings Account Summary
- Earn tiered interest rates to grow your money faster
- Your deposits are FDIC Federal Deposit Insurance Corporation–insured up to $250,000 per depositor.
- Mobile Banking: Deposit checks from anywhere using your mobile smartphone or computer.
- Direct Deposit: Set up direct deposit for some (or all) of your check.
- Free online bill payment
- Monthly Service Charge of $15