Frequently Asked Questions

How do I set up my Build My Savings account?

  1. Open a BBVA Compass consumer checking account if you don’t already have one.
  2. Establish a monthly, reoccurring automatic transfer of at least $25 from your BBVA Compass checking account to your Build My Savings account.
  3. Determine how long you want your plan to last (6, 12, 18, 24, 30, or 36 months).

Can I choose how often and on what day my transfers occur?
You can choose from monthly, twice monthly, weekly, or every other week transfers.  You can also choose the day of the month on which you want the transfer to occur.

What is the minimum transfer amount?
The minimum transfer amount is $25.

What is a Match Bonus?
Stick to your plan and BBVA Compass will match a percentage of your transfers annually.

How much is the Match Bonus?
We will match from 1 – 6% of your transfers—not to exceed $125 on a six month plan, or $250 per year on all other plans. The Match Bonus percentage is calculated based on 3 factors:

  • Opening Balance
  • Transfer Amount
  • Term

When will I receive the Match Bonus?
You will receive your Match Bonus within 30 calendar days following the end of each 12-month period of your savings plan.  If you have set up a 6 -month term, you will receive your Match Bonus within 30 calendar days following the end of the 6-month period of your savings plan.

Is the Build My Savings account interest bearing?
Yes. Standard interest rates apply to the account.

What happens if I stop my transfer?
Your account will revert to a Basic Savings account and you will not earn a Match Bonus.

What happens if my transfer causes an overdraft?
BBVA Compass may transfer funds even though the transfer will cause an overdraft. NSF fees will be charged to your checking account, however you are still eligible for the Match Bonus. If the transfer does not occur, any applicable NSF fees will be charged to the checking account; the savings plan will be cancelled; and the account will automatically convert to a Basic Savings Account.

Can I convert my current savings account to a Build My Savings Account?
No. You must open a new account.

Can I withdraw money from my account?
This account was built for customers who indicated they wanted a solution that would help motivate them stay on track with their savings. Much like other forms of goal-based saving such as a Certificate of Deposit (CD) which assess a fee when you make a withdrawal, each time you make a withdrawal from the Build My Savings account, a $10 fee will be charged. If you need more frequent access to your funds, ask your BBVA Compass banker for details about our other account options such as Basic Savings that provide access to your money with no service charge for initial withdrawals.

What happens to my account once I’ve reached my goal?
Once you’ve completed your plan, your account will revert to a Basic Savings account. Note: Your automatic transfer will continue until you cancel.