It’s smart to have a savings account as an emergency fund to cover unexpected expenses not included in your budget.
A savings account is also a good way to save up for purchases and expenses not included in your budget, such as a vacation or new phone. It’s also a way to save for long-term goals, like a down payment on a house.
Opening a savings account is easy. At BBVA Compass, we offer three different ways to apply:
To apply for a savings account, you’ll need the following information and documentation:
You’ll also need to confirm that you are:
If you are opening an account with someone, also known as a joint account, they’ll need to supply the same information and documentation. A minimum opening deposit of $25 is required as well.
You must be 18 to open a savings account. If you are interested in opening an account for your minor child, you will need to open an account in your name and then add the child’s name to the account.
BBVA Compass offers four different types of savings accounts:
BBVA Compass ClearChoice and ClearConnect Savings: Earn interest on your entire savings account balance, plus access your money whenever you need it in person at a BBVA Compass branch or ATM.
BBVA Compass ClearChoice Money Market Account: Earn a greater rate of interest than with a traditional savings account, plus get access to your money whenever you need it at a BBVA Compass branch or ATM.
Certificates of Deposits (CDs): Enjoy an opportunity to earn a greater rate of interest than with a traditional savings or money market account. Choose from a variety of term options that give you the flexibility to decide how long you want to invest. You will not be able to access your funds during the CD term without incurring an early withdrawal penalty.
Is there a minimum opening balance for a savings account?
Yes, a minimum opening deposit of $25 is required to open a savings or money market account.
A minimum opening deposit of $500 is required to open a CD.
What is the minimum balance of a savings account?
Once your savings or money market account has been opened with the minimum $25 opening deposit, there technically isn’t a minimum balance requirement.