$250 bonus is back. In the current low interest rate world, easy bank bonuses have become more attractive way to boost your safe interest income. BBVA has brought back their popular $250 bonus promotion for a limited-time.
- $200 bonus for opening a new BBVA Free Checking account between April 12-26 and receive a qualifying direct deposit of $500+ by June 30th, 2021.
- Additional $50 bonus by adding a new BBVA Savings account between April 12-26 and having a savings balance of at least $1,000 on June 30th, 2021.
If you want the entire $250 bonus, be sure to check the boxes for both offers on the promotion landing page. You must keep the account open for at least 12 months, otherwise they may claw back the bonus. You must be a new BBVA consumer checking customer who has not had a BBVA consumer checking account open within the last 36 months or closed due to negative balance to be eligible for the bonus. The promo code should be automatically applied, but it is SBOL2021. Note the following state restrictions:
For accounts opened online, eligible accounts include BBVA Free Checking and BBVA Easy Checking. BBVA Free Checking and Easy Checking are only available in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
BBVA Free Checking account details:
- No monthly service charge. No ongoing minimum balance.
- Minimum opening deposit is $25.
- No ATM fees at BBVA USA ATMs.
- Free online and paper statements.
Savings account bonus details:
You must first meet stipulations for the $200 Checking Bonus to be eligible for the $50 Savings Bonus. The savings account must be opened at the same time as the checking account through this landing page using the “Open Bundle Now Button”.
Online Savings account details:
- No monthly service charge. No ongoing minimum balance.
- Minimum opening deposit is $25.
- Currently interest rate is 0.01% APY.
- You will automatically receive a paper account statement by mail for a fee of $3 per month. However, you can opt for free electronic account statements and eliminate the $3 Paper Statement Fee when you turn off paper statements through Online Banking. Don’t forget to opt out!
The good thing is that this bonus doesn’t require a lot of money to be tied up – you need to switch over a single direct deposit of $500+ by the end of June 2021 and move over $1,000 in the savings account by the end of June 2021. There are no ongoing monthly fees or minimum balances, it can be only entirely online, and the timeline is reasonable. For comparison, you’d have to keep $50,000 at 0.50% APY for an entire 12 months to get $250 in interest.
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I think BBVA is the bank backing Simple. Any idea if having an account or bonus at Simple changes eligibility?
In the past it hasn’t
Thanks. Been looking for a good bank bonus. Missed out on the chase $1000 one early in the year. Held on thinking it would return at one point and it never did. Wish it had because the free wire transfers would be a bonus.
FYI: This only works if you are a citizen. If you are a green card holder or on a work visa, they won’t allow opening an account online.
Hard credit pull
>hard credit pull
How can you tell? The only thing I see in the fine print is this “Checking and Savings accounts are subject to approval which may include credit approval. “
They didn’t on me when I opened in the summer.
What year was that? I haven’t seen any reports of a hard pull since before 2017/2018.
Did the last one with the October 31 deadline. Any idea how fast they have processed the bonus’ in the past?
Just curious on what to expect. If I remember, indicated within 90 days but hoping it does not take that long.
The previous bonus said within 90 days of meeting the bonus requirements. I probably wouldn’t expect it sooner than that, since you have to keep the account open for 12 months anyway (though there is not minimum balance requirement and no monthly fees).
Can the direct deposit can be from my any of my saving account?
This annoying term found: A qualifying direct deposit is a recurring paycheck, pension or benefit (such as Social Security) from your employer or the government. The following deposits are not qualifying direct deposits: interest payments or transfers from your investment accounts; payments received from payment apps such as PayPal, Venmo and other similar payment service providers; tax refunds or one-time economic stimulus payments such as financial assistance made available under the CARES Act or any other financial assistance made available in express response to the COVID-19 pandemic.
Anyone know if a spouse could also qualify for the bonus, effectively doubling it? I don’t see anything in the fine print about limiting the bonus to one per household.
I took a second look and didn’t see anything about one per household either. Should work with two individual accounts.
Here’s a new one. I went to transfer some of my cash out of the savings/checking account to my Chase account and they charge $3 for an external transfer. Don’t see it listed anywhere in their fees. Will see if there is a way for me to withdraw the cash for free? I called them up and complained about the ACH transfer fee and lack of listing it anywhere and they didn’t care. Just pulled the cash out doing and ACH transfer from Chase for free.
It’s only $3, but the principle here stinks. Will leave account open with 1 cent in it to make a point.
I’m seeing this $3 fee if I try to initiate a transfer from BBVA.
Yeah, just initiate the transfer from a different bank. I use Ally as my main bank and they don’t charge fees for ACH.
Yup. I pulled from Chase. No fee.
I did this one over the summer. My direct deposit posted on 8/20 but I still haven’t seen the $200 post for that portion. I’m not expecting the $50 for savings until the end January 2021.
Hmm, that doesn’t sound right! I opened the BBVA checking on 11/27, had a real $500 DD on 12/11, and the $200 bonus already posted on 12/14.
Received my Savings bonus for $50 yesterday. Wonder if I can remove the $1000 from the savings account now.
You can remove the $1,000 but don’t close the account. There are no minimum balance requirements so you won’t have to pay any fees, but you need to keep it open for 12 months total.
You might want to update the post to indicate that you’re not eligible for the bonus if you’ve had a BBVA account in the last 36 months (big increase from the 12 months currently listed).
Thanks, fixed!
Thanks, Jonathan – this is a nice find!
Application is under review message from BBVA now. Wonder if others had this or approved right away? I have solid credit and funded it right away.
Approved next day – looks to be fine – thanks!
Glad to hear it, thanks for the follow-up!
Is the required direct deposit just a one time thing or is it a recurring direct deposit. Sorry but I always get a bit confused over this issue. Great post and thanks.
For this promo, it is a single one-time direct deposit of at least $500.
Based on Doctor of Credit, this bonus is only available in select states not Nationwide. Apparently it worked in the past online nationwide.