$150 Bonus For New BBVA Compass Bank Accounts

Savings site Smartypig’s banking partner BBVA Compass Bank is giving away up to $150 in bonus money if you open a new account with them. Of course, there are a few caveats to make sure you’re using the account and not just doing it for the money, like:

* You have to open a new “Build to Order Checking” account
* The offer is limited to the states where the regional bank has a presence: AL, AZ, CA, CO, FL, NM & TX.
* You get $75 for setting up a recurring direct deposit for at least $300
* You get $75 for paying five bills with their online billpay every month for 3 months.

$25 min to open and no minimum balance or monthly service charges.

BBVA Compass welcomes SmartyPig Compass [via My Money Blog]

Comments

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  1. Loias supports harsher punishments against corporations says:

    I get it’s a consumer website, but Consumerist doesn’t normally announce when bank’s offer incentives to open accounts, does it?
    I seem to recall an article warning consumers about doing that.
    So, why the change of heart?

    • Ben Popken says:

      I’ve made a number of posts over the years highlighting banks offering account-opening incentives.

      • Loias supports harsher punishments against corporations says:

        Thanks Ben. I hope you didn’t read this as a “why is this on Consumerist” post. I haven’t been a reader for “years” so maybe this is just my first time seeing it here.

    • chucklesjh says:

      Well, it also is kind of a shitty incentive… I only have 5 bills to pay monthly, and the ones I do have probably aren’t in their “approved payees” list.

      • sonneillon says:

        I know with the bill pays that I have used you can have your bank mail them a check.

        • chucklesjh says:

          Yeah, I’ve done that before too. Just some banks, at least the few I’ve used recently, have to have your payee on some approval list to get the incentives.

    • COBBCITY says:

      No, this site does not normally run “ads” for bank promotions, but here indeed is one.

  2. ChicagoAndy says:

    Ths sms lk n xcptnll bd ffr. tmtc bll pymnts vr mnth fr mnths? dn’t vn hv blls vr mnth! Cnsmrst, y rll r strtng t sck ltl. Wh r y rcmmndng crp lk ths? r th pyng y? _m

    • COBBCITY says:

      I would hope not. I am glad I am not the only one noticing a greatly reduced quality to this site and more and more “OP was totally in the wrong, but let’s throw this up anyway.” It’s disappointing as I used to rave about this site to friends.

      • Dutchess says:

        I don’t think this is an “exceptionaly” bad offer. It’s just not as generous as some of the offers have been in the past. I think banks are realizing that people are opening the accounts just to get the money and close the account. If you have people paying bills and getting direct deposit it’s much harder to leave than simply using your debit card.

        I opened an account with Key Bank to get a free iPod touch.

        All you had to do was deposit at least $50 bucks and use your Debit Card at least once and have two electronic deductions (or direct deposits) to your checking account (like paying your bill online) for a minimum of $100 each. I was very clear to ask if these had to be reoccurring transactions and they said no.This was easy, I satisfied that in the first month of opening the account.

        I actually had to overpay my phone bill and my electric bill because both are under $100 bucks.

        For me it’s totaly worth it, as long as I get my iPod.

      • myCatCracksMeUp says:

        I don’t agree that there are that many more “OP was totally wrong” posts. It seems to me that the commenters have become more agressively pro-corporation/anti-consumer. There are many commenters who almost never thing the consumer was right and who defend the corporations for everything they did. Also, there are a lot of commenters who seem to have large, black holes where their hearts should be.

  3. canaguy says:

    great idea but……..I only pay 2 items every month……electric and cable/net. The phone is once a year (Skype). as is city utilities + taxes.

    • myCatCracksMeUp says:

      You pay utilities through your city and it’s only once a year? How does that work? Since my electric and gas are usually over $300 a month, but can really vary quite a bit, that would be a large yearly bill, and possibly a big surprise.

      But I agree that many people probably don’t have 5 bills to pay every month. I have separate electric, gas, cable, and cell phone every month, so that’s four monthly bills. I also pay trash and water (separately) every three months, and my car insurance every six months, all through bill pay. I use a credit card that I pay off every month, but I pay that through the Am Ex site. And my mortgage is through my credit union, so that’s just a transfer of money from one account to another.

      • Chris says:

        Try reading that again.
        Phone/Internet/Electric = once a month.
        City utilities (I assume garbage & water?) & taxes = once a year.

  4. Dutchess says:

    I opened an account with Key Bank to get a free iPod touch.

    All you had to do was deposit at least $50 bucks and use your Debit Card at least once and have two electronic deductions from your checking account (like paying your bill online) for a minimum of $100 each. I was very clear to ask if these had to be reaccuring transactions and they said no.

    I paid my cable and my cell phone online so I’ve satisfied all three of the requirements. Free iPods will be shipped out sometime in October.

    I will close the account shortly after I get it.

    Before I get the lectures about how dishonest you feel this is you can spare me. I opened an account and fulfilled my obligation to them by opening an account and jumping through some hoops. Beyond that I owe them nothing.
    Corporations do this to consumers all the time and people just say, “that’s business”. This is no different than all the credit card company reducing people’s credit limits or closing their account because the relationship is no longer beneficial to the corporation. There is language in that contract that allows them to do that. Well, there’s language in my contract that allows me to close the account any time, so I will make a decision that the relationship is no longer beneficial and I will close the account.

    • prismatist says:

      How dare you cut and run…

      Well, I tried to give you a hard time for it. Okay, I didn’t try all that hard. You are in fact absolutely right. You did fulfill your obligation and are free to continue on your merry way and take what they promised you. I think their angle with promos like this are that people will either be too lazy to cancel after fulfilling the obligation, or that the new clients will be pleased with their new service and will stay on as clients. If you weren’t wowed into staying a client, then walk. There’s no real argument to make against that.

  5. Thorin78 says:

    I had easier time w/ Chase, $200 for either using the Debit Card at least 3 times per month for 6 months, or have direct deposit for 6 months. And also another $150 for the same thing. Yah, I jumped on that twice. I’m glad my office allows me to direct deposit to 3 accounts.

    $100 to open an account. And I have another 2 months left of doing this. Not bad for basically doing nothing. The fee for non-compliance is just $6/mo. So if you couldn’t do this, well, you pay the $6/mo and still get the sign up bonus.

    Much better deal. And no one tried to sell me overdraft protection.

  6. theblackdog says:

    I used to have accounts with Compass until I moved to a state that has none of their local branches. Now I only keep a credit card with them because it is my oldest card so it would be a very bad idea to close it.

    At least they finally brought down my interest rate to a reasonable level.

  7. hills says:

    I bank with Compass – good bank – BUT, I had a $10 promo postcard and I met all the conditions, but it took over 5 emails and over 5 phone calls to get my $10 because they “no record” of the promotion (I still had the postcard). So, if you do open an acct here, just be sure to follow up to get your $.

  8. NeverLetMeDown says:

    If you’re looking for good signup deals, fatwallet’s finance forum is a much better place to go.

    http://www.fatwallet.com/forums/finance/

  9. Max5695 says:

    BBVA Compass will do a hard pull on your credit when you open an account. This is the worst kind of credit inquiry, and it will lower your credit score. Also, the bonus money will be treated as interest and you will lose a large amount of it to taxes. You will also receive a 1099 in the mail and you will have to report this bonus money on your tax return.

    Each of the 5 online payments must be for at least $25. That is $125 per month for 3 months. That is a total of $375 that you have to pay. Each payment must be an unrelated party. You can’t just pay 5 bills for one credit card. It has to be 5 different credit cards or payees.

    The direct deposit of over $300 and must be deposited within 30 days or you will lose the bonus.

    You will not get the bonus until at least 4 months has passed and you can’t close the account before then. There have been reports of customers who never received their bonuses and had trouble finding anyone who could fix the problem.

  10. Mr. Stupid says:

    I doubt Compass is paying Consumerist for this post, because recent FTC guidelines require sites like The Consumerist to disclose any such payments (“material connections”) in exchange for product endorsements.