BBVA Compass Business Checking Accounts Reviewed, Plus Top Alternatives

Sally Lauckner

Sally is the managing editor at Fundera. Previously, she was a senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has also held various editorial roles at the Huffington Post and AOL.com. She is passionate about financial literacy and educating small business owners.

Having a business bank account is a great way to keep your business’s finances in order—and separate from your personal funds. Deciding on the right bank account for your small business’s specific needs is an important step in small business ownership. If you’re considering opening an account with BBVA Compass, you’re in the right place. We’ll walk you through all the bank’s checking account options, as well as some top alternatives.

BBVA Compass is a great choice for business owners who live in Alabama, Arizona, California, Colorado, Florida, New Mexico, or Texas. These are the bank’s serviced areas and you must be a permanent resident in one of these seven states in order to apply for an account. Plus, it will make banking easier when you live close to a branch. BBVA Compass offers three different checking accounts that will each protect your business’s money with FDIC insurance and ATM-accessibility.

Choosing the Best Business Checking for Your Small Business

With so many business checking accounts to choose from, you should have an idea of what you’re looking for from a bank and its accounts. Will you need constant ATM access for cash? Do you want to cut out monthly fees from your banking? BBVA Compass has a number of options available to help make the choice easier. Here are a few factors that you should keep in mind when considering the right checking account for your business.

Fees

Fees can take a chunk out of your savings especially if you’re not careful. To start, you’ll want to keep an eye out for a checking account’s monthly service fee. You can sometimes waive this charge by meeting a certain balance amount. Luckily, BBVA Compass does offer a fee-free account. Also be sure to keep track of fees charged on transfers, paper statements, overdrafts, and more (we’ll go into specifics on each of these below).

Transaction Limits and Balance Minimums

A big feature of business checking accounts is the transaction limits they impose. It’s important to keep track of your typical transactions each month to best determine the right account for you. That way you won’t find yourself without enough room to run your business efficiently. BBVA Compass qualifies the following as transactions: checks, debit card transactions, ACH transactions, direct deposits, payments, and deposit orders.

You’ll also want to check each account’s cash deposit limits. These amounts determine how much cash BBVA will process into your account each month.

Checking accounts may also require you to meet a certain minimum balance. This balance may allow you to keep your account, waive the monthly fee, or snag certain benefits.

bbva compass business checking

BBVA Compass Business Checking Accounts

With a few different options available, let’s take a look at the finer points of each account. All BBVA Compass business accounts include online banking, mobile banking, and FDIC insurance. Plus, you’ll have access to both BBVA Compass ATMs and over 40,000 ATMs in the Allpoint® network.

Each account requires a deposit of at least $100 to open. You must also have permanent residence in one of its serviced states. To open an account, you can visit a branch or head to the bank’s website. Keep in mind that only sole proprietorships can apply online.

BBVA Compass ClearConnect for Business Checking

This first account from BBVA Compass offers a great option for new business owners. For starters, there’s no monthly fee. Even better, while you’re allowed five processed checks or in-branch withdrawals and two in-branch deposits each month, all other transactions are unlimited.

The ClearConnect for Business Checking does have the lowest cash processing limit out of the bank’s business checking accounts. This wouldn’t be ideal for businesses that deal largely in cash.

Monthly fees and limits:

  •      $5,000 cash processing allowance per month
  •      $12 per returned item
  •      $38 per overdraft item

Best for:

  •      Business owners with limited check-writing needs

BBVA Compass ClearChoice℠ for Business Checking

For further business banking perks, check out BBVA Compass ClearChoice℠ for Business Checking. Its base features include 250 monthly transaction items, up to $10,000 in cash processing per month, and three business Visa® debit cards.

Further, the account allows you to choose two premium features at no extra cost. Premium features include an additional 250 monthly transaction items processed each month (for a total of 500), an additional $5,000 per month in cash processing, unlimited returned deposit items per month, one overdraft fee forgiveness refund per year, one free wire per month, and 50% discounted checks. If you want more than two of these features, you can pay an extra $10 per month per feature.

There is a $15 monthly fee with this account. You can waive this fee, however, in a few ways: For one, if you maintain an average daily balance of at least $5,000. You can also waive it if you process at least $5,000 per month through BBVA Compass Merchant Services or if your business is a nonprofit and is enrolled in the bank’s Compass for Your Cause program.

Monthly fees and limits:

  •      $15 monthly fee, waived with $5,000 average daily collected balance
  •      250 monthly transactions allowed
  •      $10,000 in cash processing per month

Best for:

  •      Accounts with at least $5,000 maintained
  •      Business owners who don’t make too many transactions per month

BBVA Compass ClearChoice℠ Premium for Business Checking

To really make the most of your money, the ClearChoice℠ Premium for Business Checking includes the ability to earn interest on your balance. The account works best for high balances, which will earn at a better rate and waive the service fee more easily.

You’ll need at least $25,000 in your account each month to waive the $25 monthly fee. You can also waive this fee by processing at least $25,000 per month through BBVA Compass Merchant Services or by maintaining at least $50,000 in relationship balances. Relationship balances include BBVA Compass consumer and small business checking, savings, and money market accounts and the outstanding principal balance on certain loans and BBVA Compass credit cards.

This premium account includes features to help you run your business more flexibly. You’re allowed up to 500 transactions per month and $25,000 in cash processing per month.

Monthly fees and limits:

  •      $25 monthly fee, waivable with $25,000 average daily collected balance
  •      500 transaction items processed per month
  •      $25,000 in cash processing per month

Best for:

  •      Business owners with high balances

bbva compass business checking

Top Alternatives to BBVA Compass Business Checking Accounts

If none of the three BBVA Compass business accounts seem quite right for you, or if you don’t live in one of the seven states where the bank has a presence, or if you simply are curious about more options, read on for your top alternatives.

Azlo Business Checking

Azlo is an internet-only bank, meaning you can open an Azlo Business Checking online. If you’re a particularly internet-savvy business owner, Azlo might be a great option for you. The account has no fees whatsoever, so you won’t have to worry about maintaining a certain balance in order to waive a service fee. There’s also no minimum deposit required to open the account. If you’re looking for a free business checking account, Azlo is an excellent choice.

Of course, the account also has its drawbacks. The biggest one is that it doesn’t allow cash deposits. Since the bank is digital-only, it doesn’t have the infrastructure to support cash deposits. If your small business deals primarily in cash, this will make Azlo a deal-breaker for you. You also won’t be able to send money wires with this account, although you will be able to send electronic payments for free. Another (minor) drawback is that there’s no welcome bonus for opening an account.

While Azlo doesn’t support cash deposits, it does allow free cash withdrawals through the AllPoint ATM network.

Best for:

  •      Business owners who are internet savvy and don’t deal much in cash

Chase Performance Business Checking

If you’re looking for a checking account with widespread availability, consider Chase Performance Business Checking. Chase is one of the biggest banks in the country and has locations in 26 states. If you’re a business owner who travels a lot for work, this will be a great perk.

This Chase business account is a solid choice for mid-sized businesses or small businesses that make a lot of transactions. You’ll be allotted 250 fee-free transactions per month with this account. Additional transactions will cost $0.40. Chase considers transactions to be cash deposits made with a bank teller, and all debits and incoming wires. Electronic deposits and ATM deposits are always free and won’t count toward your limit. You’ll also be able to make $20,000 in cash deposits for free each month. Once you’ve hit that limit, you’ll pay $2.50 for every $1,000 you deposit. There is a $30 service fee on this account, but the bank will waive it if you maintain a $35,000 average daily balance.

Furthermore, new checking account customers are eligible for a $200 welcome bonus for opening this account.

Best for:

  •      Medium-sized businesses or small businesses with high transaction volume

 

Who Are BBVA Compass Business Checking Accounts Right For?

Foremost, BBVA Compass business checking accounts only work for business owners in one of the seven states in which the bank operates: namely, Alabama, Arizona, California, Colorado, Florida, New Mexico, or Texas. Beyond this requirement, the accounts are accessible to a wide swath of business owners. The ClearConnect and ClearChoice℠ accounts do have monthly fees, but the minimum deposit requirement to have them waived is low. Both of the accounts would be good choices for newer business owners. If your business is more established, look to the ClearChoice℠ Premium account. This account requires a higher minimum balance in order to waive the monthly fee but also allows many more monthly transactions and much higher cash processing amounts.  

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Sally Lauckner

Sally is the managing editor at Fundera. Previously, she was a senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has also held various editorial roles at the Huffington Post and AOL.com. She is passionate about financial literacy and educating small business owners.

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