A flexible savings option that earns 2.4% regardless of your account balance
Saving money can be tough when your interest rate barely beats inflation. Some high-interest savings accounts offer higher interest rates but don’t allow you to access your money when you need it. That’s where the BBVA Compass money market account comes in. Get higher interest rates on your deposit while still writing checks and using bill pay services. Plus, open an account with as little as $25, and you’ll earn a 2.4% annual percentage yield (APY) regardless of your balance.
|APY||2.40% on balances of $0+ in 42 eligible states; otherwise: |
1.90% on balances of $10,000+
0.05% on balances of $0 to $9,999
|Fee||$15 per month|
|To waive the fee||Maintain a $10,000+ daily collected balance per quarter or set up a $25 automatic, recurring monthly transfer from a BBVA Compass checking account|
|Minimum deposit to open||$25|
|Minimum balance to earn interest||$0|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$10|
What are the benefits of the BBVA Compass ClearChoice Money Market account?
The ClearChoice Money Market account is a good example of this type of account, offering standard FDIC insurance and more:
- Competitive APY. Start saving with a 2.4% APY if you live in one of 42 eligible states. For other locations, the rate is 1.90% on balances of $10,000 or more.
- No minimum. Earn interest on all that you save with no minimum daily account balance.
- Low opening deposit. Open a BBVA ClearChoice Money Market account for just $25.
- Convenient access. Enjoy surcharge-free access to your funds at BBVA Compass ATMs and easily manage your money from the mobile app or online. Plus, you’ll be able to write checks and use bill pay.
- Overdraft protection. Link this account to a BBVA Compass checking account to get overdraft protection.
What should I look out for?
The BBVA ClearChoice Money Market account isn’t without its drawbacks. Here are some disadvantages to be aware of:
- Online only. You can’t open this account in person — it’s an online account that requires online setup.
- Limited eligibility for intro APY. This offer is only available to residents of 42 eligible states and new customers who haven’t held a BBVA Compass money market account in at least 30 days.
- Transaction limit. Like other high-yield online savings accounts, you can make only six monthly transfers. But you’re charged $10 per transaction if you go over, and risk BBVA closing your account.
- $15 monthly fee. Get around this service fee by either maintaining a daily balance of $10,000 or setting up monthly autopay of at least $25.
What’s the difference between a money market and a high-interest savings account?
High-interest savings accounts traditionally don’t offer access to checking — they want you to save, not spend. Many savings accounts also come with little to no minimum balance requirements.
Money market accounts often allow withdrawals by check or autopay, and they usually boast higher interest rates than savings accounts. The tradeoff? You must maintain a higher daily account balance.
Compare with other money market accounts
How do I apply for a BBVA ClearChoice Money Market account?
BBVA Compass makes it easy to start saving by opening the ClearChoice Money Market account online:
1. Visit the BBVA Compass website and click Savings.
2. Click on Money Market.
3. Scroll down and click Apply Now.
4. Complete the required fields with your name, address, contact information and Social Security number.
5. Review and confirm that you agree to the Electronic Communications Agreement. Then click Continue.
6. Next, choose a method to fund your account. Click Continue.
7. Select your deposit amount and enter your external bank account information, including your routing and account number. Click Continue.
8. Review and confirm your information, and submit your application.
To open this account, you’ll need to meet a few eligibility requirements:
- Have a valid US address.
- Have a valid Social Security number or tax ID number.
- Be at least 18 years old.
- Be a US citizen.
- Deposit at least $25.
You’ll be asked for the following information during your application:
- Your full name and contact information.
- Your date of birth and Social Security number.
- Your driver’s license, passport or state ID number.
- The bank account details for your external funding account.
How do I deposit or withdraw money?
While this account is designed to help you save, it still offers easy access to your money:
- Direct deposit
- Mail a check
- Deposit cash or checks at ATMs
- Deposit cash or checks at branches
- Transfers from other accounts
- Incoming wire transfers
- Bill pay
- At an ATM or branch
- Cash back from retailers
- Transfers to other bank accounts
- Outgoing wire transfers
How do I get in touch with BBVA Compass customer service?
There are a few ways you can get in touch with customer service:
- Send a secure message via online banking.
- Speak with a representative by calling 800-273-1057.
- Reach out on Twitter at @BBVACompass.
What other savings options does BBVA Compass offer?
In addition to its ClearChoice Money Market account, BBVA has several other ways to save:
- ClearChoice Savings. Start saving with as little as $25 and get same-day access to your money with direct deposits to this account.
- ClearConnect Savings. A savings account that’s optimized for digital access, allowing you to manage your money anytime, anywhere.
- CDs. Get competitive interest rates on terms up to 48 months with a minimum deposit of $500.
- IRAs. BBVA Compass’ traditional, Roth and rollover IRAs are a few of the many products that can help you save for retirement.
Offering ATM access, mobile banking and a high APY, the BBVA Compass ClearChoice Money Market account combines the advantages of checking and savings accounts. If you can maintain a $10,000 daily balance, this account could be a sensible way to speed up your savings. However, you can only open this account online, and the high APR isn’t permanent.
Consider other options before making a choice.