BBVA Compass ClearChoice Money Market review December 2018 | finder.com

BBVA Compass ClearChoice Money Market account review December 2018

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BBVA Compass ClearChoice Money Market
  • Interest compounds and is credited monthly
  • Easily withdraw money in branch and via BBVA Compass ATMs with no ATM fees
  • Enjoy 24/7 online access with online and mobile banking
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A flexible savings option that earns 1.8% 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 1.8% APY regardless of your balance.

APY1.8%
Fee$15 per month
To waive the feeMaintain 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
Interest compoundingMonthly
Monthly transaction limit6
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 1.8% APY that’s guaranteed for 12 months from the date you activate your account.
  • 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 available to new customers who haven’t held a BBVA Compass money market account in at least 90 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.
  • Promotional interest rate. The 1.8% APY is only guaranteed for 12 months. After the introductory period, it could drop to a lower rate.

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

Name Product Fee Minimum deposit to open Minimum balance to earn interest APY
$0
$100
$25,000
or set up a direct deposit of $100+ each month
2.25%
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. From Nov. 27, 2018 through Dec. 20, 2018, CIT Bank will donate 100 meals to people in need.
$0
$100
$0
1.85%
Reach your savings goals with a CIT Bank Money Market account. $100 minimum opening deposit.
$0
$0
$0
2%
A high-interest, fee-free online bank account that helps you save.
$0
$5
$0.01
1.77%
With no fees and a high interest rate, this account gives you plenty of incentive to save.
$15 per month
(can be waived)
$25
$0
1.8%
Earn one of the highest interest rates if you have at least $10,000 in savings, and access your money by ATM, check or bill pay.
$10 per month
(can be waived)
$2,500
$2,500
1.9%
Earn high yields with flexible access to your cash.

Compare up to 4 providers

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.

Eligibility

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.

Required information

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:

Deposits

  • Direct deposit
  • Mail a check
  • Deposit cash or checks at ATMs
  • Deposit cash or checks at branches
  • Transfers from other accounts
  • Incoming wire transfers

Withdrawals

  • Bill pay
  • Checks
  • 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.
  • 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.

Bottom line

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.

Common questions about BBVA Compass

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