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BBVA Money Market account review

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A flexible savings option that earns 1.5% regardless of your account balance

finder.com’s rating: 2.9 / 5.0

★★★★★

This money market account offers a high interest rate with a minimum opening balance of $25. But the 1.5% APY isn’t available in nine states. And its $15 monthly fee can cut into your savings if you can’t maintain a balance above $10,000 or if you have a BBVA checking account to make a $25 monthly transfer.

1.50%

APY

$15 per month

Fee

$25

Minimum deposit to open

Details

APY1.50% on balances of $10,000+
0.05% on balances of $0 to $9,999
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 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
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More Info

What are the benefits of the BBVA Money Market account?

The BBVA Money Market account is a good example of this type of account, offering standard FDIC insurance and more:

  • Competitive APY. Start saving with a 1.5% 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 Money Market account for just $25.
  • Convenient access. Enjoy surcharge-free access to your funds at BBVA 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 checking account to get overdraft protection.

What should I look out for?

The BBVA Money Market account isn’t without its drawbacks. Here are some disadvantages to be aware of:

  • Online only. If you prefer working with a bank branch, tis account is not for you.
  • 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.
  • 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 money market account in at least 30 days.

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 Interest rate (APY) Fee Minimum deposit to open
1.50%
$15 per month
(can be waived)
$25
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
1.85%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. Earn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply
2.00%
$10 per month
(can be waived)
$5,000
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
0.30%
$25 per month
(can be waived)
$25,000
This money market account includes an ATM card and a 24-hour overdraft grace period.
1.85%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
1.66%
$0
$5
With no fees and a high interest rate, this account gives you plenty of incentive to save.

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How do I apply for a BBVA Money Market account?

BBVA makes it easy to start saving by opening the Money Market account online:

1. Visit the BBVA 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 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 @BBVA.

What other savings options does BBVA offer?

In addition to its money market account, BBVA has several other ways to save:

  • Online Savings. Start saving with as little as $25 and get same-day access to your money with direct deposits to this account.
  • Savings Account. 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’ traditional, Roth and rollover IRAs are a few of the many products that can help you save for retirement.

Bottom line

The BBVA Money Market account is best for those who have at least $10,000. Offering ATM access, mobile banking and a high APY, the BBVA Money Market account combines the advantages of checking and savings accounts. If you can maintain a $10,000 daily balance, you’ll earn a higher APY.

However, there are limited eligibility requirements to receive the intro APY.

If you don’t meet the eligibility requirements, you’ll want to keep looking. As always, compare your options when choosing a money market account.

Common questions about BBVA

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Read the full methodology of how we rate savings accounts.

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