An online money market for new customers looking to maximize their savings.
Once you’ve made the decision to start saving for your future, you could do it more quickly through a high-yield money market account.
With a high promotional rate that beats most banks, BBVA Compass ClearChoice Money Market could help boost your savings.
|Fee||$15 per quarter|
|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|
What are the benefits of a money market account with BBVA?
The ClearChoice Money Market account is a good example of this type of account, offering:
- 1.80% promotional APY. Start saving with a competitive 1.80% 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.
- ATM access. Enjoy surcharge-fee access to your funds through BBVA Compass ATM withdrawals.
What should I look out for?
The BBVA ClearChoice Money Market account isn’t without it’s 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. The intro APY 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 accounts, you can make only six monthly transfers before you’re sacked with a $10 fee all others.
- $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 offer withdrawals by check or autopay, however limited, and they often boast higher interest rates than savings accounts. The tradeoff? You must maintain a higher daily account balance.
How do I apply for BBVA ClearChoice Money Market?
Go to the BBVA Compass site and find the ClearChoice Money Market account. Click Apply Now.
1.Complete the required fields with your name, address, contact information and Social Security number.
2. Review and confirm that you agree to the Electronic Communications Agreement. Then click Continue.
3. Next, choose a method to fund your external account. Click Continue.
4. Select your minimum deposit amount and enter your external bank account information, including your routing and account number. Click Continue.
5. Review and confirm your information and submit your application.
What information is required to apply with BBVA Compass?
- 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.
What is BBVA Compass known for?
BBVA Compass is among the top 25 largest banks in the United States, with some 700 locations across the Sunbelt — including in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
One of the top SBA lenders in the US, the bank helps small business owners fund their business dreams with the security of a large financial institution at their back.
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. Open an account with only $25 required to earn 0.05% and get same-day access to your money with direct deposits.
- ClearConnect Savings. Deposit $25 to open this account and earn 0.05% APY with no fees.
- CDs. With a $500 deposit, open a certificate of deposit with terms of up to 48 months and interest rates that depend on your state of residence.
- IRAs. Traditional, Roth and rollover IRAs are available, as are Coverdell Education Savings Accounts with tax-free savings for higher education.
BBVA Compass lends a hand in the aftermath of Hurricanes Harvey and Irma
With so much of its business in Texas and Florida, it’s not surprising that BBVA Compass would want to help out in the devastating aftermath of Hurricanes Harvey and Irma, residents of Texas and Florida faced irreparable damage to their homes and businesses. To mitigate the hardship of irreparable damage to residents’ homes and businesses, the BBVA Compass Foundation pledged $250,000 to organizations delivering disaster relief.
But the bank went a step beyond simple relieve by offering hurricane victims deferred payments on small business loans and credit cards, discounted lines of credit, discounted construction and renovation loans and penalty-free CD withdrawals, potentially changing lives after catastrophe.
Offering ATM access, mobile banking and a high APY, the BBVA Compass ClearChoice Money Market account incorporates the advantages of checking and savings account. If you can maintain a $10,000 daily balance and don’t mind six monthly transactions limit, this account could be a sensible way to speed up your savings.