4.00% Money Market Account Promotion at Compass Bank in Texas
Mar 26, 2008 - 6:23 PM by Ken Tumin
Update 3/26/08: The promotional yield has fallen from 4.00% to 3.60% APY.
Compass Bank has a promotion on its Preferred Money Market Account in which new accounts will earn a rate of 4.00% APY for balances over $10,000. I just called Compass, and the CSR said that this promotion is not available in all of the states where they have branches. It is available in Texas, and you can sign up online at the promotion page.
The CSR didn't know how much longer this promo would last or how long the 4% would last after you applied. The standard Preferred MMA rates are tiered and are much lower.
The Preferred MMA requires a $10,000 minimum balance to avoid a $15 monthly fee. You can also get the fee waived if you open the MMA with their CompassLink or Compass Directions Checking (Build-to-Order Free Checking doesn't qualify) and have a combined balance of $2,000.
You can open the MMA online and fund it with a bank-to-bank ACH transfer. The CSR said they don't have an ACH transfer system after the account is opened in which you can initiate transfers. The account does have check writing (typical 3 per month money market limitation applies), and they provide free checks.
Compass Bank is a member FDIC (FDIC Certificate # 19048).
Thanks to the reader who mentioned this promotion in the comments.
Compass Bank has a promotion on its Preferred Money Market Account in which new accounts will earn a rate of 4.00% APY for balances over $10,000. I just called Compass, and the CSR said that this promotion is not available in all of the states where they have branches. It is available in Texas, and you can sign up online at the promotion page.
The CSR didn't know how much longer this promo would last or how long the 4% would last after you applied. The standard Preferred MMA rates are tiered and are much lower.
The Preferred MMA requires a $10,000 minimum balance to avoid a $15 monthly fee. You can also get the fee waived if you open the MMA with their CompassLink or Compass Directions Checking (Build-to-Order Free Checking doesn't qualify) and have a combined balance of $2,000.
You can open the MMA online and fund it with a bank-to-bank ACH transfer. The CSR said they don't have an ACH transfer system after the account is opened in which you can initiate transfers. The account does have check writing (typical 3 per month money market limitation applies), and they provide free checks.
Compass Bank is a member FDIC (FDIC Certificate # 19048).
Thanks to the reader who mentioned this promotion in the comments.
Tags: money market accounts, Texas
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Anonymous - #1, Wednesday, March 26, 2008 - 3:00 PM
the promo page now says APY is 3.60%
Anonymous - #2, Wednesday, March 26, 2008 - 11:00 PM
I was there yesterday and that 4.00% is still available. However, it's tierd (first 10K only earns 0.75%).
I'll take a another look tomorrow.
Mary Popins (anonymous) - #3, Friday, August 8, 2008 - 7:49 AM
Hello. I see you are discussing Compass Bank here. I think that the bank is quite ok. Not perfect, however. The interest rates on deposits are rather high and on mortgages quite moderate. But the customer service is awful. It is so hard to get someone to help you or give any additional information. They are so busy there. Browse www.pissedconsumer.com to find more about the bank.
Anonymous - #4, Thursday, February 23, 2012 - 11:21 AM
I put in $85 k in feb 12. The promotion rate lasts until July. As along as Obama is around you can expect this to be a very good money mkt, at least until July 2012'
Anonymous - #5, Thursday, February 23, 2012 - 11:25 AM
I signed up for plan at 4% one week ago. Does the new rate mean I will only get 3.60% or the 4% I was suppose to get until July 2012?
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