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4.00% Money Market Account Promotion at Compass Bank in Texas

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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.

  Tags: money market accounts, Texas

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