In the past few years, BBVA Compass has occasionally offered promotional rates on its ClearChoice Money Market. The current promotion earns 1.25% APY on balances between $10k and $5m. Balances below $10k earn 0.05% APY and 0.25% APY on balances of $5m+. New money, defined as “funds not currently with BBVA Compass,” is required for the opening deposit; the minimum opening deposit is $25.
Note: Unlike previous ClearChoice Money Market promotions, the stated APY is not guaranteed for any specific length of time. Caveat emptor.
|1.25*%||-||-||BBVA Compass||ClearChoice Money Market - New Customers, Online|
According to the fine print on the Promotional Page,
If your balance exceeds $4,999,999 at any time, the
promotional APY will not apply to any portion of your balance.
In addition to requiring new money, current BBVA Compass money market account customers, or those who have had one in the past 90 days, are not eligible for this promotion.
There are potential fees associated with this account, which, in some cases, can be avoided:
- Monthly Service Charge $15, which will be waived if,
- Early Account Closing fee of $25, if account closed within 180 days of opening.
- Dormant Fee of $5 per month.
A minimum daily balance of $10k+ is maintained in the ClearChoice MMA, OR
An automatic, recurring monthly transfer of $25 or more from a BBVA Compass checking account to the ClearChoice MMA is in effect at the time of the service charge.
Headquartered in Birmingham, Alabama, BBVA Compass is offering its ClearChoice Money Market account nationwide, and can be opened using BBVA Compass’ online application. The promotional rate is not available in-branch.
BBVA Compass has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 6.81% (excellent) based on March 31, 2017 data. The Bank has an excellent capitalization level (15.55% APY), the result of holding $83.99 billion in assets with $13.06 billion in equity. Please refer to our financial overview of BBVA Compass (FDIC Certificate # 19048) for more details.
BBVA Compass was originally established in 1964 as the Central Bank of Birmingham (Alabama). In more than 50 years of continuous operation, BBVA Compass has acquired 28 banks in seven states and changed its name five times. The BBVA Compass name was adopted when BBVA (a bank holding company out of Spain) acquired Compass Bancshares in 2007. Currently ranked as the 28th largest U.S. Bank, BBVA Compass has assets in excess of $81 billion and more than 2.5 million customer accounts.
How the Money Market Compares
When compared to the 175 Money Market accounts tracked by DepositAccounts.com available nationwide and require a minimum balance up to $10k, BBVA Compass’ ClearChoice Money Market currently ranks fourth.
The above rates are accurate as of 7/6/2016.
To search for MMA rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.