Over the past few years, BBVA Compass has occasionally offered promotional rates on its ClearChoice Money Market. The latest offering is a 2.40% APY on all balances, which is a departure from previous promotions that offered tiered APYs. The 2.40% APY is available to “new money market customers without a BBVA Compass money market in the last 30 days.” New money, defined as “funds not currently with BBVA Compass,” is also required for the minimum $25 opening deposit.
Unlike previous ClearChoice Money Market promotions, the stated APY is not guaranteed for any specific length of time.
Interest rates and Annual Percentage Yield are variable and are
subject to change at any time at the discretion of BBVA Compass.
Currently, the non-promotional rates for the ClearChoice Money Market are truly unremarkable: 0.05% APY (up to $100k), 0.10% APY ($100k-$1m), and 0.15% APY ($1m+).
|0.15*%||$1m||-||BBVA Compass||ClearChoice Money Market Account|
|OTHER TIERS: 0.05% → Up to $100k | 0.10% → $100k - $1m|
With such low rates, the lack of a rate-guarantee period is worrisome. While the 2018 promotion required a $10k minimum balance to earn the stated APY, it was balanced with a 12 month rate guarantee. Caveat emptor.
There are fees associated with the ClearChoice Money Market, some of which 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.
- $10 Excess Transaction Fee “charged for each withdrawal transaction in excess of 6 per statement cycle.”
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.
Thanks to the DA reader who emailed me about BBVA Compass’s latest promotion.
What if I don’t live in one of the 41 states/DC?
Good news – the seven states that have BBVA Compass branches are offering a promotion rate on the ClearChoice Money Market.
Bad news – it’s a substantially lower 1.90% APY on balances of $10k+. Balances below $10k earn 0.05% APY. All other ClearChoice Money Market conditions and requirements apply.
Headquartered in Birmingham, Alabama, BBVA Compass offers the ClearChoice Money Market account nationwide, but the 2.40% APY online promotional rate is “only available for accounts opened with an address” in any of 41 named states or the District of Columbia.
According to the Bank’s website, the seven states (AL, AZ, CA, CO, FL, NM, TX) that have BBVA Compass branches are offering a promotional 1.90% APY on the ClearChoice Money Market.
Note: if my math seems off (41 states +7 states ≠ 50 states), it’s because Alaska and Hawaii aren’t listed for either the 2.40% APY or 1.90% APY. According to CSR, the ClearChoice Money Market is only offered to residents of the continental United States.
Opening a ClearChoice Money Market can be done online, with the APY offered based on the state you list with your address.
For a brick-and-mortar experience, you can open a ClearChoice Money Market at any of the 645 branches located in Alabama (88), Arizona (63), California (61), Colorado (37), Florida (45), New Mexico (18), and Texas (333). Another option is to contact BBVA Compass (1.800.266.7227) and open an account over the phone.
BBVA Compass has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.99% (excellent) based on December 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $2.26 billion, an excellent annual growth rate of 3.69%. 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 31st largest U.S. Bank, BBVA Compass has assets in excess of $90 billion and more than 2.9 million customer accounts.
How the Money Market Promotion Compares
When compared to the 179 Money Market accounts tracked by DepositAccounts.com that are available nationwide, BBVA Compass’ ClearChoice Money Market Promotion APY currently ranks third, regardless of minimum balance requirements.
The above rates are accurate as of 3/6/2019.
To search for MMA rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.