BBVA Compass has a very nice money market promotion. It’s guaranteeing a 1% APY on balances up to $2.5 million through 2015. Unfortunately, this isn’t available nationwide. It’s only available in states where BBVA Compass has branches (see below). For those who are eligible for this promotion, it’s a good way to ensure you get a 1% APY on all of your liquid savings. Hopefully, by the time 2016 comes, it’ll be easy to get higher rates. That may be why BBVA Compass if offering this type of promotion. Perhaps we’ll see more promos like this as the chances of a Fed rate hike in 2015 increases.
Here’s the BBVA Compass promotion page that has all of the details. Minimum deposit of $10,000 is required. Balances under $10,000 only earn 0.10%. To be eligible for this promotion, you must open a BBVA Compass ClearChoice Money Market Account before December 31, 2014. Also, you must have a BBVA Compass consumer checking account. Funds used to open the money market account must be new funds (money that’s not currently on deposit at BBVA Compass).
The link to this promo is on BBVA Compass’ ClearChoice Money Market page, and according to the link’s title, it’s a limited time offer. So it may not be available through 2014.
The downside with this promotion is potential monthly fees. The ClearChoice Money Market account has a $15 monthly service fee unless you meet one of the following requirements:
- You maintain a minimum daily Collected Balance of $10,000 or more in your BBVA Compass ClearChoice Money Market account; OR
- You have an automatic, recurring monthly transfer of $25 or more from a BBVA Compass checking account to your BBVA Compass ClearChoice Money Market account in effect at the time the service charge would be assessed.
You can view all of the fees related to this account at this ClearChoice Money Market disclosure page. Note, fees may vary by state.
The checking accounts also have potential monthly service fees. The BBVA Compass ClearChoice Checking has a potential monthly fee of $4. It can be waived if the balance is at least $1,500 or if there’s a direct deposit of at least $300 per deposit or a total of $600 in deposits in the month. According to BBVA Compass, the direct deposit must come from an unrelated third party. So an ACH transfer that you initiate from another bank may not count. To see all the account details, please refer to the BBVA Compass ClearChoice Checking page.
This money market promotion is only for residents of states where BBVA Compass has branches (see map). According to a BBVA Compass representative, a branch visit is required to complete the application process. If you’re planning a long drive, it would be wise to confirm your eligibility by phone with a branch manager. In the past BBVA Compass has limited accounts to people in their market areas (not just residents of states where they have branches).
Other BBVA Compass Deposit Deals
BBVA Compass also has a cash bonus for its checking and savings account in which you can earn up to $150. This might be a better deal than the 1% money market promo for those who don’t have a lot of savings. If you only have $10,000, the 1% APY only results in $100 of interest over one year. I have more information on this BBVA Compass checking bonus review.
BBVA Compass continues to offer some competitive CD rates. Last month I reviewed the bank’s special 18-month, 29-month and 5-year CDs. Please refer to my July blog post for more details about these CD specials. Unlike this checking account promo, people in any state can open these CDs.
BBVA Compass is one of the 25 largest banks in the nation. It operates 687 branches in Texas, Alabama, California, Arizona, Florida, Colorado and New Mexico. It's under the bank holding company Banco Bilbao Vizcaya Argentaria S.A., the second largest bank in Spain.
The bank has an overall health grade at DepositAccounts.com of an A+ with a Texas Ratio of 3.76% (excellent) based on March 2014 data. Please refer to our financial overview of BBVA Compass for more details. The bank has been a FDIC member since 1964 (FDIC Certificate # 19048).
How This Money Market Account Compares
This deal may be nice for those who prefer brick-and-mortar banking. If you don’t mind banking online, there are many opportunities to earn at least 1% in liquid accounts. EverBank is guaranteeing a 1.40% rate for 6 months on its money market account and checking account for new customers. This rate is good on balances up to $50K on the money market account and $100K for the checking account.
Palladian Private Bank is offering a 1.26% APY on its online savings account. This used to have a rate guarantee, but that has ended for new customers.
Citizens State Bank is offering 1.06% APY on its savings and money market accounts, and if opened in August, this rate is guaranteed for the first six months.
These rates are accurate as of 8/15/2014.