BBVA Compass ClearChoice Money Market Account Review 2024

BBVA Compass ClearChoice Money Market Account Overview

The Spanish banking giant BBVA has a subsidiary in the U.S. called BBVA Compass. This bank is FDIC insured and offers a wide selection of banking products, including a money market account. Let's check out the money market account and see how it compares to some of its rivals.

Opening an Account

Opening the money market account over the Internet is quick and easy. The on-line form is simple to use. It does ask for a government-created ID, such as a passport, and a Social Security Number. The form can be automatically filled if the applicant already has a BBVA Compass account. This makes the application process quick and trouble-free. The bank does perform a hard inquiry on TransUnion during the application process.

The account has a $25 minimum to open. The deposit can be sent by check, or made electronically using ACH. BBVA Compass also permits the money market account to be funded with a debit or credit card.

General account forms have to be signed electronically during the account opening process. The account is available immediately after completing the application. New customers of the bank must make 3 security questions. These will be used later for log-in purposes.

If the money market account is funded using an external bank account, the password and User ID of the external account must be entered. Customers can also add a second BBVA bank account to the account login, but it takes the bank 1 or 2 business days to complete the process, a slight irritation.

BBVA Compass ClearChoice Money Market Account

There is a monthly charge of $15 for the money market account. This fee can be waived by maintaining an account balance of at least $10,000 or setting up an automatic monthly transfer of at least $25 from a BBVA Compass checking account. BBVA Compass is FDIC insured, so the money market account is guaranteed up to $250,000.

There are some nice features the account has. For example, paper statements are available at no charge. Bill pay can be added to the account at no cost.

The account earns interest. Currently, the standard rate is 0.05% for balances under $10,000, while accounts above $5,000,000 earn 0.25%. However, new accounts can earn a higher rate with a promotion (see below).

Checks and a debit card can be added to the account. However, checks must be ordered and paid for by the customer. There is no charge to use the debit card at a BBVA Compass ATM. There is a $2.50 charge for all other ATM's. Furthermore, a fee of $25 is also imposed if the account is closed in under 180 days.

Account Management Tools

BBVA Compass's website has several useful account tools and is easy to learn. Users can nickname various on-line accounts, create overdraft protection, order copies of cleared checks or statements, and a lot more. The bank provides its customers with popmoney, a person-to-person payment system. It's available after logging into the website.

Alerts are also available. They can be sent for a variety of triggers, such as when a withdraw exceeds a pre-defined amount, an insufficient balance is reached, or sensitive activity occurs. Alerts can be set up for certain accounts but not others. They can be sent via e-mail or text message.

Beyond the website, savers can also bank with a smartphone or tablet. The bank's apps work on Android, Apple, and mobile web. Many helpful features are on the app, including mobile check deposit, a rewards center, and funds transfer.

Customer Service

The bank has a handy messaging system on the website. Using this feature, customers can e-mail a BBVA Compass associate day or night. The bank also provides a handy FAQ on its site. It can be opened by clicking on the question icon in the upper-right part of the web page.

Customers who want to speak to a human being can call 1-877-737-7727 on weekdays from 8 am to 7 pm (CST). Live reps are also available on Saturday from 9 am to 4 pm. An automated phone system can be reached 24 hours a day, 7 days a week at 1-800-266-7277.

BBVA Compass ClearChoice Money Market Promotions

New BBVA Compass ClearChoice Money Market accounts opened with at least $10,000 will receive a very good 0.65% APY for one year. To earn this rate, the account balance must be below $5,000,000.

Comparison

Goldman Sachs Bank savings account comes with an APY of 1.05%. Ally Bank has a money market account that pays 0.85%. The Ally account comes with checks and a debit card free of charge. The Allpoint ATM network is free with an Ally debit card, and the bank also reimburses up to $10 per month for non-Allpoint ATM usage. The biggest advantage of BBVA's money market account is the 12-month APY promotion.

Recap

BBVA Compass offers good banking features for both long-term savers and short-term cash needs. Customers who want free checks or need a larger ATM network will find better options with a different bank.