bank rates

Sun Belt Deal: MMA Paying 1.10%

Savers in seven states across the South and West can take advantage of a money market account with BBVA Compass that pays 1.10% APY – a return surpassed by only one nationally available MMA.

While it only takes $25 to open a ClearChoice Money Market Account, you must maintain a balance of at least $10,000 to qualify for the top rate.

If you keep less than that in the account, you’ll earn only 0.05% APY and pay a $15 monthly service fee.

Take a look at the best nationally available returns on our MMA Leaderboard.

You’ll see that EverBank offers a guaranteed 1.60% APY for the first six months on its Yield Pledge MMA. But after that, the return falls to the bank’s ongoing rate, which is currently 0.61% APY.

That lowers the combined first year APY to 1.11% APY – or almost identical what you’d earn with BBVA Compass.

Although the BBVA Compass rate isn’t guaranteed, the Federal Reserve is poised to start pushing interest rates higher next month.

That makes it less likely the Birmingham, Alabama-based bank will cut its yield on these accounts.

One clear advantage to the BBVA Compass MMA is that you can earn 1.10% APY on balances up to a staggering $2.49 million.

EverBank, which is based in Jacksonville and has a dozen branches around Florida, caps its top rate at $150,000.

However, you only need a minimum deposit of $1,500 to open an EverBank MMA, and you don’t need to keep a certain amount in your account to earn interest and avoid monthly fees.

Your other national option is from iGobanking, which is paying 1.10% APY on its MMA.

But it takes a hefty minimum deposit of $25,000 to open an iGOmoneymarket at the online division of Flushing Bank in Lake Success, New York. And if you don’t keep that much in your account you’ll pay a $15 monthly fee.

The BBVA Compass ClearChoice Money Market Account is available to residents of Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.

Accounts may be opened online or at one of the bank’s almost 700 branches.

Can you find a higher return only available in your area? Search Bankrate’s database of the best money market and savings account rates offered by community banks and credit unions near you.

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