bank rates

BBVA Compass Offers Big MMA Guarantee

BBVA Compass LogoBBVA Compass has an account that just may satisfy savers who dislike locking their money up in a CD but who enjoy the rate security a certificate offers.

The BBVA Compass ClearChoice Money Market Account pays 1.00% APY, which is competitive, although not a leading rate.

Here’s what makes this account special, though: The rate is guaranteed through the end of 2015, well more than a year from today.

This account is available to residents of the seven states in which BBVA Compass has branches.

Here’s the top competition for this account:

  • EverBank’s ( Yield Pledge MMA pays 1.40% APY on balances to $50,000 for a guaranteed six months after your open your account. After that time, the rate falls to EverBank’s standard MMA rate, which currently is 0.61% APY. Higher balances also earn 0.61% APY.
  • Synchrony Bank ( offers the best nationally available 12-month CD, paying 1.10% APY on balances of $25,000 or more, and a special 15-month CD paying 1.20% APY on balances of at least $2,000.

To open this MMA account, you must first have a checking account with BBVA Compass, based in Birmingham, Ala. Minimum deposit to open the MMA is $10,000.

You must open the MMA by Dec. 31, 2014, to lock in the 1.00% APY. That rate will apply through Dec. 31, 2015.

BBVA Compass offers several checking accounts. Depending on how you intend to use the checking account, your best bets are ClearConnect Checking or BBVA Compass ClearChoice Checking.

ClearConnect Checking is good if you don’t write many checks or make many in-person deposits or want to have a checking account open just so you can sign up for the MMA.

ClearConnect has no monthly service fee, but you’re only allowed three checks or in-branch withdrawals per month or else you’ll pay a $1 “excess withdrawal fee” per item. And if you make more than one deposit per month at the branch, you’ll pay a $4 “excess branch deposits fee” per deposit.

ClearChoice checking charges a $4 monthly service fee, unless you receive one direct deposit of at least $300 per month, have direct deposits that combined total $600 or keep at least $1,500 in your account.

BBVA Compass has nearly 700 branches and serves residents of seven states: Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.

Learn more about this offer on BBVA Compass’ website or call 800-266-7277.

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Comments (1)
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One Existing Comment
  1. Stewart Starer said:
    on August 26th at 03:31 pm

    Are you aware that Union Bank of CA. has dropped their MMA rates to no more than.9 and perhaps as bad as .85 and this on solid money. Just discovered with today’s statement.