Deal has expired, view more bank account bonuses by clicking here
Update 8/16/19: Rate decreased to 2.40%.
Update 7/3/19: Rate increase to 2.50%. Updated image below.
Update 6/18/19: Bonus has been extended.
Offer at a glance
- Maximum bonus amount:Â $100
- Availability:Â Most states, not nationwide (42 states in total). Unavailable for California, Texas, Florida, Arizona, Alabama, Alaska, Hawaii
- Deposit Required: See below
- Additional requirements:Â None
- Hard/soft pull:Â Soft
- ChexSystems: Unknown
- Credit card funding:Â None, usually you can fund $500 but it looks like that it’s not an option for this account
- Monthly fees:Â $15, avoidable
- Early account termination fee:Â 12 months, bonus forfeit
- Household limit:Â One
- Expiration date:Â None
Contents
The Offer
- BBVA is offering a bonus of $100 when you open a new money market account. Requirements are as follows:
- Bring the balance to $10,000 by August 31st, 2019
- Have at least $10,000 in the account on November 31st
The Fine Print
- There is a maximum of one (1) bonus per household.
- You must be a new BBVA Compass consumer money market account customer who has not had a BBVA Compass money market account or received a money market account cash bonus in the past 12 months.
- Funds cannot currently be on deposit with BBVA Compass.
- Account must be open and in good standing with a balance of $0.00 or more at the time of bonus payment in order to receive the bonus.
- Bonus will be paid within 90 days of meeting the bonus requirements.
- BBVA Compass may report the value of the bonus to the IRS as required by law.
- Any client whose tax status would require BBVA Compass to impose tax withholding of any sort will not be eligible for this bonus.
- We reserve the right to deduct the bonus amount if the account is closed within 12 months of opening. Note: this offer is subject to change at any time.l
Avoiding Fees
Monthly Fees
This account has a $15 monthly fee. This is waived if you do either of the following:
- Maintain a minimum daily collected balance for each month of $10,000 or more.
- Set up an automatic, recurring monthly transfer of $25 or more from a BBVA Compass checking account to your BBVA Compass ClearChoice Money Market account. This transfer must be in effect at the time the Service Charge is assessed.
Early Account Termination Fee
If the account is closed within a year the bonus will be forfeit
Our Verdict
The 2.4% APY is competitive, but there are better high yield accounts available. The $100 bonus is good though, although most people will need to keep $10,000 in there to avoid the monthly fee. . g 2.4% APY isn’t much lower than the best basic savings account rates though and because of that this will be added to our list of the best savings account bonuses.
Hat tip to reader Woori
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
