Posted by William Charles on April 19, 2019
Bank Account Bonuses

Published on April 19th, 2019 | by William Charles

55

BBVA Compass Money Market $100 Bonus + 2.4% APY

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: Most states, not nationwide (42 states in total). Unavailable for California, Texas, Florida, Arizona, Alabama, Alaska, Hawaii
  • Deposit Required: Have $10,000 by May 31st, 2019 and have $10,000 in the account on August 30th
  • Additional requirements: None
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding:  None, usually you can fund $500 but it looks like that it’s not an option for this account
  • Monthly fees: $15, avoidable
  • Early account termination fee: 12 months, bonus forfeit
  • Household limit: One
  • Expiration date: None

The Offer

Direct link to offer

  • BBVA Compass 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 May 31st, 2019
    • Have at least $10,000 in the account on August 30th

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:



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EmilyD
EmilyD

Hi there is a waivable monthly fee…

Monthly Service Charge: $15 or $0. Avoid this fee in one of two ways:
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.

SA
SA

William Charles
The offer page says:

Account Fees

Monthly Service Charge: $15 or $0. Avoid this fee in one of two ways:
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.

Alex
Alex

Always confused on these “by date” offers.. Could I have $10k on, say May 1st, transfer that out before May 31st and then transfer back in on August 30th? Or do I need to have $10k on May31st itself?

Also, there are fees with the account:

Monthly Service Charge: $15 or $0. Avoid this fee in one of two ways:

1. Maintain a minimum daily collected balance for each month of $10,000 or more.
2. 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

Ann
Ann

The wording is unclear, yeah. I’d leave it through May 31 to be safe (or don’t put it in at all until closer to the deadline). It’s a solid interest rate while you leave the money there, at least.

Alex
Alex

Going to try transferring in and removing out all before May 31st, since I need the money for another bonus by May15th.

Grant
Grant

Wonder if not available in states with branches as it’s not in Texas

Ann
Ann

Crud, it was available even in states with branches last year. You just had to open it online, not in-branch, to receive the high interest rate.

Edit: Aha… the same account is still available in states with branches (Texas and a few others), but you only get 2% instead of 2.4%, and no $100 bonus.
https://www.bbvacompass.com/savings/clearchoice-money-market.html

AkJohnny
AkJohnny

BOOO! why they hating on Texas???

Nathan Ponder
Nathan Ponder

Applied, got a “We’re reviewing your application” email. Was not offered the opportunity for CC funding, only ACH transfer or mail-a-check.

Alex
Alex

Can confirm no credit card funding option anymore

Gerry
Gerry

Not available for HI 🙁

Jeremy
Jeremy

Works out to 5.4% APY. Not bad.

Ann
Ann

How’s that?

calwatch
calwatch

2.4% APY plus $100/$10k / (1/4) of the year actually makes it 6.4% APY.

Jay
Jay

The problem I see is after August 31st if you decide to pull out the 10k funds you have to pay the monthly account fee for another 8-9months (see ETF). Assuming you got no BBVA checking account…

Gadget

Jeremy OK, guess I am taking crazy pills. Unless you also have a checking account with BBVA & do auto-deposits to avoid the monthly fee, you have to keep 10K ADB to avoid the fees, keep 10K there for the year, or close early and risk the bonus forfeit.

So, 12 months of 10K at 2.4% = $240 + $100 bonus… = 3.4% roughly.. not including any compounding, which on 10K and I assume monthly dividends might get you to 3.5%-ish. I am no math guru, and don’t care to split pennies..

William Charles Unless I am missing something, the verdict might want to be toned down. Great if you have already or open a new checking, and willing to avoid the monthly fees through auto-deposits. Otherwise, ho-hum.

I also think they implied they want a 10K commitment from May through August. Not so sure dropping the balance months on end in between is going to fly. I would be worried. Granted they didn’t say “maintain 10K”, so I might be a little overly cautious in that outlook.

Jeremy
Jeremy

I was calculating based on April 30-August 30, so 4 months of keeping the 10k in. I hadn’t noticed the part you have to keep the account open for a year. I suppose you could open a checking account and do transfers though

missjenniferd1
missjenniferd1

yeah, i dont think this bonus is good at all if you have accounts paying 4% or more (orion and first advantage). it basically gives an overage of like $60… then other comments saying theres fees to push and pull, AAAAAND you gotta keep the account open a year??? a year??? really??? um thats gonna be a no from me… hard pass big time!!! EDIT” sorry, its just fees to push but still, im totally gonna pass on this one.

AkJohnny
AkJohnny

agreed… i’m hitting bbva for the $250 bonus for my direct deposit and leaving .01 in my account after I have Chase pull funds out of my account… bbva, boa and woodforest are the 3 worst banks by far in terms of fees.

Nathan Ponder
Nathan Ponder

No fees to pull from the outside, just to push out from BBVA. Annoying, I agree, but other banks like BoA are that way, and it’s easy to work around just by initiating transfers from the outside bank.

Jay
Jay

Unavailable for California, Texas, Florida, Arizona, Alabama, Alaska, Hawaii and 1 more state?

Keynote
Keynote

No love for Arizona. I do have to say this bank kinda sucks LOL. Their app sucks and customer service reps are not knowledgeable. Plus their branches are closed on Saturdays in my area.

Superman
Superman

Would you believe 1 state left the Union in the Great Secession of 2009 and should make perfect sense to have unavailable in 7 states plus available in 42 states now, right?
Who counts Colorado anyway!

Keynote
Keynote

It’s weird they let you continue with the application and promo code even if you don’t live in a qualifying state. I wonder what would happen?

Jud
Jud

William Charles Credit Card Funding is not an option when I signed up.

Brandon
Brandon

My extra cash is tied to Marcus by Goldman for now. Why do all the banks have to offer great signups now that I locked in my money…

Master Allan
Master Allan

I couldn’t help posting my thought. You need more money!

EmilyD
EmilyD

I don’t see the credit card funding option (nor did I see a way to add a checking account) am I missing something

JT
JT

Do these accounts have the same ACH transfer restrictions that I remember with BBVA? If you did push they charged like $3 fee and extremely low limits. They also had pull on lockdown because other external accounts had difficultly pulling from them. Ultimately just Bill payed balance out and closed cuz eff BBVA but yea since there is no deposit length requirement I’d like to hit this thanks.

arizonapv
arizonapv

Yes they still have the same lousy ACH transfer restrictions and charge a fee to do pushes, so I always pull instead.

Ty Miller
Ty Miller

It seems like there’s really a 1 year lock on the funds though, right? If you must leave the account open for 1 year to avoid a bonus claw back and the account has a fee if you have less than $10k in it – then basically you have to keep that $10k in there to avoid the fee or claw back.

Am I misreading?

Ty Miller
Ty Miller

Unless you all have a BBVA Compass checking account that you plan to fund with monthly.

Jay
Jay

The ETF requirement kills it for me.
(since I got options elsewhere for 4,5% APY, so leaving 10k in it for a year is not a smart choice for me, and I dont wanna open two BBVA accounts (checking and saving) for just this bonus either)

Anyone got a tip/experience if there’s a way to circumvent the ETF requirement?

Gadget

Sure, zero the account, ask to close, then pray.

Nathan Ponder
Nathan Ponder

Where’s the hassle with opening the checking account? It’s free, no fees, just set up some automated transfers: $25 monthly from your actual hub checking > BBVA checking > BBVA money market > back to hub checking. Set it and forget it.

Pablo
Pablo

I think strategically, it would be better to wait until BBVA offers a checking sign up bonus but by then, this offer might be gone. But then again, maybe BBVA will renew the offer or release a better money market account offer. I currently did the BBVA checking bonus recently and was thinking about doing this offer but after thinking about it, I would only get about $50 extra compared to if I kept it in my other account… I might be better off just waiting and see if BBVA releases a better offer down the road for their money market.

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