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BBVA Compass 2.00% APY ClearChoice Savings Review

BBVA Compass 2.00% APY ClearChoice Savings Review

BBVA Compass is offering a 2.00% APY for new customers that sign up for a ClearChoice Money Market account.

When you open an account with BBVA Compass and deposit at least $25, you’ll earn the 2.00% APY. This offer is available for residents of TX, CA, CO, AZ, AL, FL, and NM.

BBVA Compass account details

  • Account type: Money Market
  • APY: 2.00%
  • Minimum balance: $10,000
  • Maximum balance: None
  • Availability: TX, CA, CO, AZ, NM, AL, FL
  • Credit inquiry: Soft Pull
  • Opening deposit: $25
  • Fees: Yes (can be waived)
  • Promo period: APY guaranteed for 12 months from account opening
  • Credit card funding: Yes

How to get the high rate

  1. Sign up for an account here
  2. Deposit at least $25
  3. Earn the 2.00% APY with any balance.

Fees

The BBVA Compass ClearChoice account has a $15 fee, but it can be waived by doing the following every month;

Maintain at least $10,000 daily balance, or

Set up an automatic recurring transfer of at least $25 or more from a BBVA Compass checking account to your savings account

Either one will let you waive the monthly fees associated with the account.

Pros

  • Easy to maintain the monthly requirements
  • Decent APY
  • Earn the rate on any amount

Cons

  • Monthly fees
  • APY isn’t the best

Overall review

The BBVA Compass account allows savers to get a nice APY with no monthly minimum balance, provided that you at least set up a recurring $25 transfer if you dip below the $10,000 mark.

Other than that, the APY is decent. It’s not the best, nor the worst, but you can get both checking and savings at the same bank and if you set up a recurring transfer, you can snag 2.00% APY on any balance.

What do you think?

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