Yes, BBVA Compass is a Member of the FDIC, which means your deposits are insured up to the federal maximum, currently $250,000 per depositor, per bank.
Similarly named, money market accounts and money market mutual funds often create confusion when it comes to FDIC insurance. A money market account is a savings account that is insured up to the federal maximum.
Money market mutual funds are an investment. Investments are not insured by the FDIC and can lose value if the market falls.
Yes, money market accounts are a safe way to earn interest on your savings. Backed by the FDIC, your deposits are insured against bank payment failures up to $250,000 per depositor, per bank.
As opposed to stock, bond, or mutual fund investments, money market accounts can steadily grow your funds without any risk.