Yes, a money market account is a type of savings account that pays you interest on your account balance. A money market account may offer tiered interest rates, with different rates available based on your daily collected balance. The higher your balance, the higher your interest rate may be.
Rates vary based on many factors, including your region, current market conditions, and the balance in your account. View Current Rates
The interest rates for money market accounts are ultimately determined by the Federal Reserve and may fluctuate per state and municipality based on local legislation.
You do, however, have some control over the interest rate for your money market account. BBVA Compass offers tiered interest rates based on your Daily Collected Balance. The more you deposit in your money market account, the more you may earn. See Rate Chart
The daily collected balance method is used to calculate interest on the account. This method applies a daily periodic rate to the daily collected balance in the account each day.
Here’s how to calculate what you may earn: