A money market account is a type of savings account with a slightly higher interest rate than a traditional savings account. The interest rate for your account may increase based on your account balance, so the more money in your account, the more interest you may earn.
Here are a few things you should know about money market accounts:
Interest: Interest rates on money market accounts may vary by state. Rates may also vary based on your account balance. See Rate Chart
Minimum balance: The minimum opening deposit for a BBVA Compass ClearChoice Money Market Account is $25 and the monthly Service Charge is $15. The monthly Service Charge can be waived if you have more than $10,000 in your account or you have an automatic, monthly transfer from a BBVA Compass checking account to your money market account.
Transaction limits: Like a traditional savings account, there are limits on the number of withdrawals you can make each statement cycle. Transfers to a BBVA Compass or third-party deposit account are limited to a total of six per month. These transfers may include debit card, check, telephone request, preauthorized agreements, drafts from Online Banking, and transfers from an overdraft sweep service.
There is no withdrawal limit for a money market account when made in person at a BBVA Compass branch or ATM.
A $10 Excess Transaction Fee will be charged for each withdrawal transaction in excess of six per statement cycle
FDIC insured: Like your BBVA Compass checking account, your money market account is insured by the Federal Deposit Insurance Corporation (FDIC).