Money Market Sweep

Overview

A savings and overdraft protection solution

Enjoy the benefits of linking your money market and checking accounts.

Want to grow the savings in your money market account? Need a smart way to help protect your checking account against overdrafts? With our Money Market Sweep service, you can link your BBVA Compass checking and BBVA Compass ClearChoice Money Market accounts to do just that.

How It Works

Automatic Savings Sweep

Want to boost your interest earnings? You can automatically “sweep” funds into your interest-bearing money market account and take better advantage our money market rates. Here’s how:

  • Your BBVA Compass banker will set up your Money Market Sweep by linking your new or current checking and money market accounts.
  • You determine a target maximum balance of at least $10,000 for your checking account.
  • Each day that your collected balance exceeds your target maximum balance, the excess will automatically sweep into your BBVA Compass ClearChoice Money Market Account.

There are no minimum transfer amounts—all excess funds over your target maximum balance are transferred daily.

Overdraft Protection Sweep

Money Market Sweep is also an overdraft protection solution. If you overdraw your checking account, we’ll “sweep” money back into your checking account to help you avoid overdraft fees.* This service is only available if your money market account has available funds to re-establish your target maximum balance or a balance of $0 in your checking account. 

Interest Rates for Money Market Sweep service may vary from BBVA Compass ClearChoice Money Market rates. See branch for details

Don't have a BBVA Compass ClearChoice Money Market Account?

Take advantage of the Money Market Sweep service and grow your savings faster with a BBVA Compass ClearChoice Money Market Account. Earn a competitive interest rate and enjoy greater flexibility than with a longer-term investment.

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Details you need to make a smart decision

Checking accounts subject to approval, which may include credit approval. Money market accounts subject to approval. Checking and money market accounts require a $25 opening minimum deposit. BBVA Compass ClearChoice Money Market account withdrawals and transfers not made in person, including sweep transfers from the BBVA Compass ClearChoice Money Market account, are limited to six per month. Only three of these withdrawals may be by check or debit point-of-sale transactions. These limits are imposed by federal law and, if exceeded, could result in reclassifying the account as non-interest bearing. If the minimum daily collected balance in the BBVA Compass ClearChoice Money Market account for the month drops below $10,000, there is a monthly service charge of $15.00 deducted from the BBVA Compass ClearChoice Money Market account. If you have an automatic, recurring monthly transfer of $25 or more from a BBVA Compass checking account to your BBVA Compass ClearChoice Money Market account in effect at the time the service charge would be assessed, the service charge will not apply.

*If the daily collected balance in the checking account is less than $0, then an amount equal to the amount necessary to re-establish the target maximum balance in the checking account will be transferred from the BBVA Compass ClearChoice Money Market account to the checking account. If the daily collected balance in the BBVA Compass ClearChoice Money Market account is insufficient to re-establish the target maximum balance but is sufficient to re-establish a balance of $0 in the checking account, then an amount equal to the amount necessary to re-establish a balance of $0 in the checking account will be transferred from the Preferred Money Market account to the checking account. No transfer from the BBVA Compass ClearChoice Money Market account to the checking account will be made if (i) the daily collected balance in the BBVA Compass ClearChoice Money Market account is insufficient to re-establish a balance of $0 in the checking account, or (ii) the daily collected balance in the checking account is less than the target maximum balance but greater than $0.