[Expired] BBVA Money Market $100 Bonus + 2.40% APY

Deal has expired, view more bank account bonuses by clicking here

Update 8/16/19: Rate decreased to 2.40%.

Update 7/3/19: Rate increase to 2.50%. Updated image below.

Update 6/18/19: Bonus has been extended.

Offer at a glance

The Offer

Direct link to offer

  • BBVA is offering a bonus of $100 when you open a new money market account. Requirements are as follows:
    • Bring the balance to $10,000 by August 31st, 2019
    • Have at least $10,000 in the account on November 31st

 

The Fine Print

  • There is a maximum of one (1) bonus per household.
  • You must be a new BBVA Compass consumer money market account customer who has not had a BBVA Compass money market account or received a money market account cash bonus in the past 12 months.
  • Funds cannot currently be on deposit with BBVA Compass.
  • Account must be open and in good standing with a balance of $0.00 or more at the time of bonus payment in order to receive the bonus.
  • Bonus will be paid within 90 days of meeting the bonus requirements.
  • BBVA Compass may report the value of the bonus to the IRS as required by law.
  • Any client whose tax status would require BBVA Compass to impose tax withholding of any sort will not be eligible for this bonus.
  • We reserve the right to deduct the bonus amount if the account is closed within 12 months of opening. Note: this offer is subject to change at any time.l

Avoiding Fees

Monthly Fees

This account has a $15 monthly fee. This is waived if you do either of the following:

  • Maintain a minimum daily collected balance for each month of $10,000 or more.
  • Set up an automatic, recurring monthly transfer of $25 or more from a BBVA Compass checking account to your BBVA Compass ClearChoice Money Market account. This transfer must be in effect at the time the Service Charge is assessed.

Early Account Termination Fee

If the account is closed within a year the bonus will be forfeit

Our Verdict

The 2.4% APY is competitive, but there are better high yield accounts available. The $100 bonus is good though, although most people will need to keep $10,000 in there to avoid the monthly fee. . g 2.4% APY isn’t much lower than the best basic savings account rates though and because of that this will be added to our list of the best savings account bonuses.

Hat tip to reader Woori

Useful posts regarding bank bonuses:
    William Charles
  • On July 3, 2019, 14:40

View Comments (147)

  • My rate is now 0.846% so I would like to pull my money out. They haven't paid the bonus yet, which is uncharacteristic in my experience. I sent a secure message last week and just received a reply saying, "We have escalated this issue to our specialist group, they will review the account to verify if all the requirements were met. Please allow up to 3-5 business days for this request to be processed."

    I'll post back up when I get an answer.

    • Update:
      BBVA has not responded via secure message, but a $100 "Interest Adjustment" posted to my account on 3/18/2020. It was done manually. When I click on it, there is an image like when you deposit a check. The image is of a Credit Memo slip filled out by hand for $100 signed by a preparer and approver.

      My advice to anyone that hasn't received their bonus is to send a secure message and get the process started. Hopefully you'll end up with your $100 a week and a half later like me.

  • These guys are being a huge pain to deal with and their rates have fallen all the way down to 1.24% APY for me. I met the requirements months ago and bonus still hasn't posted. Sent them a message via the app and I'm being told that my case needs to be "escalated" to a customer service manager. Even HSBC was easier to deal with than these guys IMO, will stay away in the future.

    • Same. My rate is now 1.3%. I was in the last promo group - open by August 31. I contacted customer service to check on the bonus status, got an incompetent rep, got "escalated", and then got a personal call back from someone higher up and was told the bonus would come in the "90 evaluation period" - at the very latest, by February 28th. Called her back over 5 times, but she never answered again and I have her direct line! I still haven't got my bonus so we'll see if it comes in the next 4 weeks or not. Would not recommend BBVA, this is a classic bait and switch in my book.

      • That's weird. I just checked and my rate is 1.784%. I wonder how they determine your rate.

        Still waiting on my bonus. Based on what is going on with you guys, I'll wait to reach out until March if my bonus doesn't come.

    • Agree totally. My story is even worse than yours — won’t bore you with details. I earned and burned with these guys. Totally useless to me now. I do not recommend BBVA bank.

  • DP - asked if I could close my account by SM and they were fine with it as long as I had it zeroed out. The ETF is 6 month, not 1 year.

    • No fee, but risk losing bonus if closed before 12 months.. Terms of the offer state "We reserve the right to deduct the bonus amount if the account is closed within 12 months of opening"

  • I'm still waiting on the bonus myself opened in July. My interest rate has gone from 2.5 to 2.2 and they dropped my interest rate to 1%

    time to move my money out

  • Anyone get their bonus yet? I know the terms say 'within 90 days' of meeting the requirements. Does bbba wait the full period?

      • Actually, we got another month to go :) Technically 90 days from 11/30/2019 is 2/28/2020 . If they wait the full 90 days, then it will not reflect too kindly.

  • Opened the account in early July. From then until the most recent statement APR was 2.469% (2.50% apy). Sometime in the last few weeks the rate dropped to 2.127% apr. On the phone now trying to get clarification but appear to be getting nowhere.

    No bonus has posted yet. If I can't get a clear answer I'll be looking for another place to move the somewhat significant sum of money.... Unless 2.127% apr is the best I can do at this time?

    • If you planned to move the $10K for better rate in 2 more weeks anyhow. Then why forfeit $100 bonus because of $3 lost interest now? If it were me, I'd be patient for 13 days, setup $25 monthly transfer, and collect bonus in 90 days.

      • Reading the fine print again, I only need to maintain a 10K bal until 11/30, correct? After 12/1, I can move the funds (maybe keep $1 in it) elsewhere but need to keep the acct open to receive the $100 bonus 90 days later - end of feb 2020?

      • Agreed. Opened up the checking today, will reduce the money market balance to $10001 and keep until the $100 bonus posts. Then leave a few hundred in there to cover the $25.01 monthly automated transfers for the remaining time until it's been 12 months. Close everything out then.

        BBva Checking has a $25 early closure fee if closed within 180 days so that won't apply. I opened the money market back in July.

        The bbva money market was opened more so for the rate than the bonus.

        Now, pulling out a large sum from this bank has been a total nightmare. Their online wires are limited to $6K - my balance was much higher. Otherwise you need to step into a branch to validate yourself. Used incredible bank to pull and will then push into the tab bank. Btw, tab offers a one time wire credit for new customers. They need need some proof of the wire fee from the originating bank.

        Ally also has some pretty high limits for ach but accounts were already linked with incredible.

  • DP

    4/22 - opened account
    4/24 - moved 10k over
    10/12 - bonus posted

    i haven't moved the initial 10k from this account. will keep it there until 4/22/2020 then close the account.

      • My DP is nearly the same. 4/23 opened, 4/26 funded, 10/11 bonus posted. Currently getting 2.127% interest rate, so I'm just going to let stuff sit til I close the account after a year.

  • Got the bonus. Dates:
    5/6 - Account opened
    5/29 - Moved $10k into account
    10/11 - Bonus posted as: THANK YOU! MONEY MARKET 2.4% + $100 BONU S (xxxxx)

    My requirement was to have 10k between May 31st and Aug 30th

  • Don't go near this bank. $3 fee to transfer your money out and takes 2 days, when most banks do it for free and instantaneously! The bonus, interest is not worth the headache among many other things. Wait til you try to close your account. Just a fair warning.

    • Chill out a bit. They aren't the best bank in the world, but they aren't the worst either. When it was 2.5%+$100 it was definitely worth it to put up with the headaches. By the way, they don't actually charge the $3 push fee, in my experience.

      • From the money market account I was charged the $3 push fees, but decided it was easier/safer than trying to link a new account. Perhaps via the checking account they don't charge? Also leaving this open in the perpetual $25 transfer loop. Got my bonus in spite of their freezing of my account for 6 weeks.

  • My interest rate is now showing as .05%, but I drew down the amount I had on deposit just after the end of August. I have not received the bonus yet either.

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