BBVA Money Market Account Review (MMA)

BBVA Money Market Account is offering a promotional rate of 0.75% APY to new customers that open an account. Simply open an account with at least $25 and start saving money today

BBVA Money Market account offers an interest rate of 0.75% APY on all balances. You can open the account with as little as $25, and there is no minimum balance requirement. There are no introductory offers, and it charges clients $15 per month if their balance falls below $10,000.

 

 

$15
Monthly fee
0.75%
Interest rates (APY)
$25
Minimum deposit to open
  • Features
  • Deposit methods
0.75% on balances of $10,000+, 0.05% on balances of $0 to $9,999
$15 per month
Maintain a $10,000+ daily collected balance per quarter or set up a $25 automatic, recurring monthly transfer from a BBVA checking account
$25
$0
Monthly
6
$10

 Why You Should Sign Up for This Account

  • The BBVA Money Market account is a good example of this type of account, offering standard FDIC insurance and more:
  • Competitive APY. Start saving with a 0.75% APY if you live in one of 42 eligible states.
  • No minimum. Earn interest on all that you save with no minimum daily account balance.
  • Low opening deposit. Open a BBVA Money Market account for just $25.
  • Convenient access. Enjoy surcharge-free access to your funds at BBVA ATMs and easily manage your money from the mobile app or online. Plus, you’ll be able to write checks and use bill pay.
  • Overdraft protection. Link this account to a BBVA checking account to get overdraft protection.

With BBVA Money Market Accout you 'll get:

  •  Online Banking
  •  Mobile Banking
  •  ATM Banking
  •  Direct Deposit
  •  Safety & Security

Get started with a money market account, Learn more about  BBVA Money Market Account

BBVA offers Money Market Account as an opportunity to earn an interest rate on savings. For example, it is possible to obtain a 0.75% APY if the balance is $10,000 or more. This type of account comes with a free of charge online and mobile banking. Overdraft protection is available and a maximum of 6 monthly withdrawals free of charge. It is possible to open the account online. There is a minimum $25 deposit fee. Online banking provides a possibility to set up alerts related to insufficient funds (NSF), failed online transfer, account summary, and account balance. Via online banking, other services are available including checking balance, viewing transactions, balance, and images of cleared checks, enrolling in Bill Pay, transferring money. 
Transfer requests are accepted no later than 8:00 PM Central Time. They can be processed only on regular business days. According to federal regulations, no more than 6 electronic transfers can be made per monthly cycle from this account. Once the transfer is made, balance is updated immediately. The transfer is posted the following business day after the transfer.  The money is effective for that account on the same day the transfer is made. Money can be transferred to a credit card, line of credit, installment loan, mortgage, overdraft protection, checking, savings, money market, or HELOC. Transfers can be one off or recurring

Name Interest rates (APY) Fee per month Minimum deposit to open
Santander® Premier Plus Money Market Savings 0.35% No Monthly Fee $25
CIT Bank Money Market 1.4% No Monthly Fee $100
Discover Money Market 1.15% on balances of $100,000+, 1.10% on balances of $2,500 to $99,999 No Monthly Fee $2.500
PNC Premiere Money Market 0.05% on balances of $25,000+, 0.02% on balances of $1 to $10,000 $12 $100
BBVA Money Market 0.75% $15 $25
Eligibility

To open BBVA Money Market Account, you’ll need to meet a few eligibility requirements:

  • Have a valid US address.
  • Have a valid Social Security number or tax ID number.
  • Be at least 18 years old.
  • Be a US citizen.
  • Deposit at least $25.
Required Information

You’ll be asked for the following information during your application:

  • Social security number
  • U.S. driver’s license or state ID number
  • Date of birth
  • Primary address and contact information

You’ll also need to confirm that you are:

  • A U.S. citizen and permanent resident
  • 18 years or older

If you’re opening this account with someone else, also known as opening a joint account, this information is required for them as well. The minimum opening deposit is $25

Find the BBVA savings account that's right for you

BBVA Savings Account

Start building your savings today with a BBVA Savings account. Earn interest on your balance, plus get easy access to your money when you need it.

Benefits Include:

  • Earn interest on your entire savings account balance
  • Easily access your money when you need it
  • Enjoy 24/7 online access with Online and Mobile Banking
  • Link to your BBVA checking account for overdraft protection

Apply for a savings account online today with a $25 minimum opening deposit.

Learn More Open Now

BBVA Online Savings Account

Conveniently manage your savings from any place with an account optimized for digital access. 

Benefits Include:

  • Pay no quarterly Service Charge
  • Earn interest on your entire savings account balance
  • Easily access your money when you need it
  • Enjoy 24/7 online access with Online and Mobile Banking
  • Link to your BBVA Online Checking account for overdraft protection

Apply for a savings account online today with a $25 minimum opening deposit

Learn More Open Now

Certificates of Deposit (CDs)

Easily reach your savings goals with our competitive CD rates. Plus, choose from a variety of term options that give you the flexibility to decide how long you want to invest.

Benefits Include:

  • Earn more with competitive online CD rates
  • Choose from a variety of term options
  • Pay no maintenance fees
  • Enjoy risk-free investing, with FDIC-insurance up to applicable limits
  • View the status of your CDs at any time with 24/7 online access

Apply for a CD online today with a $500 minimum opening deposit.

Learn More and Open Now

Frequently asked questions

How To Avoid Fees ?

The $15 monthly fee can be avoided by:

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

It’s completely free. A minimum deposit of $25 is required to open the account; this is not a fee.

What’s the minimum balance for a money market account?

The minimum opening deposit for a BBVA Money Market Account is $25. After that, there is technically no minimum balance, but you should keep enough money in the account to avoid overdrafts

What are the service charges on a money market account?

You will be charged a $15 monthly Service Charge. This service charge is waived if you have a daily collected balance of $10,000 or you have an automatic monthly transfer of at least $25 from a BBVA checking account to your money market account.

How can I get in touch with BBVA customer service?

Customer Service and New Accounts
(Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas)
1-844-BBVA USA
(1-844-228-2872)

Customer Service and New Accounts
(other states)
1-866-5-DIGITAL
(1-866-534-4482)

Online and Mobile Banking Customer Service
1-800-273-1057

Mortgage Origination Inquiries  
1-888-8-LENDING
(1-888-853-6346)

Home Equity Loans and Home Equity Lines of Credit 
1-844-443-2282

Loan Customer Service 
1-800-239-1996

Automated Loan Payoff
1-800-239-1966

Credit Card Customer Service
1-800-239-5175

Investment Solutions Customer Service
1-800-239-1930

BBVA American Express Card Customer Service
1-844-622-2282

International (Mexico) Customer Service
001-866-342-2512

How do I apply for a BBVA Money Market account?

BBVA offers three easy ways to apply:
Apply online
Contact BBVA at 1-844-BBVA USA (1-844-228-2872)
Visit a branch location

BBVA makes it easy to start saving by opening the Money Market account online:

1. Visit the BBVA website and click Savings.
2. Click on Money Market.
3. Scroll down and click Apply Now.
4. Complete the required fields with your name, address, contact information and Social Security number.
5. Review and confirm that you agree to the Electronic Communications Agreement. Then click Continue.
6. Next, choose a method to fund your account. Click Continue.
7. Select your deposit amount and enter your external bank account information, including your routing and account number. Click Continue.
8. Review and confirm your information, and submit your application.

What is a money market account?

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.

How does a BBVA Money Market account work?

Here are a few things you should know about BBVA Money Market accounts:
Interest: Interest rates on money market accounts may vary by state. Rates may also vary based on your account balance. 
Minimum balance: The minimum opening deposit for a BBVA 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 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 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 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 checking account, your money market account is insured by the Federal Deposit Insurance Corporation (FDIC).

What’s the difference between a money market and a regular savings account?

You will more than likely earn a slightly higher interest rate with a Money Market account than with a regular savings account. One of the other main differences between a regular savings and Money Market account is how you access your money, which can vary from bank to bank. Typically, a regular savings account comes with an ATM card only, while a Money Market account might also offer check-writing capabilities and even a debit card. From a regulatory perspective, transaction limitations for Money Market and regular savings accounts are the same. Both savings accounts and Money Market accounts allow unlimited deposits per statement cycle. Additionally, both accounts are subject to a federal rule called Regulation D. This rule limits the number of convenience withdrawals to a maximum of six per month. Affected withdrawals include online withdrawals, overdraft protection transfers, transfers initiated by telephone and any other pre-authorized transfers. Withdrawing cash from an ATM or from a branch teller does not count toward this limit.
 

What’s the difference between a money market vs. a CD?

A money market account pays you interest on your balance but also gives you access to your money when you need it. A CD has a higher minimum opening deposit of $500 and may have a higher APY than a money market account. During the CD term, you cannot withdraw funds without incurring a CD early withdrawal penalty.

How liquid is my money market account?

You can make unlimited withdrawals from your money market account in person at a branch or an ATM. You can make up to six withdrawals/transfers per statement cycle via Online Banking, check, debit card, phone request, or preauthorized electronic transfer.

How many times can I withdraw funds from my money market account?

There is no limit to the number of withdrawals you can make in person at a BBVA branch or ATM.

Can you write a check on your money market account?

Yes, you can withdraw money with a check. Checks are included within the six withdrawals per statement cycle limitation.

How many transfers can I make to and from my money market account each month?

Federal law allows you to make up to six transfers or withdrawals per statement cycle. These include preauthorized transfers, checks, Online Banking, check card, telephone request, and sweep transfers. You will be charged a fee for additional transfer withdrawals.There is no limit to the number of transfers (deposits) you can make to your money market account each month.

How do I transfer money from my money market account to my checking account?

You can typically transfer funds via Online Banking, per a telephone request, in person, by writing a check from your money market account to your checking account, or at an ATM. You can make unlimited in-person withdraws or transfers, but are limited to six withdrawals or transfers made in any other way.

Can a money market account have a debit card?

This varies by bank, but most money market accounts, including BBVA money market account, do not have debit cards.

Are you taxed on money market withdrawals?

No, because the money you put in a money market account is after-tax money, meaning you’ve already paid taxes on it. There are no taxes or tax penalties associated with money market account withdrawals.

Can I make early withdrawals from my money market account?

Money market accounts do not have pre-determined maturity dates like CDs, so the term “early withdrawal” doesn’t apply to money market accounts.

How do I close a money market account?

Contact your bank and let them know you want to close your account. Typically, you’ll want to wait a week or so to make sure all items have cleared your account. Once all items have cleared, your bank will close the account and either issue you a check for the balance or transfer your balance to another account at your request.

What's the difference between a Money Market and a checking account?

Money Market accounts come with checks and a debit card, and you can only make up to six withdrawals using checks or debit cards per statement cycle. Checking accounts offer many more transactions per statement cycle, and some have no transaction limits. While a Money Market account has some of the same features as a checking account, it's not designed to be used for everyday money management.

Are Money Market accounts FDIC insured?

Yes, Money Market accounts are FDIC insured.

Can I overdraw a Money Market account?

Yes, and if you do, you could be charged overdraft fees. However, these days most banks offer customers free online and mobile banking, which makes it easier to closely monitor accounts and avoid overdrafts. For example, most mobile and online banking services allow you to set up alerts so you'll be notified if your account balance falls below a certain amount.

Do Money Market accounts have time limits or terms?

No. You can keep your Money Market account open for as long as you wish.