Eleven monthly GRACE gravity field solutions are now available for analyses. We show those fields can be used to recover monthly changes in water storage, both on land and in the ocean, to accuracies of 1.5 cm of water thickness when smoothed over 1000 km. The amplitude of the annually varying signal can be determined to 1.0 cm. Results are 30% better for a 1500 km smoothing radius, and 40% worse for a 750 km radius. We estimate the annually varying component of water storage for three large drainage basins (the Mississippi, the Amazon, and a region draining into the Bay of Bengal), to accuracies of 1.0–1.5 cm.