Dedicated to Deposits: Deals, Data, and Discussion

4.00% Money Market Promotion and Update on CDs at Regions

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Regions Bank
Regions Bank has recently started offering a 4.00% APY on its Platinum Relationship Money Market and Business Money Market deposit accounts. The personal MMA requires a minimum opening deposit of $20,000 in new funds along with a checking account with either direct deposit or a $2,500 minimum balance. The yields below $20,000 are 1.01% for $5K to under $20K and 0.50% for below $5,000. These rates are guaranteed through 1/31/2009.

Regions is now listing the CD specials that I first mentioned in this October 3rd post. These specials include a 4.00% APY 8-month CD and a 4.50% APY 16-month CD. The minimum deposit is $10,000. A checking account is required. These are called Second Chance CDs since you can adjust your rate one time to the current interest rate for the term you selected at account opening. One important note regarding this feature is that the maturity date will also adjust when you bump up the rate. So it's essentially allowing you to exchange your old CD with the new one that has the higher yield. The typical problem with these bump-up features is that banks often don't offer high yields on these special CD terms. The yields are available for IRAs with $4,000 new funds minimum deposit without the Second Chance feature.

As I reported last week Regions Bank is also offering a 5% APY 30-month CD in Florida. This seems to vary by state. In Texas the term was 32 months. A reader reported that it was 4.75% APY for 32 months in Arkansas. I have not checked with Regions to see if this is still available. Please leave a comment if you call.

Please refer to my last week's Regions post for more CD details.

According to the CSR, a branch visit is required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia.

As I recommend with any bank, it's always best to stay under the FDIC limits (Regions' FDIC Certificate # 1368).

Thanks to the reader who notified me of this latest special.

  Tags: money market accounts, CD rates, IRA rates, Regions Bank

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