Dedicated to Deposits: Deals, Data, and Discussion

5.00% 30-Month CD at Regions Bank


Regions Bank
Regions Bank has a new CD promotion with some attractive rates: 4.00% APY 8-month, 4.50% APY 14-month and 5.00% APY 30-month. The minimum deposit is $10,000, and it has no maximum deposit. It also has a "second chance" option which allows you a one-time bump in the rate if interest rates rise. A checking account is required (free checking qualifies). These special CDs are also available in an IRA with slightly different terms (5% CD has a 32-month term).

This special doesn't seem to be listed at Regions' website. A reader mentioned seeing this rate advertised, and I just called for additional details. These rates can vary based on your state. I was only able to verify the above rates for Florida and Texas. Texas has the same rates, but the 4.50% APY CD has a 16-month term instead of a 14-month term. If you have checked with Regions for your state, please leave a comment about the special CD rates and terms available.

According to the CSR, this promotion just started in October, and she expected it to last at least a month. The early withdrawal penalty is 6-months of interest for terms over one year and 3-months interest for terms under one year. If the term is one year or greater, the interest is credited to the account quarterly unless interest disbursements are set up. Refer to Regions' CD page for more 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.

Regions is the 15th largest US bank with $144 billion in assets. It seems like it hasn't been hit quite as hard as other regional banks in this housing slump. According to this Birmingham Business Journal article, Regions reported a profit for the second quarter. However, the profit was much lower than last year due to escalating loan losses and net charge-offs. Its financial ratings based on 6/30/08 data aren't too bad: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at

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

  Tags: CD rates, IRA rates, Texas, Regions Bank, Florida

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Comment #1 by Anonymous posted on
For Arkansas the CD rates are as follows:
4% APY for 6 mos
4.5% for 16 mos
4.75% for 32 mos
All require a 10k minimum deposit and can be bumped once.

Comment #2 by Anonymous posted on
Whoops. That should be 4% for 8 mos not 6. Sorry.

Comment #3 by Anonymous posted on
for Dallas Texas as of 10/18/08
32 month 4.88% - 5% APY 10K min
16 month 4.40% - 4.50% APY 10K min