Regions Bank is offering some competitive rates on a few CD specials. The rates vary by state, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. For zip codes in Texas, Florida and Georgia, the special CD rates as of 7/26/09 include:
- 3.25% APY 42-month CD
- 2.40% APY 23-month CD
- 1.70% APY 12-month CD
Regions is currently advertising the 42-month and 12-month CD specials. According to the ad, the 12-month CD has a no-penalty feature which helps make it competitive since 1.70% is low for standard 12-month CDs. I've seen it advertised in Florida, in Dallas and in St. Louis. The ad is available online here. The no-penalty feature allows you to make a one-time no-penalty withdrawal (partial or complete). This has the same $10K minimum and checking requirement as the other CDs. The ad also lists the same 3.25% APY 42-month CD special. The small print states that this 42-month CD is also available in an IRA with minimum deposit of $4,000.
When I had last checked with Regions on its special CDs, a branch visit was 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 Bank's ratings for safety and soundness are a little mixed: 3½ stars (good) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. These are based on 3/31/09 financial data. Regions is a large bank with $137 billion in assets. It has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).
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