2.00% 15-Month CD & 2.50% 23-Month CD at Regions Bank in Several States - Local Only

Regions Bank has adjusted its special CDs, but they remain competitive in many states. All areas appear to have the same long-term CD special rates: 2.50% APY for 23 months and 3.00% APY for 42 months. The 7-month CD special also appears common for all areas, but it's not nearly as competitive with a 1.25% APY. They used to have a 12-month special, but the term is now 15 to 17 months. The APY is 2.00% for many states (I've confirmed this for AL, GA, IL and TX). In some states it's only 1.75% APY (I've confirmed this for FL and IN). The rates vary by area, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. The above rates were checked on 12/16/09.

Minimum deposit for the above specials is $10,000 with a $1 million maximium, and new money is required. Also, the CD page states that you must have or open a Regions checking account. A reader in my last Regions post mentioned that his Texas branch hasn't required him to open a checking account. So you may be able to get out of the checking requirement if you have some nice reps at your local branch.

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 and Texas.

Regions lost $473 million in the third quarter, and it's in the process of cost-cutting which includes closing some branches. According to this Herald Tribune article, it's closing 22 offices in Florida and 121 in its 16-state footprint. Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post).

Regions Bank's rating for safety and soundness at Bankrate.com is 1 star (lowest) based on 6/30/09 data. At BauerFinancial it was 3 stars (adequate) when it was based on 6/30/09 data. It remains 3 stars based on 9/30/09 data. Regions Bank has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com (overview of DepositAccounts.com)
• My weekly list of hot nationwide and local CD deals

Tags: Alabama, Indiana, Louisiana, Georgia, Iowa, Arkansas, Texas, Regions Bank, Tennessee, Illinois, Mississippi, Kentucky, CD rates, Florida