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Update on Regions CD and Money Market Account Promotions


Regions Bank has made some rate changes to its Second Chance CD promotions, but the rates still remain competitive. Note, they do vary based by state. The best rates I've found is in Houston where Regions is offering a 5.00% APY 48-month CD and a 4.50% APY 16-month CD. These were listed in yesterday's Houston Chronicle. The ad is available online here. The rates are lower in Memphis with a 4.50% APY 48-month CD and a 4.25% APY 16-month CD. These were advertised in yesterday's Memphis newspaper. The ad is available online.

The CDs have a minimum deposit of $10,000, and a checking account is required. It's also available in an IRA with a minimum deposit of $4,000. These special CDs are what's 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 again on these special CD terms.

Please refer to my previous Regions post for more CD details.

Update 11/10/08: A reader reported the following rates for these Second Chance CDs at the branch in Largo, FL: 4.75% APY 48-month, 4.25% APY 16-month and 3.75% APY 8-month.

Money Market Account Special

Regions Bank continues to offer 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. This MMA special was advertised in both Houston and Memphis.


When I had last checked with the bank on these 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.

Latest News

Like many regional banks, Regions has been hit hard in this financial crisis. As this Birmingham News reports, Region's net income for Q3 fell to $79.5 million from $394.2 million a year ago. It's also interesting to note that their deposits fell by $683 million as people withdrew money from banks ahd bought Treasury bills. So this may be why we are still seeing these deposit specials.

Regions' financial ratings based on 6/30/08 data aren't too bad: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. As I recommend with any bank, it's always best to stay under the FDIC limits (Regions' FDIC Certificate # 1368).

Related Pages: money market accounts, CD rates, Regions Bank

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Alabama investor
Alabama investor (anonymous)   |     |   Comment #1
I was able to get the special Regions Bank CD rate without the checking account. They removed the second chance from the CD since I did not get the checking account. This was from a branch of the Dothan, AL Regions Bank.