Advertising Disclosure

Regions Bank Offers Leading Rate On 18 Month Variable Rate IRA (3.22% APY)

rockies
  |     |   295 posts since 2018

Availability: According to their site "Regions serves customers across the South, Midwest and Texas"

Interest Rate Calculation: "The interest rate on this deposit is equal to the discount rate of the new 6-month Treasury bill plus ¼%. The discount rate of the 6-month Treasury bill is determined by the weekly auction of the Federal Reserve. To this extent, the interest rate and Annual Percentage Yield (APY) earned on this deposit are subject to change weekly and may be deemed variable rates."

May be of most interest to those who believe rates will continue to increase over the next 18 months and who value the ability to add-on.

Available for Traditional IRA's only. Not available for Roth IRA or Coverdell Education Savings Accounts.

Minimum opening deposit amount of $250.

Additional deposits are permitted during the 18-month term, with a minimum of $50.

IRA Time Deposits and Certificates are not eligible for relationship interest rates.

https://www.regions.com/personal_banking/18_months_variable_rates_ira_rates.rf

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3
CuriousDave
  |     |   233 posts since 2018
The final sentence is confusing. Is this 18 month offering an “IRA Time Deposit” or “Certificate” or is it something else, such as a savings account that terminates after 18 months?
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1
rockies
  |     |   295 posts since 2018
@CuriousDave, I included this exclusion since Regions highlighted it. The interest rate that I quoted here is for an 18 month variable rate certificate. I believe the intent of the exclusion is that Regions has a "Relationship Rewards" program and they want to be clear that IRA's alone do not qualify a customer for this program. Here is a question and answer from their FAQ that I believe addresses a portion of your question.
https://www.regions.com/help/products-services/relationship-rewards/participation/who-is-eligible
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1
rockies
  |     |   295 posts since 2018
This rate is now 3.34% APY....making this the nationwide leading rate for an 18-month IRA CD.
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1
GH1
  |     |   1,055 posts since 2017
Ira only. May not work for alot of people. That is what to make sure money does not leave ,,?
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2
rockies
  |     |   295 posts since 2018
Rate is up to 3.42% APY...and will keep climbing as 6 month Treasury rises.  And, yes, this is for Traditional IRA's only
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2

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