I made a Forum post about this offering on July 31 when it was at 3.22% APY. As of yesterday's 6-month Treasury Bill auction, the yield is now up 33 bps to 3.55% APY. I find the product to be innovative, so I tried to get a bit more information.
Availability: Branches in 15 states - Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas
Key points:
- Variable interest rate equals the weekly 6-month Treasury Bill + 25bps
- APY is calculated based on weekly compounding
- Traditional IRA's only
- No monthly or annual fee
- Minimum opening deposit of $250
- Add-on with a minimum of $50
- A transfer fee of $15 per account will apply if you transfer any IRA to another institution.
- Early Withdrawal Penalty is all interest earned or 2% of amount withdrawn, whichever is less
Customer Service Experience:
- It was a bit of a challenge getting information on this product so, if you are interested, be prepared to be persistent
- There is a Regions Bank CD and IRA Service Center at 1-800-388-4727 that can provide some assistance
- Regions seems to refer detailed inquiries to their branches as this is where they expect their customers to primarily interact
https://www.regions.com/personal_banking/18_months_variable_rates_ira_rates.rf