Regions Bank Reviews: CD, Checking, Savings, Money Market and IRA Rates

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Updated on Tuesday, September 1, 2020

Regions Bank CD rates

Regions Bank CD

Region Bank CDs offer low rates, but you also need to jump through a few hoops to qualify for them.

Term

APY

0 months

0.01%

1-5 months

0.03%

6-11 months

0.05%

12-17 months

0.10%

19-23 months

0.10%

24-35 months

0.20%

37-47 months

0.30%

48-59 months

0.50%

60-72 months

0.60%

  • Minimum opening deposit: $2,500 for CD terms between 7-89 days. $500 for CD terms 90 days or more.
  • Minimum balance amount to earn APY: $2,500 for CD terms between 7-89 days. $500 for CD terms of 90 days or more.
  • Early withdrawal penalty:
    • For CD terms of 31 days or less, you’ll pay the full amount of interest you otherwise would have earned.
    • For CD terms of 32 days to 181 days, you’ll pay one month’s worth of interest.
    • For CD terms of 182 days to 364 days, you’ll pay 90 days’ worth of interest.
    • For CD terms of a year or more, you’ll pay six months’ worth of interest.

Regions Bank CDs are probably best for people who want to earn slightly higher returns and already have a checking account with this bank.

That’s because the rates quoted above are its “relationship rates,” which you can qualify for by a) opening a CD with a term greater than 32 days, b) owning a Regions Bank checking account, and c) keeping that checking account open while your CD is on deposit. Unfortunately, they don’t publish the standard rates for these CDs online, but they are lower.

The nice thing about these CDs is that you get a range of options on how interest is paid out. You can have it deposited periodically into another Regions bank account, sent to you via check or deposited back into your CD. Keep in mind that the APY rate quoted assumes that you deposit your interest back into your CD to capitalize; if you opt to have it paid out otherwise, your actual APY may be lower.

Your CD will automatically renew once it matures. If you want to make any changes to your CD or withdraw the money, you’ll have either a one-day grace period (for CD terms under 31 days) or a 10-day grace period (for CD terms over 31 days).

How to get Regions Bank’s CDs

Unfortunately, you don’t have the option of opening up a CD online. You’ll either need to visit a branch in person, or call its hotline to open up your CD.

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on Regions Bank’s secure website

Member FDIC

Promotional CD

Regions Bank’s promotional CD offers a decent interest rate in return for a minimum $10,000 deposit.

Term

APY

12-15 months

2.15%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: Six months’ worth of interest.

If you’ve got deeper pockets and have a Regions Bank checking account while the CD is open, you can earn the rates stated above. This offer is only available for a limited (and unstated) amount of time, however.

Aside from the higher rates, this CD works just like Regions’ regular CDs. You’ll get a 10-day grace period after the CD automatically renews when the term ends if you’d like to withdraw the money or make any changes to the CD.

You can choose to have interest paid out to you via check, transfer into another Regions Bank account or deposited back into the CD to earn even more interest. In fact, depositing your interest back into your CD is what Regions Bank assumes when they quote you the APY; if you choose to have the interest paid out, you’d earn a smaller return.

How to get Regions Bank’s promotional CDs

If you want to open a promotional CD with Regions Bank, you’ll need to make an appointment with a local branch to set up your CD.

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on Regions Bank’s secure website

Member FDIC

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How Regions Bank’s CD rates compare

If you’re looking for high interest rates, you can do much better with another bank. Regions Bank offers comparatively low rates, and in order to even qualify for them, you need to be an existing Regions Bank customer with a checking account. It might be handy to open a CD here if you’re already a customer, but if earning the best returns is your top priority, consider one of these high-yielding CDs instead.

Regions Bank checking account options

LifeGreen Preferred Checking account

This checking account comes with a high monthly fee that may be difficult to avoid paying.

APY

Minimum Deposit Amount

0.01%

$50

  • Monthly account maintenance fee: $18
  • ATM fee: $2.50 to use a non-Regions Bank ATM
  • ATM fee refund: Your first two non-Regions Bank ATM uses per month are free.
  • Overdraft fee: $36 per paid overdraft or non-sufficient funds, up to six per day. If you’re signed up for overdraft protection with a linked Regions Bank account, you’ll pay $10 each day an overdraft transfer occurs.

We wouldn’t suggest banking on this account to earn much money. That’s because this checking account earns interest at the lowest rate possible while still allowing Regions Bank to say that the account does technically earn interest.

Furthermore, this account comes with an $18 monthly fee. You can get around it in one of four different ways:

  • Keep at least $5,000 in this account
  • Keep at least $25,000 across all of your Regions Bank personal accounts
  • Have at least $25,000 in outstanding debt to Regions Bank (auto loans, personal loans etc.)
  • Have a first-lien home mortgage through Regions Bank

There are a few other fees to watch out for with this account as well. If you want a paper statement with “deluxe check images,” you’ll pay $5 a month. If you close the account within 180 days of opening, you’ll pay a $25 “early account closing” fee.

This account does come with a few minute benefits, however. You’ll get free money orders and cashier’s checks, and a 50% discount on safe deposit boxes. Finally, you’ll also be able to participate in both of Regions Bank’s proprietary rewards programs: Relationship Rewards® and Cashback Rewards®. Relationship Rewards® allows you to earn points when you use online bill pay, make a deposit at an ATM and receive online statements for your Regions account. With Cashback Rewards®, you get cashback offers that you can earn when using your Regions Visa® CheckCard at certain retailers.

How to get Regions Bank’s LifeGreen Preferred Checking account

You can open a LifeGreen Preferred Checking account online or by visiting a local branch. You’ll need your Social Security number, a way to fund the account, an email address and some form of government-issued ID.

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on Regions Bank’s secure website

LifeGreen Checking account

This checking account comes with a smaller monthly fee, but doesn’t earn any interest.
  • Minimum deposit amount: $50
  • Monthly account maintenance fee: $8 if you opt for online statements. $10 if you choose paper statements.
  • ATM fee: $2.50 to use a non-Regions Bank ATM.
  • ATM fee refund: None.
  • Overdraft fee: $36 per paid overdraft or non-sufficient funds, up to six per day. If you’re signed up for overdraft protection with a linked Regions Bank account, you’ll pay $15 each day an overdraft transfer occurs.

If you don’t have the higher balances required for the LifeGreen Preferred Checking Account, this might be a better option for you. If you keep at least $1,500 in this checking account or have a combined total of $1,000 direct-deposited into your account (or at least one single direct deposit of $500 or more) each month, you won’t have to pay the monthly fee.

This account also comes with a few other fees: $25 if you close the account within 180 days after you open it and $3-$5 for monthly paper statements.

You’ll get a 30% discount on a safe deposit box at the bank, and you can also sign up for Regions Bank’s Relationship Rewards® and Cashback Rewards® programs.

How to get Regions Bank’s LifeGreen Checking account

You can open an account online or by visiting your local branch. You’ll need to provide your email address, personal information (such as your Social Security number), a government-issued ID and a way to fund your new account.

SEE DETAILS Secured

on Regions Bank’s secure website

LifeGreen eAccess account

Regions Bank’s LifeGreen eAccess account is better for debit card users, otherwise you may have to pay to write physical checks.
  • Minimum deposit amount: $50
  • Monthly account maintenance fee: $8
  • ATM fee: $2.50 to use a non-Regions Bank ATM.
  • ATM fee refund: None.
  • Overdraft fee: $36 per paid overdraft or non-sufficient funds, up to six per day. If you’re signed up for overdraft protection with a linked Regions Bank account, you’ll pay $15 per each day an overdraft transfer occurs.

If you do most of your purchasing via debit card than by writing physical checks, this may be a better account for you than Regions Bank’s regular LifeGreen Checking account.

That’s because your first three checks each month are processed for free, but after that, Regions Bank will charge you a $0.50 check-writing fee. It’s important to note that Regions Bank says this fee is currently not being charged while they make “system modifications,” but it will be reinstated.

This account also comes with a monthly fee, but you can avoid this by making at least 10 purchases per month with your Regions Bank CheckCard. If you close the account within 180 days, you’ll also pay a $25 early account closing fee. There’s also a fee between $2-$5 per month if you want paper statements, depending on how detailed you want them to be.

Benefits that come with this account include a 30% discount on safe deposit boxes (a 40% discount if you have the money automatically debited from your Regions account) and the option to participate in Regions Bank’s Cashback Rewards® and Relationship Rewards® programs.

How to get Regions Bank’s LifeGreen eAccess account

The easiest way to open a LifeGreen eAccess account is online. It only takes about 10 minutes, and you’ll need a few things: your personal information (such as your Social Security number and email address), a government-issued ID, and a way to fund your new account.

SEE DETAILS Secured

on Regions Bank’s secure website

LifeGreen Simple Checking account

This checking account carries the smallest monthly fee, and there’s no way to avoid paying it.
  • Minimum deposit amount: $50
  • Monthly account maintenance fee: $5 if you opt for online statements. $7 if you opt for paper statements.
  • ATM fee: $2.50 to use a non-Regions Bank ATM.
  • ATM fee refund: None.
  • Overdraft fee: $36 per paid overdraft or non-sufficient funds, up to six per day. If you’re signed up for overdraft protection with a linked Regions Bank account, you’ll pay $15 per each day an overdraft transfer occurs.

If you tend to carry a smaller balance or don’t have a regular monthly direct deposit into your account that might allow you to skirt the monthly fees for the other checking accounts, this might be the best option for you. There’s no way to avoid paying the monthly fee, but it is the smallest monthly fee offered for its checking accounts (besides its free LifeGreen Checking Account for Students).

You can also qualify for a 30% discount on a safe deposit box with this account. You also have the option of participating in the Regions Relationship Rewards® program and its Cashback Rewards® program at select merchants.

How to get Regions Bank’s LifeGreen Simple Checking account

You can open a LifeGreen Simple Checking account with Regions Bank in about 10 minutes online. You’ll need to provide a way to fund your new account, a government-issued ID and some basic information about yourself, such as your email address and Social Security number.

SEE DETAILS Secured

on Regions Bank’s secure website

LifeGreen Checking Account for Students

This monthly-fee-free checking account is available to people 25 and under.
  • Minimum deposit amount: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $2.50 to use a non-Regions Bank ATM.
  • ATM fee refund: None.
  • Overdraft fee: $36 per paid overdraft or non-sufficient funds, up to six per day. If you’re signed up for overdraft protection with a linked Regions Bank account, you’ll pay $15 per each day an overdraft transfer occurs.

This is a great account for young adults looking for an account with no monthly fee at Regions Bank. It’s open to people age 25 and under. If you’re under the legal age, however, you’ll need an adult co-owner on the account.

Other than having no monthly fee, this account works much like the rest of Regions Bank’s checking accounts. There’s a $25 fee if you close the account within 180 days after opening it, as well as a $2-$5 fee for each monthly paper statement, depending on how detailed you want it to be.

Account holders will also be able to participate in the Regions Cashback Rewards® and the Regions Relationship Rewards® programs. Finally, account holders will also get a 30% discount on a safe deposit box at a local bank branch. If you sign up for auto debit payments from your Regions account, you’ll get a 40% discount total.

How to get Regions Bank’s LifeGreen Checking account for Students

You can easily open an account online with just a few things: your personal information, a government-issued ID and a way to fund your new account.

SEE DETAILS Secured

on Regions Bank’s secure website

LifeGreen 62+ Checking account

Seniors will need to be on guard to make sure that they meet the requirements to waive the monthly fee with this checking account.
  • Minimum deposit amount: $50
  • Monthly account maintenance fee: $8 if you opt for online statements; $10 if you opt for paper statements.
  • ATM fee: $2.50 to use a non-Regions Bank ATM.
  • ATM fee refund: None.
  • Overdraft fee: $36 per paid overdraft or non-sufficient funds, up to six per day. If you’re signed up for overdraft protection with a linked Regions Bank account, you’ll pay $15 per each day an overdraft transfer occurs.

This account is very similar to Regions Bank’s regular LifeGreen Checking account. There are a few small differences, however.

In order to avoid the monthly account maintenance fee, you’ll need to either keep at least $1,500 in your checking account or have money directly deposited into your account each month, such as from Social Security payments.

To qualify for the direct deposit monthly fee waiver, you’ll need to have either a combined $1,000 direct-deposited into your account, or at least one direct deposit of $300 or more (versus a single direct deposit of $500 or more, with the regular LifeGreen Checking account).

Another difference is that you’ll qualify for a 50% discount on a safe deposit box (a 60% discount if you sign up to pay with auto debit from your Regions account), compared with just a 30% discount for most other checking accounts. Everything else is similar, however: You’ll face a $25 fee for closing the account within 180 days, and you’ll pay a $2-$5 fee for monthly paper statements. You can also participate in Regions Bank’s two rewards programs: its Regions Cashback Rewards® and Regions Relationship Rewards® programs.

How to get Regions Bank’s LifeGreen 62+ Checking account

You can open an account by visiting a local Regions Bank branch, or you can open an account online. Opening an account is simple and should only take about 10 minutes.

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on Regions Bank’s secure website

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How Regions Bank’s checking accounts compare

If you want to use one of Regions Bank’s checking accounts, you’ll need to stay on your toes in order to avoid monthly account maintenance fees (except for its student checking account, which is free). In addition, only one of its checking accounts offers any interest, and a very poor rate at that.

We do like the fact that these accounts come with two rewards programs, but because the details of these programs are murky, it’s hard to assess whether the value is really worth the hassle. Instead, if earning the best rates with low or no fees is your priority, consider one of these online checking accounts.

Regions Bank’s Money Market accounts

Regions Money Market account

This money market account offers rock-bottom interest rates.

APY

Minimum Deposit Amount

0.01%

$100

  • Monthly account maintenance fee: $12
  • ATM fee: $2.50 to use a non-Regions Bank ATM.
  • ATM fee refund: None.
  • Overdraft fee: $36 per paid overdraft or non-sufficient funds, up to six per day. If you’re signed up for overdraft protection with a linked Regions Bank account, you’ll pay $15 per each day an overdraft transfer occurs.

Money market accounts are designed for people looking for a savings-type account with the ability to write checks. That’s about all we can say this account does well — after all, it doesn’t offer hardly anything in terms of returns.

Furthermore, you’ll need to keep a daily balance of at least $2,500 in the account to avoid the monthly fee. This can make it difficult for people just getting started saving in a money market account.

If you exceed six transfers out of the account each month (not including in-person or ATM withdrawals, as per Federal Regulation D guidelines), you’ll face a $15 excessive withdrawal fee for each transaction. If you do this enough times, Regions Bank may convert this to a different type of account.

Like many of its accounts, you qualify for a 30% discount on a safe deposit box when you open this account. You can also get free printed monthly statements with this account (something not offered on all of its accounts), however if you want “deluxe check images” with the statement, you’ll pay a $5 monthly fee regardless of whether you write any checks that month or not.

How to get Regions Bank’s Money Market account

You can apply for a new Money Market account with Regions Bank in person, over the phone or online.

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Regions Platinum Relationship Money Market account

Earn higher (but still very low) interest rates if you also have a Regions Bank checking account with a $2,500 minimum daily balance or direct deposit.

APY

Minimum Balance Amount

$0 - $4,999.99

0.01%

$5,000 - $19,999.99

0.01%

$20,000 - $29,999.99

0.50%

$30,000 - $99,999.99

0.50%

$100,000+

0.90%

Promotional Rates

$0 - $4,999.99

0.01%

$5,000 - $19,999.99

0.10%

$20,000 - $29,999.99

0.50%

$30,000 - $99,999.99

0.80%

$100,000+

1.01%

  • Monthly account maintenance fee: $15
  • ATM fee: $2.50 to use a non-Regions Bank ATM.
  • ATM fee refund: None.
  • Overdraft fee: $36 per paid overdraft or non-sufficient funds, up to six per day. If you’re signed up for overdraft protection with a linked Regions Bank account, you’ll pay $15 per each day an overdraft transfer occurs.

In order to open this account, you’ll need to meet a few requirements:

  • Make an opening deposit of at least $15,000
  • Have a Regions Bank checking account with either:
    • At least a $2,500 daily balance, or
    • A monthly direct deposit

If you can meet those criteria, you can earn slightly higher rates than with Regions Bank’s standard Money Market account. In order to waive the monthly fee, you’ll either need to have an active LifeGreen Checking account, or keep at least $15,000 in your money market account (which, coincidentally, is also the minimum opening deposit). Other than that, this account works very similarly.

If you go over six transactions out of the account each month (not including ATM or in-person withdrawals), you’ll face a $15 per-item excessive transaction fee. If you do this enough times, Regions Bank might change your account type to one that allows more frequent transactions.

You get a 50% discount on a safe deposit box with this account, as well as free basic monthly paper statements if you choose. If you want “deluxe check images” with your paper statement, you’ll need to pay another $5 monthly fee.

How to get Regions Bank’s Platinum Relationship Money Market account

Unfortunately, you are not able to open this account online. You’ll either need to visit a local branch in person, or make an appointment over the phone to open this account.

SEE DETAILS Secured

on Regions Bank’s secure website

Member FDIC

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How Regions Bank’s money market accounts compare

Even with its highest-earning promotional rates, Regions Bank’s money market accounts fall flat. You’ll earn next to nothing (literally) with its standard money market account. You can earn much better interest rates on your money market deposit with one of these accounts instead.

Regions Bank’s savings accounts

Regions LifeGreen Savings account

You won’t earn much with this account, but you won’t pay any monthly account maintenance fees either.

APY

Minimum Deposit Amount

0.01%

$50, or $5 if you open this account in person at a branch and set up a monthly automatic transfer from your checking account.

  • Monthly account maintenance fee: $0
  • ATM fee: $2.50 to use a non-Regions Bank ATM.
  • ATM fee refund: None.
  • Overdraft fee: $36 per paid overdraft or non-sufficient funds, up to six per day. If you’re signed up for overdraft protection with a linked Regions Bank account, you’ll pay $15 each day an overdraft transfer occurs.

This is the accompanying savings account that you can open up alongside of any Regions checking account (it’s a requirement to hold a concurrent checking account).

This is one of the few Regions Bank accounts not to come with any monthly account maintenance fee. However, there are plenty of fees elsewhere with this account. Regions Bank limits you to three withdrawals or transfers per month, and anything above that will face a $3 per-item fee. You’ll also pay $2 per month if you want paper statements.

One of the nice things about this account is that they offer an annual savings bonus of up to $100. To earn this bonus, you’ll need to set up a minimum $10 monthly automatic transfer from your checking account into this savings account.

How to get Regions Bank’s LifeGreen Savings account

If you’re interested in opening a LifeGreen Savings account, you can easily do so online or in person at a local branch. Remember, if you open the account in person, you only need a $5 minimum deposit with a recurring automatic transfer.

SEE DETAILS Secured

on Regions Bank’s secure website

Member FDIC

Regions Savings account

This is Regions Bank’s default savings account if you don’t want to maintain a checking account at this bank, as well.

APY

Minimum Deposit Amount

0.01%

$50

  • Monthly account maintenance fee: $5
  • ATM fee: $2.50 to use a non-Regions Bank ATM.
  • ATM fee refund: None.
  • Overdraft fee: $36 per paid overdraft or non-sufficient funds, up to six per day. If you’re signed up for overdraft protection with a linked Regions Bank account, you’ll pay $15 per each day an overdraft transfer occurs.

If you want a Regions Bank savings account without also opening a checking account, this is the account for you. Keep in mind, however, you’ll need to keep at least $300 in this account at all times in order to avoid the $5 monthly account maintenance fee.

This account also comes with a $3 per-item fee for each transfer or withdrawal past your third of the month. Again, you’ll pay a statement fee of between $2 per month if you opt for paper statements.

The only extra perk that comes with this account is the standard 30% discount on safe deposit boxes. If you have the money automatically debited from your account, you’ll also get an extra 10% discount (so, a total discount of 40%).

How to get Regions Bank’s Savings account

You can open a savings account with Regions Bank over the phone, online or in person at a branch. Opening an account online is the quickest and easiest way to go. You’ll need to provide Regions Bank with a government-issued ID, a way to fund your new account and some personal information about yourself.

SEE DETAILS Secured

on Regions Bank’s secure website

Member FDIC

Savings for Minors

This is a great way to teach kids and teens how savings accounts at some banks offer almost nothing for interest.

APY

Minimum Deposit Amount

0.01%

$5

  • Monthly account maintenance fee: $0
  • ATM fee: $2.50 to use a non-Regions Bank ATM.
  • ATM fee refund: None.
  • Overdraft fee: $36 per paid overdraft or non-sufficient funds, up to six per day. If you’re signed up for overdraft protection with a linked Regions Bank account, you’ll pay $15 per each day an overdraft transfer occurs.

Children and teens ages 18 and under (age 19 and under in Alabama) are eligible to open this account. Minors can get started saving with just a small $5 deposit, and with no monthly maintenance fees, this account is especially easy to start saving with (even if you won’t earn much interest). In order to open this account, a child or teen will also need an adult co-owner.

This account comes with online statements. If you choose paper statements instead, you’ll pay a $2 monthly fee. This account is a good way to teach children and teens to limit their transactions out of savings, because they’ll also face a $3 per-item fee for each withdrawal or transfer past their third one each month.

How to get Regions Bank’s Savings for Minors account

You’ll need to either make a phone appointment with a bank representative or visit a branch in person to open this account. You cannot do it online.

SEE DETAILS Secured

on Regions Bank’s secure website

Member FDIC

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How Regions Bank’s savings accounts compare

The interest rates offered on all of Regions Bank’s savings accounts are not great. In fact, they’re as low as you can go while still saying that the accounts offer any interest at all.

We do like the fact that the LifeGreen Savings account offers an annual savings bonus, however this probably won’t beat the high returns you can get from one of these top online savings accounts.

Regions Bank’s IRA accounts

IRA CD Rates

Fixed IRA CD Rates

These CDs work just like Regions Bank’s regular CDs, however they allow you to save at higher rates within the framework of an IRA.

Term

APY

6-11 months

0.05%

12-17 months

0.10%

19-23 months

0.10%

24-35 months

0.20%

37-47 months

0.30%

48-53 months

0.50%

55-59 months

0.50%

60-72 months

0.60%

Promotional Rates

12-15 months

2.15%

18 months

2.66%

36 months

2.25%

54 months

2.50%

  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty:
    • For CD terms of 31 days or less, you’ll pay the full amount of interest you otherwise would have earned.
    • For CD terms of 32 days to 181 days, you’ll pay one month’s worth of interest.
    • For CD terms of 182 days to 364 days, you’ll pay 90 days’ worth of interest.
    • For CD terms of a year or more, you’ll pay six months’ worth of interest.

These CD accounts are Regions Bank’s highest-earning offering for retirement savings (which isn’t saying much when compared with other banks).

They work just like Regions Bank’s regular CDs. When your account matures, they will automatically roll over into another CD of the same type, but with the new interest rate of the day. You’ll get a 10-day grace period to withdraw or add money, or make any other changes to the account.

One other thing to note is that unless you’re over age 59 ½, the IRS might impose a separate penalty (not including Regions Bank’s own early withdrawal penalty) if you withdraw the money in this account into a non-IRA account.

How to get Regions Bank’s Fixed IRA CDs

To open a Fixed Rate IRA CD with Regions Bank, you’ll need to call them or visit a local branch.

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Variable Rate IRA CD

The interest rate on this CD is tied to the discount rate of a six-month Treasury bill, plus an extra 0.25%.

Term

APY

18 months

2.46%

  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: Six months’ worth of interest.

This CD comes with two distinct benefits. It’s tied to the current discount rate of a six-month Treasury bill plus an extra 0.28%, which means that it’s currently earning far above its regular Fixed Rate IRA CDs (as of July 2018, at least). Plus, you can make extra deposits during the CD’s term, as long as it’s at least $50 or more. While this is a great feature in a rising-rate environment, it would be a disadvantage if rates were falling. Given this will be part of a long-term savings strategy, it’s something to pay attention to.

Another important consideration is that this CD can only be opened as a traditional IRA, not as a Roth IRA.

Aside from these factors, the rules for this CD are the same. You’ll get a 10-day grace period to make any changes to the CD, otherwise it renews automatically.

How to get Regions Bank’s Variable Rate IRA CDs

You can only open one of these Variable Rate IRA CDs over the phone or by visiting a local branch in person.

SEE DETAILS Secured

on Regions Bank’s secure website

Member FDIC

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How Regions Bank’s IRA CD rates compare

The IRA CD rates offered by Regions Bank are a bit of fire and ice. The interest rates offered on its Fixed Rate IRA CDs are very poor compared with the best banks. However, the interest rate offered on its Variable Rate IRA CD is actually decent. Keep in mind, though, that this is a flexible rate and could change at any time.

If you’re interested in learning about other IRA CDs that offer better interest rates, check out these top options.

IRA Money Market account

Regions Bank’s IRA Money Market account lets you save for retirement outside of a CD, but you won’t earn much on your savings.

APY

Minimum Deposit Amount

0.01%

$50

  • Monthly account maintenance fee: $0
  • Overdraft fee: None.

This account may be handy for Regions Bank customers who want to save for retirement outside of CDs. However, the interest rate is very low for this account, so if you’re trying to grow your money, park your funds in an IRA account elsewhere.

Another limitation with this account is that you can only make deposits of at least $25 or more. This account also does not come with ATM access, and you can only make deposits or withdrawals into or out of the account at a local branch.

How to get Regions Bank’s IRA Money Market account

If you want to open an IRA Money Market account with Regions Bank, you have two options: either call them over the phone, or visit a branch in person. Unfortunately, you cannot open this account online.

SEE DETAILS Secured

on Regions Bank’s secure website

Member FDIC

Overall review of Regions Bank’s products

The interest rates offered on almost all of Regions Bank’s accounts are rock bottom, and come with high fees to boot. The one exception is its 18-month Variable Rate IRA CD (an oddly specific account type), but even in that case, you can earn higher rates on fixed-rate 18-month CDs with other banks. Overall, we jsuggest giving Regions Bank a hard pass unless banking with a brick-and-mortar bank is most important to you, and you just happen to live closest to a Regions Bank branch. Otherwise, you can earn much better rates and pay lower fees at many other banks.

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