Regions certificates of deposit (CDs) are worthy of your attention if you already have an account with the bank and are searching for a CD with a maturity of less than 15 months. Otherwise, you’ll only find dismal yields for its non-promotional options, which are easily bested in today’s high-rate environment.
Account details and annual percentage yields (APYs) are accurate as of March 29, 2024.
About Regions Bank CDs
For its current or prospective checking account customers, Regions Bank Promotional CDs are a good option. With a $500 minimum deposit, you could earn 4.75% to 5.00% APY on a five-month term, 4.50% to 4.75% APY on an eight-month term and 3.75% to 4.00% APY on a 14-month term (depending on your relationship with the bank).
However, you must have a Regions Bank checking account in good standing to earn the “Relationship Pricing rates.” This makes a difference of 0.25 percentage points on the promotional CDs and up to a 0.04 percentage point difference on the non-promotional CDs.
For most of Regions Bank’s CDs, however, the juice isn’t worth the squeeze — Regions Bank Non-Promotional CDs come with rates of 0.01% to 0.05% APY, depending on the term and relationship. As of March 18, 2024, the lowest national average CD rate stands at 0.22% on a one-month CD, according to the Federal Deposit Insurance Corporation (FDIC). If you’d like to open a CD that’s longer or shorter than one of the promotional terms, shop around and consider the best CD rates.
To open a Regions Bank CD, you must visit a branch or make a phone call; an online form is not available. CDs automatically renew at the end of their terms at the market rate.
How much can I earn with Regions Bank CDs
Most Regions Bank CDs aren’t worth writing home about, but the two promotional terms may suit your needs. Use our calculator to determine how much you could earn with a specific CD.
*Promotional CD.
How Regions Bank CD rates compare
Besides its promotional CDs, Regions Bank CDs aren’t competitive. USAA Standard Fixed certificates of deposit, Sallie Mae certificates of deposit and Chase relationship certificates of deposit all offer higher CD rates on standard terms.
*Promotional CD.
How to open a Regions Bank CD
While most banks let you apply online for a CD, Regions Bank requires you to go in-person to a branch or to make a phone call. The bank’s branches are primarily located in the Southeast, Midwest and Texas.
You must also be at least 18 years old, have a Social Security number and a personal identification document such as a driver’s licence, U.S. passport, state ID card or military ID.
Alternatives to CDs at Regions Bank
Regions Bank offers a cornucopia of personal accounts. Unlike the bank’s CDs, you can open them online.
There are six checking accounts, four savings accounts and two money market accounts. Most have a monthly fee that can be waived, but none of them have competitive yields and most require a minimum opening balance, which can go up to $100 (on the Regions Bank Money Market Account).
Regions Bank review
Regions Bank has over 1,400 branches, primarily in the Midwest and Southern U.S. It’s a full-service institution, offering banking products, which include four credit cards, home loans, student loans, auto loans and personal loans, along with wealth services and business products.
As with most traditional banks, you’ll find the typical tradeoffs for access to brick-and-mortar branches: Minimum deposit requirements and monthly account fees (or minimum balance requirements to waive them).
The Consumer Financial Protection Bureau reports that relatively few complaints have been logged against the bank, though it has a 1.5 rating out of five on Trustpilot.
Frequently asked questions (FAQ)
The current non-promotional CD rates at Regions Bank range from 0.01% to 0.05% APY, depending on the term and relationship. The promotional CD rates are more generous: the five-month term offers 4.75% to 5.00% APY and the eight-month term offers 4.50% to 4.75% APY, while the 14-month term features 3.75% to 4.00% APY. The exact rate you can earn differs depending on your relationship with the bank.
While you could open other Regions Bank accounts online, you must visit a branch or call and speak with a representative to open a Regions Bank CD.
CDs with a 6.00% APY are few and far between. Most financial institutions do not offer them, but you may have luck with some smaller credit unions if you meet membership requirements.
