Regions Bank is still pushing for their special CD with competitive interest rates. The current cd rates may vary depending on where you are from. We entered zip codes on their website for the states of Indiana, Illinois, North Carolina, Georgia, Florida, and Texas and the cd rates are as follows:

42-month CD 3.25% APY
23-month CD 2.50% APY
10-month CD 1.60% APY

These special certificates of deposit require at least $10,000 of new money to open. The ceiling for these is set at $1 million. They also require you to open a Regions checking.

You have to ask the bank if you can give them instructions upon maturity of the certificates. These may renew automatically according to their website but you don’t want to do that if the rates by that time are considerably lower. Most likely you can credit the proceeds of the savings to your other accounts in case you don’t want to renew the CD. You can also ask them if they give a grace period which other banks normally do.

Interested consumers can open an account online or drop by a branch to process the application. They have offices in Arkansas, Alabama, Florida, Texas, Tennessee, South Carolina, North Carolina, Mississippi, Kentucky, Iowa, Louisiana, and Georgia.

Regions Bank was among those which were required by the federal government to raise some more capital based on the stress study results done last spring.

The bank’s rating for safety and soundness are a bit weak. Bankarte.com gave it 2 stars while BauerFinancial issued 3 stars. Be safe and stay within the limits of FDIC. It is a large bank though with about $135 billion in assets.

Regions Bank is a member of the FDIC since 1934. It holds certificate number 1368.