Regions Bank CD Rates

Regions Bank Less than a Month CD

0.01% APY

The certificate of deposit (CD) account term lengths from Regions Bank span from less than one month to six years. That wide range of options is appealing to customers with both short-term and long-term savings goals. Unfortunately, interest rates do not compare very favorably with the best CD rates on the market. Standard CDs mostly have a $500 minimum. Rates do vary by location, so your closest branch may have different rates, but the variation probably won’t be very high.

With all that being said, don’t discount Regions Bank yet. Read on for the important information you should consider if you’re looking at a Regions Banks CD.

To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.

Regions CD Rates

Overview of Regions Bank CDs

Regions Bank is headquartered in Alabama and serves 15 states across the Southern and Midwestern U.S. To open a CD, you need to visit a local branch. CD rates will also vary by location, so you should speak with your local branch to get the most up-to-date rates and available terms. Customers with a Regions Bank checking account may also qualify for Relationship Pricing Rates, which are higher than standard rates.

Term lengths from Regions Bank range from seven days to 72 months (six years). The minimum deposit you need will depend on the length of the CD. Terms between seven and 89 days have a minimum deposit of $2,500. It is common for banks to have relatively high minimums on CDs shorter than three months. CDs longer than 90 days have a minimum of only $500.

Interest compounds daily, but Regions Bank will only pay you the interest according to the terms of your specific CD. Shorter-term CDs likely pay interest only at maturity. Terms of one year or longer pay interest quarterly. Some CDs may also pay interest monthly. The standard option is for Regions Bank to credit interest to your CD account. You can also elect to have interest transferred directly to another account with the bank. That could include a checking, savings or money market account (MMA).

If you want to make any changes or withdrawals to your account, you need to wait until your CD has reached maturity. Any withdrawals that you make before the end of your term will result in a penalty. For CD terms of 31 days or fewer, the early withdrawal penalty is worth the total amount of interest that your CD would have earned over its term. If the term is between 32 and 181 days, you will pay a penalty of 31 day’s worth of interest on the amount that you withdraw. CDs between 182 and 364 days receive a penalty of 90 days’ interest on the amount you withdraw. If the term of your CD is over 365 days, you will pay an early withdrawal penalty of 182 days’ interest on the amount that you withdraw.

You can avoid the penalty by waiting until the grace period after your CD term ends. The grace period is a time when Regions Bank allows you to make all changes to your account. CDs with a term length between seven and 31 days have a grace period of one day. Longer CD terms come with a 10-day grace period. If you do not remove your funds from your account, Regions Bank will automatically renew your CD at the end of the grace period. The new CD will have the same term length as the previous CD. Its interest rates will depend on the currently available interest rates.

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How Much You Earn With Regions Bank Over Time

Because standard CDs from Regions Bank have low interest rates, you won’t earn much if you only contribute the minimum. In fact, you will earn more in interest from some high-interest savings accounts.

The table below shows what your approximate total balance will be depending on your initial deposit and your term length.

Should You Get a Regions Bank CD Account?

The standard CD rates from Regions Bank are solid, but you may be able to find higher CDs rates elsewhere. The unique range of term options could help if your goal is to ladder your CDs, but other banks also offer a wider range of terms.

Regions Bank may still be worth it for you if you already have a relationship and if you prefer to work with banks in-person. That of course assumes that you live in one of the 15 states that the bank serves. Otherwise, consider an account somewhere else.