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Savings Accounts & CDs FAQs

We have compiled these questions about savings accounts and CDs using input from several different areas including Regions' Customer Service department. However, please remember that an "FAQ" section is simply a listing of frequently asked questions - if your question is not answered here, feel free to call us at 1-800-REGIONS (1-800-734-4667).

 

 


What is the difference between APR and APY?
The APR (Annual Percentage Rate) for a CD is the percentage of interest the customer will earn if the interest paid is out of the CD. The APY (Annual Percentage Yield) is the percentage of interest the customer will earn if they allow the interest to stay in the CD.

 


What is the minimum opening deposit for a CD?
Balances required to open a Regions CD are $500 for terms of 90 days or more and $2,500 for CDs of 7-89 days.1

1. Substantial penalty may apply for early withdrawal. See Deposit Account Agreement for details.

 

How can I open a CD?
You can visit any Regions branch or apply for a CD online.

 


What kind of CDs does Regions offer?

Choose from terms of 7 days up to 6 years. Interest is compounded daily and paid according to the terms of the CD you choose. At maturity, the CD renews for the same term automatically at the market rate at that time.

 


How do I calculate how much interest will be paid on a CD?

Take Principle Amount x Interest Rate/ 365 days x Number of Days In Term= Interest

 


What types of Savings accounts does Regions have to offer?

Regions Savings - A basic, low-cost savings account that earns interest and gives customers daily access to their money. Designed for customers who want to earn interest on smaller balances.
Savings for Minors - A basic savings account for customers 18 and under with no monthly fee or minimum balance requirements.
LifeGreen Savings - A savings account that gives you the opportunity to earn an annual savings bonus. Designed for customers in any Regions checking account.
Money Market -
A money market account that earns interest based on account balances.
Platinum Relationship Money Market - A money market account that earns interest based on account relationship balances. Designed for customers who want to earn interest on larger balances.

 


What is the minimum opening deposit requirement on a general savings account?

The minimum opening deposit amount is $50.00 on a Regions Savings account. The minimum opening deposit for a Savings for Minors account is $5.00.