Savings Secured Line of Credit

A low-interest line of credit secured by your Regions savings or money market account. Borrow as much as 100% of your available balance in your collateral account.

Regions Savings Secured Line of Credit at a glance

Build credit

Improve your credit when you use your line of credit responsibly.

Variable interest rates

Variable APR based on The Wall Street Journal prime rate, plus a margin.

Let your savings keep earning

Keep earning interest in the savings or money market account you use to secure the line.

Up to 100% of the available balance in your collateral account

Current customers can apply online.

Savings-secured credit line can be a bridge to creditworthiness

If you need to build or rebuild your credit profile, a line of credit secured by a savings account can offer you a way to:

  • Build credit by borrowing and paying back relatively small amounts on a regular basis.
  • Get easy access to funds when you need them.
  • Earn interest on the savings account that secures the line of credit.

Learn more about how to build credit with a savings-secured line of credit

Build credit without taking on debt

Interested in ways to help build credit without taking on debt? Learn more about Self, a financial technology company that offers the Rent and Bill Reporting tool, a service that can help you build your credit history by reporting payments you already make.1

With a Self “Rent and Bill Reporting” subscription2 you may be able to build your credit history by continuing to pay your rent, cell phone and utilities payments the same way that you always have.

Learn more about how Self can help you build your credit

Regions Savings Secured Line of Credit details

  • Interest rates

    Variable APR based on The Wall Street Journal prime rate, plus a margin. The margin is based on the amount of the approved line amount.

    Credit lines of less than $3k: Prime + 3.00%
    Credit lines of over 3k: Prime + 2.00%

    View Regions Secured Line of Credit product details.

    Fees

    Annual fee: $50, assessed on your anniversary date
    Over limit fee: $29
    Late fee: $35

    Note: A late fee is assessed if you don't make your payment within 10 days after the payment due date shown on your periodic statement.

    Rate discounts

    Rate discounts are available for loan amounts of $5,000 or greater if you elect to have your monthly payments automatically debited from your Regions checking account through our Automatic Payment Option during the application process. The amount of the discount varies based on your type of relationship with Regions, ranging from 0.25% up to 0.50%.

    Note: This rate discount is not available when the Automatic Payment Option is established after the loan or line of credit has been opened.

    If a rate discount for establishing the Automatic Payment Option at the time of account opening was granted, electing to discontinue this option at any time during the life of the account may cause the APR to increase by the amount of the discount received at account opening. If the APR does increase, the discount cannot be re-established at a later time.

  • Minimum line amount: $250

    Maximum line amount: Up to 100% of your available balance in your collateral account, but not to exceed $100,000.

    Regions savings account or money market account. The pledged collateral amount will not be available for withdrawal during the life of the line of credit. Your savings or money market account will continue to earn interest. Borrower must be the owner of the collateral.

    Access to funds
    You will have full access to the funds online, by phone, in a branch or via access checks.

  • Your payment is due monthly and includes both principal and interest. The minimum payment is either 5% of your outstanding balance or $10, whichever is greater.

    Automatic Payment Options
    Allows you peace of mind that your payments will be automatically debited from your checking account each month.

    Already have your account and want to set up an Automatic Payment Option? Access the Automatic Debit Authorization form, then complete, print and follow the directions in the form to process your request.

  • Current Regions customers can apply online,3 by phone or in a branch
    Current customers can apply online, in a branch or by phone for a Regions Savings Secured Line of Credit. Apply by phone at 1-888-462-7627 Monday – Friday from 6 am to 7 pm, Saturday 8 am to 2 pm.

    Non-customers can apply by phone or in a branch
    Non-customers cannot apply online for a Regions Savings Secured Line of Credit at this time. However, non-customers can open a deposit account to use as collateral and apply in a branch. Find a branch or make an appointment with a banker to learn more. Apply by phone at 1-888-462-7627 Monday – Friday from 6 am to 7 pm, Saturday 8 am to 2 pm.

How does a Regions Savings Secured Line of Credit work?

Cover unexpected expenses without taking money out of your interest-earning Regions savings or money market account. It can help build credit or improve less-than-perfect credit when used responsibly. Not sure that’s what you need? Compare all our personal lines side-by-side.