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.
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 + 2.00%
Credit lines of over 3k: Prime + 3.00%
View Regions Secured Line of Credit product details.
Fees
Annual fee: $50, assessed on your anniversary date
Over limit fee: $29
Late fee: $35
Rate discounts
Rate discounts are available for line amounts $5,000 or greater if you elect to have your monthly payments automatically debited from your Regions checking account through our Automatic Payment Option. The amount of the discount varies based on your type of relationship with Regions, ranging from 0.25% up to 0.50%.
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.
Current Regions customers can apply online,1 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.
