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Regions Bank IRA Review: ROTH, Account Fees, & Interest Rates (2022)

Regions Bank IRA review for Roth IRA, SEP, Simple, 401K, traditional IRA, and IRA rollover. Regions IRA account interest rates, fees, and offers.

About Regions IRAs

As baby boomers leave the work force, the next generation is compelled to become less reliant on social security funds and significantly more dependent on investment solutions. Regions Bank, a financial staple in the southeastern United States, provides several investment solutions for personal Individual Retirement Accounts, or IRAs. Within those IRA options, are several funding solutions that can be utilized to meet the needs of the account holder.

Regions provides both traditional and Roth IRA solutions, and knowing and understanding the benefits of each type can be crucial in customer satisfaction. Depending on a customer’s age and situation, there are several advantageous characteristics of Regions’ Traditional IRA.

Regions Bank Traditional IRA Benefits

- Contributions can be tax deductible. However, earnings grow tax-deferred, and withdrawals are usually taxable.

- In order for a customer to be eligible for the Traditional IRA, they must be under 70 ½ years old. The customer must also earn taxable compensation, but there are no income limits.

- Customers can withdraw from Regions’ Traditional IRA after age 59 ½ with no tax penalty. If withdraws are made prior to that, there is a 10% tax penalty if an exception does not apply.

- The maximum yearly contribution is $5,500. An additional $1,000 contribution can be made each year beginning the year that the account holder turns 50.

- At age 70 ½, withdrawals are mandatory.

Regions Bank Roth IRA Benefits

- Contributions are not tax deductible, but earnings and withdrawals are usually tax-free.

- Customers are eligible for a Roth IRA at any age; there is no maximum. There are, however, maximum income limits.

- There is no tax penalty for withdrawing contributions at any age.

- Just like the traditional IRA, the maximum yearly contribution is $5,500. The year the account holder reaches 50 years old, they can contribute an additional $1,000 per year.

- There are no mandatory withdrawals.

Regions Bank Options

After choosing the type of IRA that best suits their needs, customers must also choose how to fund their IRA. Regions provides three solutions for funding.

1. Fixed Rate - This option provides a fixed interest rate and is ideal for customers who want the guarantee of making a certain amount of money in a fixed amount of time. A fixed rate IRA can be set up for 6-60 months, depending on customer preference, and it can be opened with as little as $250. After the initial deposit, additional funds can be added during the grace period at maturity.

2. Money Market - Unlike the fixed rate option, Regions’ Money Market option allows customers to make deposits or roll funds into the new IRA whenever they like. Because customers are not waiting on maturity, linking this account to a regular checking account is a possibility. Linking accounts allows automatic deposits (over $25) to be on a regular basis. The minimum opening deposit for a Regions’ Money Market account is $50.

3. 18-Month Variable Rate - This account earns the most up-to-date discount auction rate of the six-month Treasury Bill plus .25% over an 18-month period. This account’s minimum opening deposit is $250, and deposits can be made along the way as long as they are at least $50. Customers may choose automatic renewal for this account.

Transferring Funds

One of the main concerns that customers have in dealing with IRAs is the hassle that comes along with moving funds from an existing IRA. However, this process is not as complicated as customers think. Regions provides three customer-friendly ways to obtain existing IRA funds- rollovers, transfers, and conversions.

Rollovers - Rollovers occur when existing IRA funds distribute to the customer. After receiving the funds, the customer must reinvests those funds into an IRA within 2 months of distribution.

Transfers - IRA funds also have the ability to transfer. This occurs when the IRA custodian transfers funds directly from one IRA to another.

Conversions - Conversions occur when Traditional IRAs are converted into Roth IRAs. The advantage in completing a conversion is tax-free withdrawals for the customer at retirement.

Whichever option the customer chooses when transferring existing IRA funds, a Regions’ banker can be helpful in the process. In certain situations, bankers can even help customers establish communication with the first IRA investment agency to initiate the transfer or rollover of existing funds.

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Regions IRA Review - Final Thoughts

When opening an IRA account, it is important for customers to have a thorough knowledge of the product in which they are investing. Sometimes, knowing the details about a Regions’ IRA product can save a customer money. For example, some exceptions exclude customers from paying penalties. Some of these exceptions include distributing funds to a beneficiary after the death of an account owner, paying for medical insurance when the account owner loses their job, certain post-secondary education expenses, and up to $10k when buying or building a first home. This knowledge can be crucial in saving. When account holders make an early withdrawal from an 18-month Variable Rate IRA before maturity, they are subject to a penalty of six months’ interest on the amount withdrawn. Therefore, customers should always talk to their banker about penalties before withdrawing.

Today, investment options play a critical role in growing retirement funds. Knowing how and where to invest, move, and grow funds is pivotal as social security funds become more difficult to depend on. Being knowledgeable of those details while selecting a Regions’ IRA account can help future retirees make resourceful decisions with their money, at a time when growth is crucial.

Regions Bank Credit Line Overview

When it comes to banking solutions, there has never been a better time to be a customer. From a broad perspective, it may appear that most financial institutions can provide any consumer with some type of credit solution. However, hiding in the back corner behind the obvious rate shopping and customer service smile, are the product details that make all the difference. Regions Bank, a financial pillar in the southeast, has those details down to a science, especially when it comes to their line of credit products.

Regions Bank Credit Line Pros

Regions’ credit line provides a convenient, flexible way to borrow. Some of the best features of this credit solution are:

Accessibility - Regions has a great online banking service that makes all accounts easily accessible. Their line of credit is no exception. Money is accessible after a few clicks, making unexpected purchases possible.

Convenience - Another plus for the Regions Credit Line is the time that it saves. Without a line of credit, customers must visit a branch each time they want to borrow money for a significant purchase. However, a credit line provides the customer with the convenience of making a purchase without waiting for approval.

Flexibility - Borrowing an accurate amount of money for things like home renovations or a vacation is next to impossible. Renovation estimates can be off by thousands of dollars, and a long vacation can be full of variables. This uncertainty can put the borrower in a jam when it comes to deciding on a loan amount. Regions’ solution is to provide customers with a Home Equity Line of Credit, alleviating this problem. If secured by home equity, a Regions HELOC can range from $10k-$500k ($250k higher than the maximum amount possible for a Home Equity Loan). The amount borrowed can encompass the entire project, or partial amounts can be borrowed at various times. Withdrawing smaller amounts prevents the customer from paying interest on the unused portion of the credit line.

Rates - One of the best features of a line of credit, especially when secured by home equity, is the annual percentage rate. Regions provides non-discounted APRs between 4.75% and 11.125% on home equity lines of credit- significantly less than credit card rates. Interest can be tax deductible, and if a customer decides that they are finished using their credit line, they can convert payments to a fixed interest rate.

Other Perks - Regions credit line has several other positive aspects. For one, Regions HELOC does not require a minimum draw. This comes in handy when customers are not looking to use a large amount. Further, unlike the dedicated funds received from a loan, borrowers can use credit line funds for any purchases they deem necessary; this is extremely convenient when it comes to unexpected purchases. Lastly, borrowers can tie their credit line to their checking account. That way, if a high-priced emergency arises, consumers feel confident in fund availability.

Regions Bank Credit Line Cons

This particular credit line, like most banking products, is not entirely bells and whistles. The significance of these drawbacks is dependent upon specific customers and situations, but knowing the drawbacks is a vital part of the decision-making process. A few detriments to note are

Fees - Regions charges credit line customers a $50 upkeep fee each year and a $29 fee for exceeding the available amount of funds.

Access - Although the Regions HELOC funds are accessible via Visa Platinum Card, this does not hold true for an unsecured line of credit. Nonetheless, secured and unsecured credit line funds transferred to the line holder’s checking account are accessible via debit card.

Branches - One major benefit of a credit line is the availability of cash in hand. Funds are immediately available after transfer, so there is no wait time for withdrawal. However, for customers needing more than the standard $800 cash available at the ATM, it will be difficult to find a branch open after 5 p.m. on weekdays. There are also very few branches open on Saturdays, so some planning may be necessary.

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Credit Line Customer

Uncovering the details of a product is a crucial part of the decision-making process, though that alone does not reveal whether or not a product is the proper fit for the customer. A credit line is handy when making large purchases, such as paying various college expenses, making car or home repairs, or in situations where purchase prices may vary (vacations or bartering to purchase a car). A credit card is a comparable product to consider. Most of the time, Regions’ credit lines have better rates than Regions’ credit cards, and cash advances are usually easier to obtain from a credit line. The flexibility of a Regions’ credit line is hard to beat, but, when in question, looking at other credit products is necessary.


Similar lines of credit are not hard to come by. Wells Fargo and Chase have similar credit products with flexible spending capabilities, and, once again, the differences are in the details. Some notable details are:

Wells Fargo HELOC

- Wells Fargo’s line carries a $75 annual charge after the first year, as compared to Regions $50 annual charge.
- A Wells Fargo secured line amount can max out at 70% of the home’s loan-to-value ratio. Regions will loan up to 80% of the LTV.

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- APR rates currently range between 4.25% and 6.64%.
- There is potential for a .25%-.50% rate discount for having a Chase checking account.

Regions Bank Credit Line Review Summary

Weighing out the various advantages and disadvantages of banking products is, perhaps, the most crucial part of being a smart shopper. Regions credit line, like most banking products, does have its downfalls. However, other products cannot easily attain the convenience and flexibility provided by this credit solution.

About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.