Savings Secured Line of Credit
A low-interest line of credit secured by your Regions savings or money market account.[1] 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
With a Self[2] subscription[3] you may be able to build your credit history by continuing to pay your rent, cell phone and other utilities payments the same way that you always have.
Now you can sign up for Free Rent Reporting at no cost. This service will report your monthly rent payments to all three major credit bureaus.[2]
If you prefer, you can step up to full Rent and Bills Reporting. This service reports your rent and utility payments each month to major credit bureaus for a monthly fee of $6.95. The optional Lookback service can report up to two years of past payments for a one-time fee of $49.95.
With either service, once you link your bank account, Self will find and verify your payments using advanced matching technology. Self will then report your payments to the major credit bureaus and provide access to credit score tracking.
Enjoy these benefits
- Get credit for payments you’re already making
- Track your credit score so you can see the impact
- Maximize the credit impact with Lookback service to report past rent and utility payments
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: $35Note: 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.
Collateral requirements
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.Credit limit increase
A new credit application will need to be submitted if you desire to have a larger line limit. Additionally, the designated collateral account used to secure the line of credit will need to contain deposit funds that are equal to or greater than your desired new line amount. If approved, loan proceeds from your new line of credit account will be used to payoff any balance owed on your existing Savings Secured Line of Credit to close the account. -
Your payment is due monthly and includes both principal and interest. The minimum payment will be either 3% of your outstanding balance or $50, 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,[4] 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.