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Regions Bank offers competitive rates on CDs but low rates on savings accounts
By
Rebecca Safier
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Updated May 08, 2024
Fact checked by
Brendan Harkness
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Fact checked byBrendan Harkness
Full Bio
Brendan Harkness is a senior editor of financial product reviews at Investopedia. He has spent almost a decade researching, writing, and editing content for financial and business publications about credit, banking, and credit cards. Previously, he was managing editor at Credit Cards Insider.
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Our Take With a strong presence in the South and Midwest, Regions Bank offers checking accounts, savings accounts, certificates of deposit (CDs), and other financial products. Customers may appreciate its annual savings account bonus and overdraft grace period but should watch out for account fees and high overdraft charges. Pros & Cons Pros Multiple options for deposit accounts and CDs Automatic early direct deposit 1% annual bonus up to $100 on qualifying savings accounts Cons High overdraft fees Limit of three free transactions per month on savings accounts Low APYs on savings accounts Key Takeaways Company Overview Regions Bank was originally formed in 1971 from a combination of three banks (Exchange Security Bank of Birmingham, First National Bank of Huntsville, and First National Bank of Montgomery). Headquartered in Birmingham, Alabama, Regions has locations in 15 states across the South, Midwest, and Texas. The bank operates over 1,250 banking offices and more than 2,000 ATMs, and holds $152 billion in assets. Regions offers a wide range of consumer and commercial banking products and is one of the largest full-service providers in the country. However, Regions Bank came under fire from the Consumer Financial Protection Bureau (CFPB) in 2022 for charging illegal surprise overdraft fees. The CFPB ordered Regions Bank to refund $141 million to its customers and pay $50 million to the organization’s victims relief fund. Table of Contents Regions Bank Review 2024 Pros Explained Cons Explained Who Is Regions Bank Best For? Bank Accounts Other Products Mobile App Customer Service Customer Satisfaction How to Bank With Regions The Bottom Line Frequently Asked Questions (FAQs) Methodology Regions Bank Bonuses Regions Bank offers several bonuses for checking and savings accounts: refer-a-friend bonuses along with monthly and annual bonuses. Open a new account and complete qualifying activities to earn a bonus. See otherchecking account bonus offersandsavings account bonus offersto compare promotions from a variety of banks. Browse our picks for the top online banks or see the best accounts of various types, whether you just want a simple spending solution or to earn excellent interest on your savings. Regions Bank is best for customers in the South, Midwest, or Texas who are looking for a full-service bank with multiple financial products. This institution may be a good choice if you prefer to keep all your banking under one roof, as it offers deposit accounts, loans, mortgages, investing, and other services. If you prefer in-person banking and live near a branch, you can take advantage of the bank’s many locations. Regions lets you manage your accounts online or via a mobile app. You may appreciate its competitive promotional rates on CDs, but it’s worth checking the best CD rates available to see if you could get a better return. However, Regions Bank may not be the best fit if you’re looking for high APYs and low fees on savings accounts. Regions’ savings accounts may come with APYs that are well below the national average, which itself is far below the best savings account rates. And you may end up having to pay high overdraft charges or monthly fees unless you meet the requirements to have them waived. Regions also offers products and services for small businesses and commercial enterprises, such as checking, loans and lines of credit, merchant services, payroll services, and real estate banking services. Regions Bank is a full-service provider of deposit accounts, credit cards, and loans. It offers: Regions Bank offers several options for checking accounts, most of which require an opening deposit of $50. With the exception of the student checking account, these accounts come with monthly fees. However, the fees can be waived if you meet certain conditions, such as setting up a minimum direct deposit or maintaining a minimum balance in your account. The LifeGreen Preferred Checking account earns interest and comes with a Preferred Banking membership. A Preferred Banking membership provides perks like the option to open a no-fee Premium Money Market account, a discount on a safe deposit box, and relationship rates on loans and CDs. Regions Bank offers four savings accounts, including one option for kids under 18. The LifeGreen Savings account requires you to have a Regions checking account and is eligible for an annual bonus of up to $100. To earn a bonus, you must transfer at least $10 from your Regions checking account to the LifeGreen Savings account in at least 10 of the 12 months preceding your account anniversary; you will earn a bonus of 1% of the average monthly balance of those 12 months, up to $100. Other account bonuses may be available as well. The Regions Now Savings account is designed for customers who have a Regions Now Card, which is a prepaid and reloadable Visa card. The Regions Savings account is the only one to charge a monthly fee, but it’s waived if you maintain a minimum daily balance of $300. With the exception of the account for minors, you can use a Regions savings account as overdraft protection for a Regions checking account. Annual percentage yields vary by ZIP code, but sample ZIP codes showed very low rates. They are significantly lower than the national average savings account APY. Looking for the best place to grow your money? See the best high-yield savings accounts to see how much you could earn. Regions offers CDs with terms from 7 days to 72 months. Its promotional CDs may be competitive with the best nationally available CD rates. Those rates may be higher than the national averages. However, Regions’ standard interest rates are much lower. Regions Bank offers the best APYs to customers who qualify for its relationship rates. You may be eligible for a relationship rate if your deposit term is at least 32 days and you have a Regions checking account in good standing. Regions Bank offers two money market accounts: a standard account and a premium account. Both require a minimum opening deposit of $100. The standard account’s $12 monthly fee is waived if you maintain a minimum balance of $2,500. For the premium account, you must maintain a $15,000 balance or have a LifeGreen Preferred Checking account to waive the fee. As with the bank’s savings account, rates vary by location, but they’re still often well below the national average and far below the best money market account rates. Regions Bank also provides credit cards, loans, and mortgages. Here’s a closer look at these offerings. Regions Bank offers two credit cards that earn cash back and don’t charge an annual fee. You might also earn a bonus if you spend a certain amount after getting the card, or qualify for 0% APR for a limited time. The Life Visa card doesn't offer cash-back rewards, but it does come with a lengthy 0% APR promotional period for balance transfers and purchases. Regions Bank’s Explore Visa is a secured card that can help you build credit. It requires a minimum security deposit of $250. In the market for a new credit card? See our picks for the best credit cards for a variety of situations, like travel, grocery shopping, balance transfers, and business or student spending. Regions Bank has a variety of mortgage options for those looking to buy a home, including: Regions offers home loan refinancing, as well as home equity loans and HELOCs. Shopping for a home loan can be tedious, but taking the time to check rates from several lenders can pay off. Browse our top picks to explore your options: You can find a variety of loan products from Regions Bank, including secured and unsecured personal loans and lines of credit, auto loans, and auto loan refinancing. The rates are somewhat competitive, but you may be able to find lower rates from another lender. Regions also partners with Sallie Mae to provide student loans to college and graduate students. With many online banks, traditional banks, and credit unions offering loans nationwide, you have quite a few options to choose from (especially if you have good credit). Simplify your search by checking out our top picks: Regions Bank provides mobile banking for both iOS and Android devices. The app lets you log in by entering your password or using fingerprint or facial recognition. You can use the app to access your accounts, view your transaction history, transfer funds, make mobile deposits, and use budgeting tools. You can also pay bills, send money via Zelle, locate a Regions branch or ATM, and set up alerts. The Regions Bank app has good reviews on the Apple App Store and Google Play, receiving 4.8 stars and 4.7 stars out of 5, respectively. The main ways to contact Regions Bank customer service are via phone or web chat. On the bank’s website or mobile app, you can send a message to its virtual assistant, Reggie, which is available 24/7. If the digital assistant can’t answer your question, it can connect you with a Regions banker. Regions Bank has an A- rating from the Better Business Bureau and was ranked #3 among regional banks in J.D. Power’s 2023 U.S. Banking Online Satisfaction Study. However, the bank has subpar ratings among customers on the BBB and Trustpilot, receiving2.17 and 1.4 stars out of 5, respectively. Some customers complained about unhelpful customer service, a lack of tech support, and unfair fees. In 2022, the CFPB ordered Regions Bank to pay $141 million in refunds to its customers, along with a $50 million penalty, for charging illegal overdraft fees. You can open a Regions Bank account online or in person at your local branch. If you open an account online, you’ll need to provide your email address, Social Security number, and a copy of your ID. You may need to provide a minimum opening deposit, depending on the account. Regions reduces the minimum deposit for its LifeGreen Savings Account if you open your account in person ($5, compared to $50 when opening online). Regions Bank offers a wide variety of account types, but its rates on deposit accounts can’t usually match the best APYs available. Whether or not you bank with Regions, consider opening other accounts if necessary. Regions Bank offers full-service online and in-person banking in the South and Midwest. Its pros include a wide variety of financial services and products, special perks for qualifying customers, an annual bonus on its savings accounts, and cash-back credit cards. Plus, Regions offers competitive promotional rates on CDs. On the other hand, Regions doesn’t have high-yield savings accounts and charges high overdraft fees. You may also end up paying monthly bank account fees if you don't meet the requirements to waive them. Consider Regions if it would meet your needs, but look elsewhere if you want better deposit account APYs and lower fees. Regions Bank may be a good bank to use if you’re looking for a full-service institution that provides a variety of deposit accounts, investing accounts, loans, credit cards, and mortgages. However, you can find better rates on savings accounts from other banks. Plus, Regions has a history of charging unfair overdraft fees. Regions Bank is an FDIC-insured bank that’s been in business since 1971. However, the CFPB recently ordered the bank to pay a refund of $141 million to customers, along with a penalty fee of $50 million. You can log in to Regions Bank with your username and password on the bank’s website or via its mobile app. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banking institutions. We researched 19 institutions, reviewing account types, rates, fees, minimum balance requirements, rewards, customer service, and mobile apps. Our research and editorial processes are designed to ensure that our reviews help users make informed decisions for their banking needs. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Federal Deposit Insurance Corporation. “National Rates and Rate Caps.” Regions Bank. “Forbes Recognizes Regions Bank for Best Customer Service.” Federal Reserve. “Large Commercial Banks.” Consumer Financial Protection Bureau. “CFPB Orders Regions Bank to Pay $191 Million for Illegal Surprise Overdraft Fees.” Google Play. “Regions Bank.” App Store. “Regions Mobile.” J.D. Power. “2023 U.S. Online Banking Satisfaction Study.” Trustpilot. “Regions Bank.” Better Business Bureau. “Regions Financial Corporation.” Investopedia is part of the Dotdash Meredithpublishingfamily.:fill(white):max_bytes(150000):strip_icc()/regions-bank-260ece120ed749a2a89d384e566304dd.jpg "Regions Bank Review 2024 (3)")
Pros Explained
Cons Explained
Who Is Regions Bank Best For?
Bank Accounts Offered by Regions Bank
Checking
Regions Bank Checking Accounts Account Min. Opening Deposit Monthly Fee LifeGreen Checking $50 $8 with online statements, $11 with paper statements LifeGreen Preferred Checking $50 $18 Regions Now Checking $10 $5 LifeGreen eAccess Account $50 $8 62+ LifeGreen Checking $50 $8 with online statements, $11 with paper statements LifeGreen Checking for Students $50 $0 Savings
Regions Bank Savings Accounts Account Min. Opening Deposit Monthly Fee Regions LifeGreen Savings $50, or $5 if you open at a branch $0 if you have a Regions checking account Regions Savings $50 $5 Savings for Minors $5 $0 Regions Now Savings $10 $0 Certificates of Deposit
Regions Bank Certificates of Deposit Account Term Range Minimum Deposit Regions CD 7–89 days $2,500 Regions CD 90 days or longer $500 Money Market Accounts
Bank Money Market Accounts Account Min. Opening Deposit Monthly Fee Money Market Account $100 $12 Premium Money Market Account $100 $15 Other Products Offered by Regions Bank
Credit Cards
Regions Bank Credit Cards Credit Card Annual Fee Rewards Cash Rewards Visa Credit Card $0 1.5% cash back on all purchases Prestige Visa Signature Credit Card $0 3% cash back on dining and entertainment, 2% on gas and groceries, 1% on all other purchases Life Visa Credit Card $0 None Explore Visa Credit Card $29 None Mortgages
Other Loans
Regions Bank Loans Loan Type Loan Amounts Loan Terms Unsecured personal loan $2,000–$50,000 36–60 months Deposit-secured personal loan $250 and up Varies Secured installment loan $5,000 to $300,000 Varies Preferred line of credit $500 to $50,000 Monthly payments Savings-secured line of credit $250 to $100,000 Monthly payments Protection line of credit $50 to $500 Monthly payments Auto loans $5,000 to $125,000 Not disclosed Student loans $1,000 to cost of attendance Not disclosed Mobile App
Customer Service
Method Contact Availability Telephone (800) 734-4667 Not listed Chat Website or mobile app 24/7 X @RegionsBank Weekdays, 8 a.m.–5 p.m. CT
Weekends, 8 a.m.–12 p.m. CT Customer Satisfaction
How to Bank With Regions Bank
The Bottom Line
Is Regions Bank a Good Bank to Use?
Is Regions Bank Stable?
How Do I Log In to Regions Bank?
Methodology
