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Regions Bank serves the South, Midwest and Texas. Its history goes back to the late 19th century, and it’s since grown to become a member of the S&P 500 index and one of the largest banks by assets, according to the Federal Reserve. In total, Regions Bank operates about 1,300 banking offices and 2,000 ATMs. The bank qualifies as a full-service institution, with a wide range of accounts and services. However, it’s not the best choice for those looking to avoid fees or earn high yields.
Regions Bank offers six savings and money market accounts.
To open a LifeGreen Savings account, you must also have a Regions checking account. However, in exchange for this requirement, you won’t have to pay a monthly fee with the LifeGreen Savings account — a rarity among the Regions Bank account lineup. However, there are still many other fees attached to this account. For example, any withdrawals or transfers in excess of three per month will result in a $3 per-item fee, while paper statements also incur a $3 fee.
One of the true benefits of the account is that it offers a 1% annual savings bonus, up to $100. To earn this bonus, you’ll need to set up automatic monthly transfers of at least $10 from your checking account into this savings account for at least 10 of 12 calendar months.
If you’re willing to pay a monthly fee of $5 and want to open a savings account without a checking account, the Regions Savings account could be an option. The fee is easily waivable, with a balance of at least $300 required at all times. However, there’s no requirement to also open a checking account.
This account also comes with a $3 per-item fee for each transfer or withdrawal past your third of the month. It also carries the same $3 per-month fee if you opt for paper statements.
Perks are relatively slim on this account, with the only one of note being a 30% discount on a safe deposit box — plus, you could also get an additional 10% discount if you have your monthly fee auto-debited from your account.
The Regions Now Savings account is a bit of a unique entry in the lineup: It’s exclusively for holders of the Regions Now card, a reloadable prepaid Visa card. There is no monthly fee and no minimum balance requirement with this savings account, and you can also earn monthly and annual savings bonuses. Specifically, each month you deposit at least $5 and make no withdrawals, an additional $1 will be credited to your account. Furthermore, if you deposit at least $5 every calendar month, you’ll earn a 1% annual savings bonus of your average monthly balance for the prior 12 months, with a $100 maximum.
Note that the Regions Now card does carry a $5 monthly fee that is only waived if you post seven purchases to your card in any given month.
Minors can open a savings account at Regions Bank with just a $5 deposit and no monthly maintenance fees. However, teens must have an adult co-owner to open the account. The Savings for Minors account also earns a meager APY.
Online statements are included with this account, but paper statements incur the same $3 monthly fee as other Regions accounts. There’s also the same $3 per-item fee for each withdrawal or transfer in excess of three monthly.
This Regions Premium Money Market account has a small $100 opening deposit requirement — but if you want to avoid the monthly fee, you’ll have to either keep $15,000 in the account or open and maintain a LifeGreen Preferred Checking account.
More than six transactions in this account in a month will trigger a $15 per-item excessive transaction fee. Repeated violation of this rule may result in your account being changed to one that allows more frequent transactions.
Perks attached to this account include a 50% discount on a safe deposit box, with an additional 10% discount that comes with auto-debit. Both Printed and Deluxe Check images are included with statements for no additional charge.
The basic Regions Money Market account includes most of the functions customers expect in a money market, including check writing and interest. However, the APY is a meager 0.01%, and the monthly fee of $12 can only be avoided by keeping at least $2,500 in the account.
Transfers in excess of six per month trigger a $15 excessive withdrawal fee for each transaction. However, you’ll garner a 30% discount on a safe deposit box with this account, with an additional 10% discount for setting up auto-debit. Both Printed and Deluxe images are included on statements at no additional charge.
Explore the best savings accounts currently on the market.
There are six checking accounts to choose from at Regions Bank.
Although the LifeGreen Preferred Checking account pays interest, it’s hardly worth opening for that reason. The APY currently sits at a meager 0.01%, and in exchange for that low rate, customers are asked to pay a whopping $18 monthly fee. To avoid this fee, you must have a $5,000 daily balance, an aggregated Regions deposit or loan balance of $25,000 or have a Regions home mortgage.
However, paper statements are free with this account, and it includes perks such as unlimited check writing; a 50% discount on one safe deposit box rental with an additional 10% discount for auto debit from a Regions checking, money market or savings account (subject to availability); and no fee for cashier’s checks and money orders.
Regions Bank charges overdraft fees of $36 for its checking accounts, up to a maximum of five times per day.
The LifeGreen Preferred Checking account sets a pretty high bar when it comes to the amount needed to avoid a monthly fee. For those with lower deposit balances, the LifeGreen Checking account might be the better choice. This account has a lower monthly fee and requires either a $1,500 account balance, $1,000 in combined direct deposits or at least one direct deposit of $500 or more to avoid the fee.
On the perk side, the account comes with unlimited check writing and a 30% discount on a safe deposit box Safe Deposit, with an additional 10% off for auto-debit.
As with all Regions Bank checking accounts, overdraft fees are $36, charged up to five times per day.
Regions Bank doesn’t offer a “totally free” checking account, except for students. But if you’re looking for the lowest possible checking account fee at Regions, the LifeGreen Simple Checking account is your best option. The catch is that there’s no way to eliminate the fee, only reduce it to $5 with online statements.
This account offers the same 30% discount on a safe deposit box as many other Regions accounts, including the additional 10% discount for the use of auto-debit. Plus, it also comes with unlimited free check writing. However, the overdraft fee is $36, charged up to five times per day.
If you need a “checking” account but don’t write a lot of checks, the LifeGreen eAccess account might be of interest — that’s because your first three checks each month are free, though Regions Bank assesses a $0.50 per-check fee after that. Avoiding a fee doesn’t require a particular account balance, but rather 10 purchases per month with a credit card or Regions CheckCard. In addition to the monthly fee, there’s a $3 charge if you want paper statements.
The usual 30% safe deposit box discount applies to this account as well, with the additional 10% discount requiring auto-debit. Overdraft fees are $36, charged up to five times per day.
Customers 25 and under looking for a no monthly-fee account might select the Regions LifeGreen Checking account for students, though it does require an adult co-owner for minor account holders. The account itself is essentially the same as the other Regions checking accounts, and includes free unlimited check writing, $3 paper statement fee and 30% discount on a safe deposit box (as well as the additional 10% auto-debit discount).
This account is essentially the regular LifeGreen Checking account, but with a few tweaks for those 62 and older. The monthly fee can be avoided with either an average balance of $1,500 in the account, or a monthly direct deposit that totals $1,000 or more or contains at least one direct deposit of $300 or more.
One other small difference with this account is that you can qualify for a larger safe deposit box discount of 50%, as well as the 10% additional discount with auto-debit. Paper statements still incur a $3 monthly charge, which raises the monthly fee from $8 to $11, and there is still a $36 overdraft fee charged up to five times per day.
For more choices, review our roundup of the best checking accounts.
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Regions Bank CDs are a better value for those who already have an existing relationship with the bank because they earn higher interest. The rates in the table above are “promotional rates,” for those with a checking account relationship with the bank. Standard CD rates are lower, but they aren’t published online. In addition, there are no jumbo or no-penalty CDs available at Regions Bank.
Terms at Regions range from seven days to 72 months — of particular note is the promotional 63-month CD, which pays the highest APY by far (0.40%). However, most of the other CD rates at Regions are abysmally low, in most cases paying just about the same as the average bank savings account, even when locking in a term as long as 72 months.
Regions Bank CDs automatically renew at maturity, although you’ll have a grace period of either one day for CD terms under 31 days, and 10 days for CD terms over 31 days.
Read our roundup of the best CD rates right now for more recommendations.
Regions Bank, as the name implies, has a regional coverage area that includes the South, Midwest and Texas. For those not within reach of a branch or ATM, the bank offers online and mobile access. Still, reviews on the bank’s apps are mixed: iOS users give the app an impressive 4.8 stars, while Android users only rate it 3.9 stars.
Mobile app functions allow customers to do the following:
On the customer service front, most users seem content, with the bank receiving 3.7 stars from 132 reviews on Trustpilot. However, the reviewers seem to either love or hate the bank: 75% of reviews give an “Excellent” rating, but 19% give a “Bad” rating. Regions Bank customer service can be reached by phone at 800-734-4667.