Although Regions does have a limited physical presence, it does offer an impressive product line up with several options within each account category. This makes it easier to find the account that is best suited to your financial habits, preferences and requirements. Regions also has a solid reputation for its customer service.
However, if you want the reassurance of branch support, if you’re outside of the Midwest, South or Texas areas, you may find Regions to be a little limited.
- Solid Customer Service
- Rewards for Holding Multiple Accounts
- Relationship Discounts
- Multiple Account Options
- Below Average APYs
- High Minimum Balance Requirements
- Limited Branch Service
- Limited Free Withdrawals
Can I open an account with Regions online?
Yes, most Regions accounts can be opened online via the Regions official website.
How's Regions’ physical coverage?
Regions has over 1,300 branches and an ATM network with approximately 2,000 machines, but they are predominantly located in the Midwest, Texas and South.
Is my money secure with Regions?
Regions does have FDIC insurance, which means that your money is protected up to the maximum coverage level should the bank fail.
Can I invest in crypto with Regions?
While Regions does have numerous investing options, at this time Crypto is not one of them.
Can I invest in gold with Regions?
Regions does not facilitate gold investments directly, but it may be possible to invest in options which include gold.
Table Of Content
Money Market Account
Regions has several savings accounts. While the accounts have different features, there are some commonalities. Most of the accounts offer the following:
- A discount on safe deposit boxes
- Can provide overdraft protection for your checking account
- Free access to online statements, but a charge does typically apply for paper statements
- Interest compounds daily and is credited monthly
- There is a $3 fee if you withdraw or transfer funds out of the account more than three times per statement period.
This is a basic savings account that requires a minimum deposit of $50 and the $5 monthly maintenance fee can be waived if you maintain an average daily balance of $300 or more.
The account has a tiered interest structure with preferential rates if you have a larger balance.
If you have a Regions checking account, this savings account is the ideal pairing. It has no monthly fees or minimum balance requirements. You do need to deposit $50 or more if you open the account online, but this is only a $5 minimum if you open the account in a branch.
You can also qualify for a 1% annual savings bonus up to a cap of $100 for setting up a recurring monthly savings transfer from your Regions checking account.
This account is designed for Regions Now card holders interested in saving. It requires a $10 minimum opening deposit, but there is no monthly fee. The account has a flat APY with no incentive for having a larger balance in the account.
However, you can earn a 1% annual savings bonus up to a cap of $100 if you deposit at least $5 into your account each month, starting with the month of account opening. There is also a $1 builder bonus per month if you deposit at least $5 and make no withdrawals.
This account is similar to the LifeGreen savings account but it is designed for children under the age of 18. There are no minimum balance requirements or monthly maintenance fees. You can open the account with just $5.
Regions offer two types of CD accounts. The standard CD is available with terms of seven days up to 72 months. This is unusual as the shortest term CD with many financial institutions is three months, which makes Regions ideal for those who are interested in CD laddering.
Unlike other traditional banks such as Bank Of America, Chase or Citi that publish CD rates on their website, you can't find CD interest rate on Regions website.
The minimum opening deposit for Regions CDs is $2,500 if the term is 89 days or less and $500 for longer term CDs. Interest compounds daily and can be paid on maturity, monthly, quarterly, semi-annually, or annually. You can opt to add the interest to your CD account or transfer it to another Regions account.
Regions also offers a Promotional CD. This product is exclusively for Regions Bank Checking account holders. It offers preferential APYs and you can select a variety of terms. However, the minimum deposit for this type of CD is $10,000.
Regions CDs allow you to lock in the rate for the full CD term, but if you need to access your money before maturity, you will incur an early withdrawal penalty. This penalty is calculated according to the original CD term. If the term is less than 32 days, you will forfeit all interest earned. For terms of 32 days to 181 days, the penalty is 31 days of interest. This increases to 90 days or 182 days for terms of 182 days to 365 days and longer than 365 days respectively.
All Regions CDs have to be opened in a branch.
Regions has a number of checking account options to make it easier to find the right account for your preferences and requirements. Most of the checking account options are designed to pair with the savings account of the same name, but there are no obligations to open an accompanying savings account.
- LifeGreen Checking: The account requires $50 to open and it has a variable monthly maintenance fee depending on whether you opt for online or paper statements. However, this fee can be waived if you have an average monthly balance in your account of at least $1,500 or have at least $500 in a single direct deposit or $1,000 plus in combined direct deposits into the account.
- LifeGreen eAccess Checking: This account also has a monthly maintenance fee, but it can be waived with a certain number of transactions with a Regions CheckCard or credit card each month. Unlike the standard LifeGreen Checking account, there is not unlimited check writing, as you are restricted to three free checks. After this, you will incur a per check fee.
- LifeGreen Preferred Checking: This is an interest bearing checking account with a fairly hefty monthly fee that can only be waived if you have an average monthly statement balance of at least $5,000 in the account, or a combined outstanding balance of $25,000 or more across your Regions lending products. There are also cash back rewards and a number of relationship benefits.
- LifeGreen Checking for Students: This is designed for students aged 25 and under. There are no monthly maintenance fees and you’ll have check writing capabilities.
- LifeGreen 62+ Checking: This account is for those aged 62 and over and is similar to the other checking account options, but it offers a variety of discounts and relationship rates.
- Now Checking: Now Checking has a $5 monthly maintenance fee that cannot be waived, but you only need $10 to open the account. This account is designed for simplicity, as there are no check writing capabilities or facility to go into overdraft.
Regions Lending Options
Regions offers a variety of lending products. These include:
Regions offers both secured and unsecured personal loans with higher maximum loan amounts for existing customers. There is also the option to use your Regions deposit account as collateral for your loan for up to 100% of your available balance.
Regions offers home loans for purchase and refinance. You can prequalify for a home loan or speak to a Regions advisor for a tailored quote.
Regions has several credit card options. These include:
- Cash Rewards Visa: This card has no annual fee and offers 1.5% cash rewards on your purchases.
- Prestige Visa Signature: This card offers up to three Relationship Rewards points per dollar that you speed on purchases.
- Life Visa: This card is designed for those who are planning a large purchase or carrying a balance. It features the longest introductory APR.
- Premium Visa Signature: You can earn 1.5 Relationship Rewards points per dollar on purchases.
- Explore Visa: This card is designed to help you to build or rebuild a positive credit history. It is a secured card that needs a deposit of at least $250, and the card does have a $29 annual fee.
Regions offer a variety of investment options including:
- Retirement Planning
- Financial Planning
- Wealth Management
Regions also has two money market accounts. The standard money market account has a minimum opening balance requirement of $100 and a $12 monthly fee, which can be waived if you have a daily balance of $2,500 or more.
The Premium money market account also requires $100 to open but it offers more advantageous rates. This does come at a cost, since the monthly fee is $15 and you need to have a balance of $15,000 + or maintain a LifeGreen Preferred checking account to have the fee waived.
Pros and Cons
Like any other financial institution, Regions bank has its own advantages and disadvantages. It's crucial to have a clear understanding of the pros and cons before deciding whether this bank is the best fit for your needs.
Solid Customer Service
Below Average APYs
Rewards for Holding Multiple Accounts
High Minimum Balance Requirements
Limited Branch Service
Multiple Account Options
Limited Free Withdrawals
Regions has a great reputation for offering excellent customer service.
Regions rewards customers for holding multiple types of accounts.
Regions accounts also offer relationship discounts such as a discount on safety deposit box rental.
Regions offers a selection of accounts within each category, so you can choose the account that is best suited to your requirements and preferences.
Unfortunately, Regions APYs are not particularly competitive and there many higher APYs available with competing financial institutions. Instead, you'll need to search savings account rates online.
The checking accounts and money market accounts have a fairly high minimum balance requirement to avoid the monthly service fee.
Regions only has a presence in the Midwest, South and Texas.
The Regions savings account only permits three withdrawals per month for free, after this you’ll incur a fee per withdrawal or transfer.
Regions Customer Service
Regions has a solid reputation for its customer service. In fact, in the 2021 J.D Power U.S Retail Banking Satisfaction Study, it scored above average in every featured region. Regions also has an A+ BBB rating.
If you do have a query or question, there is a comprehensive support section on the Regions website and you can access the customer support team 24/7.
How to Open a Regions Account
While you can pop into a local branch, Regions also makes it easy to open accounts online in a few simple steps.
- Navigate to the Product Page: On the Regions official website, you will find the accounts under the “Personal” tab. You can then select the appropriate account and if you’re ready to proceed, click the green “Open Now” button.
- Complete the Application Form: If you’re an existing customer, you can log in and have many of the details pre-filled according to your customer profile. You will need to ensure that all of the mandatory fields are completed including your full name, address, date of birth, Social Security Number and contact details.
- Fund the Account: Most Regions accounts have a minimum initial deposit requirement, so the final step of the application process is to fund your account.
- Await Confirmation: Once you submit your application, you simply need to wait for Regions to send you a confirmation that your new account has been opened.
About Regions Bank
Regions Bank services the Midwest and South, and it has established a strong reputation for its banking products.
The bank offers excellent customer service and aims to provide the flexibility needed by many types of potential customers. This includes checking, savings, prepaid cards, credit cards and lending products.
Does the bank cover all states? If not, which states does it operate?
Regions is only available in the Midwest, South and Texas, with branches restricted to these areas.
Can I open only a CD account?
Yes, there is no obligation to open any other account to access Regions product line up. However, you should be aware that Regions CDs do have a minimum deposit requirement of $2,500.
What are the requirements to open a Regions account?
As with all U.S financial institutions, you will need to provide your personal details and verify your identity to be able to open an account with Regions.