Regions Bank
Fees
Minimum Deposit
Our Rating
APY Savings
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. Also, deposit rates in Regions are lower than what you can find elsewhere.
- 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
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Regions Savings
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.
However, the rates are quite low compared to the best banks for savings accounts.
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Regions Savings
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.
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LifeGreen Savings
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.
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Now Savings
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.
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Savings for Minors
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 CDs
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, making Regions ideal for those interested in CD laddering. However, the rates are low, and similar to other banks, there are promotional CD terms with higher rates.
Regions CD Rates | |
|---|---|
8 Month | 4.50% |
14 Month | 4.00% |
26 Month | 4.50% |
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.
All Regions CDs have to be opened in a branch.
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Regions CDs Early Withdrawal Fees
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.
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Regions Checking
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. Not all banks offer free student checking account, so if you're in the right age, it may be worth taking a look.
- 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:
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Personal Loans
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.
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Home Loans
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.
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Credit Cards
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 Investing
Regions offer a variety of investment options including:
- Retirement Planning
- Financial Planning
- Wealth Management
- IRAs
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.
Pros | Cons |
|---|---|
Solid Customer Service | Below Average APYs |
Rewards for Holding Multiple Accounts | High Minimum Balance Requirements |
Relationship Discounts | Limited Branch Service |
Multiple Account Options
| Limited Free Withdrawals |
- Solid Customer Service
Regions has a great reputation for offering excellent customer service.
- Rewards for Holding Multiple Accounts
Regions rewards customers for holding multiple types of accounts.
- Relationship Discounts
Regions accounts also offer relationship discounts such as a discount on safety deposit box rental.
- Multiple Account Options
Regions offers a selection of accounts within each category, so you can choose the account that is best suited to your requirements and preferences.
- Below Average APYs
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.
- High Minimum Balance Requirements
The checking accounts and money market accounts have a fairly high minimum balance requirement to avoid the monthly service fee.
- Limited Branch Service
Regions only has a presence in the Midwest, South and Texas.
- Limited Free Withdrawals
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 2023 J.D Power U.S Retail Banking Satisfaction Study, it scored about the average in most featured region. Regions also have 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.
FAQs
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.
How We Rate And Review Banks: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
