Both Bank Of America and Regions Bank are active in a variety of states such as Florida, Georgia, Illinois, Tennesee, South Carolina, and more. Let's compare their banking products side by side:
Checking Accounts
Regions Bank is our winner when it comers to checking accounts.
Offering specialized choices such as e-checking, student accounts, and +62 accounts, Regions emerges as a more attractive option for a diverse range of customers seeking various checking account features.
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Account Types And Fees
Regions Bank offers several checking account options, including the LifeGreen Checking and LifeGreen eAccess Account. Here are the accounts, their monthly fee and how you can waive it:
Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
LifeGreen Checking | $8 | $1,500 |
LifeGreen Preferred Checking | $18 | $5,000 |
Regions Now Checking | $5 | Can't be waived |
LifeGreen eAccess Account | $8 | At least 10 Regions debit/credit card purchases |
62+ LifeGreen Checking | $8 | $1,500 |
LifeGreen® Checking for Students | $0 | Under age 25 |
BofA Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Safe Balance | $4.95 | $500 |
Advantage Plus | $12 | $1,500 |
Advantage Relationship
| $25 | $20,000 |
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Account Features
Bank of America's basic accounts, such as the Safe Balance, offer digital banking convenience, with features like no overdraft fees and a $0 liability guarantee for enhanced security.
The Advantage Relationship account is a premium account that provides additional benefits, including interest earnings and fee exemptions for select banking services. Overdraft protection is also included, ensuring a more comprehensive and secure banking experience for customers.
BofA Checking Account | Main Features |
|---|---|
Safe Balance | Digital banking, no overdraft fees, $0 liability guarantee |
Advantage Plus | Paper checks, overdraft protection, $0 liability guarantee |
Advantage Relationship
| Earns interest, no fees on select banking service ,overdraft protection |
Regions Bank offers a range of checking accounts tailored to diverse customer needs, each with distinct benefits. The LifeGreen Checking account is the main basic account, offers features like online and mobile banking for convenient account management, customizable alerts to stay informed about transactions, and optional overdraft protection for added financial security.
Regions Bank's LifeGreen Preferred Checking account has mor premium features. This interest-earning account provides added financial benefits, including no Regions ATM fee on two ATM transactions at non-Regions ATMs per statement period.
Account | Main Features |
|---|---|
LifeGreen Checking | Alerts and notifications, mobile check deposit, Zelle, Visa debit card |
LifeGreen Preferred Checking | Interest-earning, free two ATM transactions at non-Regions ATMs |
Regions Now Checking | No overdraft fees, unlimited check writing, online bill pay |
LifeGreen eAccess Account | Alerts and notifications, mobile check deposit, Zelle, Visa debit card |
62+ LifeGreen Checking | Overdraft Protection, Alerts and notifications, mobile check deposit |
LifeGreen Checking for Students | Alerts and notifications, mobile check deposit, Zelle, Visa debit card |
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Savings Accounts
Neither bank wins when it comes to savings accounts, as both Bank Of America and Regions Bank offer poor rates on their savings accounts.
Regions banks offer a money market account, but unlike other banks – the rate is low on that product.
Regions Bank Savings | Bank Of America Savings | |
|---|---|---|
Savings Rate | 0.01% | 0.01% – 0.04% |
Minimum Deposit | $50 | $100 |
Fees | $5
Can be waived if you maintain a minimum daily balance of $30
| $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
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Certificate Of Deposits (CDs)
When it comes to CDs, Bank Of America is our winner.
However, Regions and Bank Of America offer high rates only on specific promotional terms. While their rates are competitive compared to other brick-and-mortar banks, Bank Of America offers more terms with high rates compared to Regions Bank.
Also, customers can only open Regions CD accounts in person at a branch, not online.
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Regions Bank CD Rates
Regions CD Rates | |
|---|---|
8 Month | |
14 Month | |
26 Month | N/A |
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Bank of America CD Rates
CD Term | APY |
|---|---|
3 Months | 3.75% |
6 Months | 0.03% |
7 Months (Featured) | 3.80% |
12 Months | 0.03% |
13 Months (Featured) | 2.75% |
24 Months | 0.03% |
25 Months (Featured) | 2.00% |
36 Months | 0.03% |
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 3.85% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.35% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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The product offers that appear on this site are from companies from which this website receives compensation.
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Advertiser Disclosure
Credit Cards
Card | Rewards | Bonus | Annual Fee |
| Bank of America Unlimited Cash Rewards
| 1.5%
unlimited 1.5% cash back on all purchases
| $200
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
| $0 |
|---|---|---|---|---|
| Bank of America® Customized Cash Rewards credit card | 1-3%
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
| $200
$200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $0 |
| Bank of America® Travel Rewards credit card | 1.5X
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
| 25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
| $0 |
| BankAmericard | N/A | 21 billing cycles on purchases and balance transfers made within the first 60 days | $0 |
| Bank of America® Premium Rewards® Elite | 1.5x – 2x
2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases | 75,000 points
75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
| $550 |
| Bank of America Premium Rewards | 1.5X – 2X
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases | 60,000 points
60,000 online bonus points after spending $4,000 on purchases in the first 90 days.
| $95 |
Card | Rewards | Bonus | Annual Fee |
| Regions Cash Rewards Visa Credit Card
| 1.5%
1.5% cash rewards on every purchase | $200
$200 bonus Cash Rewards when you spend $1,000 in the first 90 days, or earn a $100 bonus when you spend $500 in the first 90 days | $0 |
|---|---|---|---|---|
| Regions Prestige Visa Signature Credit Card | 1% – 4%
4%/3% on dining & entertainment purchases, including fast food, 3%/2% on gas and grocery store purchases and 2%/1% on all other purchases. When you register for Rewards Multiplier, you can earn up to an extra 1% on every credit card purchase | $200
$200 bonus when you spend $1,000 in the first 90 days after account opening. If you spend at least $500 but not quite $1,000, you will earn a $100 bonus | $0 |
| Regions Life Visa Credit Card | N/A | N/A | $0 |
| Regions Explore Secured Visa Credit Card | N/A | N/A | $29 |
Mortgage And Loans
Region Bank is our winner when it comes to lending options, as it offers more options for borrowers than Bank of America.
Region Bank provides a comprehensive suite of lending options, covering mortgages, home equity, specialty mortgages, home equity loans, HELOC, auto loans, personal loans, and even student loans.
Bank of America lending options include offers mortgages, mortgage refinancing, and home equity loans. Additionally, they offer auto purchase loans and auto refinancing options.
Which Bank Is Our Winner?
There is no clear winner of which bank is better. While Regions Bank offers better checking account and lending options, Bank of America wins when it comes to credit cards and CDs.
Yet, choosing between them requires considering your needs—like banking services, overdraft support, ATM convenience, and location proximity. Different factors matter to different people, so take your time to evaluate what's essential for you before deciding.
Our Methodology: Breaking Down Bank Comparisons
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
Compare BofA With Alternative Banks
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