We earn commissions from featured brands, which impact the order and presentation of listings
Advertising Disclosure
Advertising Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear).

This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor.

While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Search
Banking
Credit Cards
Investing
Loans
Banking » Compare Banks » Regions Bank vs. Bank of America: Which Bank Account Is Better?

Regions Bank vs. Bank of America: Which Bank Account Is Better?

While Regions Bank offers better checking accounts, Bank of America wins in credit cards and CDs. Here's our side by side comparison:
Author: Baruch Mann (Silvermann)
Interest Rates Last Update: November 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
  • Article update: February 18, 2024
Author: Baruch Mann (Silvermann)
Interest Rates Last Update: November 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
  • Article update:February 18, 2024

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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.

  • 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

Bank of America has three personal checking account options. Although each has a monthly fee, customers can avoid it through different methods.

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

  • 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
BofA Overdraft protection
BofA Overdraft protection (Screenshot from Bank Of America app)

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
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 1/22/2025
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc

fifth-third-bank-logo

Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 1/22/2025
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc

fifth-third-bank-logo

Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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
BofA see Savings Rates
(Screenshot from Bank Of America app)

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.

  • Regions Bank CD Rates
Regions CD Rates
8 Month
4.50%
14 Month
4.00%
26 Month
4.50%

  • Bank of America CD Rates

CD Term
APY
3 Months
4.00%
6 Months
0.03%
7 Months (Featured)
4.05%
12 Months
0.03%
13 Months (Featured)
3.00%
24 Months
0.03%
25 Months (Featured)
2.00%
36 Months
0.03%
Top Offers From Our Partners

UpgradeLogo
Savings Rate: 4.41% APY
CIT-Bank-Logo
Savings Rate: Up to 4.55% APY

live-oak-bank-logo

Savings Rate: 4.20% APY
Quontic bank logo
Savings Rate: 4.00% APY

valley direct logo

Savings Rate: 4.80% APY APY

consumers credit union logo

CD Rate: N/A APY
Advertiser Disclosure
We get compensated for these product offers

Top Savings Accounts From Our Partners

Chime logo

Chime Banking App

  • 2.00% APY on Chime Savings 
  • Build Credit History
  • No Monthly Fees
Learn More
Quontic bank logo

Quontic High Yield Savings

  • 4.00% APY on savings
  • Interest is compounded daily
  • No Monthly Service Fees
Learn More
CIT-Bank-Logo

CIT Savings Connect 

  • Up to 4.55% APY on savings
  • No monthly service fees.
  • Zelle, Samsung & Apple Pay
Learn More

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 
Top Offers From Our Partners

UpgradeLogo
Savings Rate: 4.41% APY
CIT-Bank-Logo
Savings Rate: Up to 4.55% APY
Quontic bank logo
Savings Rate: 4.00% APY

valley direct logo

Savings Rate: 4.80% APY

consumers credit union logo

CD Rate: N/A APY

Rising Bank review

CD Rate: 3.75%APY

live-oak-bank-logo

CD Rate: 4.40% APY

Advertiser Disclosure



The product offers that appear on this site are from companies from which this website receives compensation.