Regions Bank is the retail and commercial banking subsidiary of Regions Financial Corporation, a Birmingham, Alabama-based Fortune 500 institution.
Founded in 1971, Regions provides financial products and services throughout the South and is the largest holder of deposits in both Alabama and Tennessee.
In this post, you’ll get a look at everything that Regions has to offer, including its top products and features, the pros and cons of being a customer, and more.
Regions Checking Accounts
Regions checking accounts cover all types of needs, whether you prefer in-person or digital banking. You’re also covered no matter your age, with accounts tailored to different demographics.
Here’s a look at each account option for checking:
LifeGreen Checking is a standard checking account that covers all the basics. You’ll get a debit card, online and mobile banking, and unlimited check writing.
There’s an initial deposit requirement of $50, and a monthly fee of $8 if you enroll in online statements ($11 with paper statements).
You can get around the fee by keeping an average monthly balance of $1,500 or more or by receiving a monthly direct deposit of $500 or more.
eAccess is a checking account for those who mostly prefer to bank online and make purchases with a card. You’ll be able to use three free checks per month, but there’s a $0.50 fee for any check writing on top of that.
eAccess has an $8 monthly fee, but the main benefit of this account is that you don’t need to meet a balance threshold or enroll in direct deposit to avoid it. Just make at least 10 debit card or credit card transactions per month, and the account is free.
If you’re worried about meeting the requirements to avoid a monthly fee, Simple Checking provides a lower fee option for checking. With online statements, the account costs $5 per month ($8 with paper statements). To open an account, you’ll need an initial deposit of at least $50.
There’s no way to avoid the monthly fee with Simple Checking, and there isn’t any sort of value-add here from the previous two checking options.
With this in mind, Simple Checking is really only recommended for those who can’t meet the fee waiver requirements of eAccess or LifeGreen Checking.
LifeGreen Preferred Checking Account
Preferred Checking is the bank’s premium checking account and comes with a pretty steep monthly fee of $18.
The fee is waived if you keep an average monthly balance of $5,000 or more or a total balance of $25,000 between all of your Regions accounts. You can also get around it if you have a Regions mortgage or personal loan.
The main benefit is that the account is an interest-bearing checking account, but with a low APY of 0.01%, this is a pretty modest perk. The account also comes with relationship benefits like discounts on safe deposit boxes and preferred CD rates.
Checking Account For Students
If you’re 25 or younger, you can open a LifeGreen Checking account specifically designed for students. The account is exactly the same as the standard LifeGreen Checking account but has no monthly fee.
Just keep in mind that once you turn 26, the account automatically converts from the student checking account to the standard account, and you’ll be subject to fees.
Regions Savings Accounts
Whether you’re building a nest egg or an emergency fund, Regions savings accounts are there to help. Let’s take a look at each savings account option:
All interest rates and APYs are based on available rates in Birmingham, AL. Rates may vary depending on your location. Head to the Regions website and enter your zip code to get your specific rate.
To open a LifeGreen Savings account, you’ll first need a Regions checking account to link with it. LifeGreen Savings has no monthly fee, and there’s a minimum deposit requirement of $50 when you open.
The APY is just 0.01%, but if you set up monthly automatic transfers of at least $10 from your checking account, Regions Bank offers a 1% annual savings bonus of up to $100.
The bonus is based on your average monthly balance for the year and more than compensates for the bare-bones APY if you can max it out.
Regions Savings is a low-fee option with a low initial deposit requirement of just $5. The monthly fee is $5, and you won’t have to pay it if you maintain a minimum balance of $300.
Regions Savings has the same APY of 0.01%, and unfortunately, there’s no bonus to take advantage of. With the addition of a monthly fee and less earning potential, there isn’t much reason to consider this account over LifeGreen Savings.
Savings For Minors
Savings For Minors is an account designed for customers under the age of 18 who want to start putting money away. There’s no monthly fee, and you need at least $5 to deposit when you open a new account.
This savings account for kids requires at least one account holder who is of age and comes with a 0.01% APY.
Now Savings is available exclusively to customers who use a Regions Now prepaid debit card. There’s a $10 initial deposit requirement and no monthly fee.
Now Savings has an APY of 0.01% but comes with the same 1% annual savings bonus as LifeGreen Savings if you set up automated transfers from your checking account. There’s also an additional $1 bonus per month if you deposit at least $5 and don’t make any withdrawals.
Regions Money Market Accounts
Regions bank offers a couple of different money market account options:
Money Market Account
Regions’ Money Market account is a straightforward option that comes with a $12 monthly fee. There’s an opening deposit requirement of $100, and to get around the monthly fee, you’ll need a daily balance of $2,500 or more.
With the same 0.01% APY, there isn’t much to like with this option. Without added earning potential, it’s tough to justify the higher fee avoidance threshold, and most customers are going to be better off sticking with one of Regions’ savings account options.
Premium Money Market
Regions Premium Money Market account promises improved interest rates for account holders, though it doesn’t provide details online for exactly how much better these rates are. You’ll likely need to reach out to the bank directly for more details.
There’s a $100 minimum deposit requirement to open, and the monthly fee is $15. To get around it, you’ll either need a minimum daily balance of $15,000 or a current LifeGreen Checking account.
Regions Certificates of Deposit (CDs)
Regions Bank CD rates are its best-advertised interest rates if you’re looking to save for the long term. Here is a look at each of the bank’s CDs options:
Regions CDs come with available term lengths ranging from 7 days to 72 months. There’s a $2,500 minimum deposit requirement for 7 to 89-day terms and $500 for anything 90 days or longer. Here’s the CD interest rate breakdown:
- Five months or less: 0.01% APY
- 6 to 23 months: 0.03% APY
- 24 months or more: 0.05% APY
If you have a Regions checking account, you’re eligible for a promotional CD rate that leaves every other APY that Regions has to offer in the dust. There’s a minimum deposit requirement of $10,000, and the term length is 63 months, but the interest rate is a little higher 0.40%.
This is the only rate Regions has to offer that could be considered high-yield, so if you have the flexibility to commit funds to the lengthy-term, it’ll be by far the biggest return you can get on interest.
Regions Credit Cards
Whether you’re looking for cash rewards or a low APR, Regions has a solid selection of credit cards available.
Here’s a look at each card option:
Prestige Visa Signature
Prestige has no annual fee and earns one point for every dollar spent. You can also earn up to one extra point per dollar with Regions’ Rewards Multiplier, which is based on how much money you deposit in your Regions account.
Here’s how it works:
- $15,000 to $30,000 average balance: .25 point bonus per dollar spent
- $30,000 to $50,000 average balance: .50 point bonus per dollar spent
- $50,000+ average balance: 1 point bonus per dollar spent
You can earn 10,000 bonus points when you sign up if your purchases in the first 90 days total $1,000 or more. There’s also a 0% intro APR for 12 months on all purchases or balance transfers that post in your first 60 days.
Cash Rewards Visa Signature
If you want cashback rewards, Regions’ Cash Rewards card will earn 1.5% cashback on all purchases. There’s no annual fee, and you’ll get an additional $100 bonus if you spend $1,000 or more in your first 90 days.
Cash Rewards comes with a 0% APR on purchases and balance transfers for the first year and has no foreign transaction fees.
Premium Visa Signature
Premium is basically an elevated version of Prestige that comes with a $125 annual fee for some added perks. You’ll earn 1.5 points for every dollar spent, plus the same Rewards Multiplier as Prestige.
The intro bonus is a little sweeter, too — If you spend $2,000 or more in your first 90 days, you’ll earn 30,000 bonus points.
Life Visa has no annual fee and is a great option if you’re looking to make a balance transfer to pay down some existing credit card debt. There are no rewards up for grabs, but the 0% intro APR lasts for 15 months on purchases and balance transfers.
Explore is a good option for those looking to build up their credit score with a low-risk, secured credit card. Like the Life Visa, there are no rewards, and this card is designed specifically for those who want to learn how to responsibly use a credit card.
To get an Explore card, you’ll need to open an Explore Card Savings account to fund it. There’s a $250 opening deposit requirement, and your total savings account balance will be your available limit on the credit card. This way, the funds in your savings serve as collateral for your credit card balance.
Regions Bank Features
1,500 Brick and Mortar Branches
Regions currently has a presence in 15 states in the South and parts of the Midwest, with 1,500 branches throughout:
- North Carolina
- South Carolina
If you don’t live in one of these states, you won’t be eligible to bank with Regions.
2,000 Free ATMs
On top of its physical locations, Regions offers nearly 2,000 total in-house ATMs throughout its service area, which customers can use to get cash without any fees.
If you need to use an out-of-network ATM, there’s a $3 fee on top of whatever the ATM charges. However, if you’re a service member with a Military ID, you’ll get two of these fees waived per month.
With Regions, you can do your banking in-branch, online at Regions.com, or in the mobile banking app. Online banking gives you full access to your bank accounts, so you can take care of payments, transfers, and account maintenance from home or on the go.
The Regions mobile app makes it easy to deposit checks, send money with Zelle, or transfer funds between accounts. You can also set up custom alerts, track your spending, and take care of any bill payments.
The recently revamped app seems to be a hit. In the App Store, the Regions mobile app has an impressive rating of 4.8 stars (out of 5) and a still respectable 3.9-star (out of 5) rating in the Google Play Store.
Regions Bank Fees
As a traditional banking option, Regions comes with characteristically frequent fees that customers need to be aware of.
The good news is that most of the banking account fees are avoidable as long as you open the correct account and stay ahead of them.
To help you out, here’s a look at all of the common fees that you can expect to navigate and how to stay clear of them.
Monthly Account Fees
Most Regions deposit accounts have a monthly fee tied to them, but almost all of them are avoidable. Each account has its own specific requirements to get a fee waived, so be sure to understand them before opening an account.
Here is a full breakdown of the monthly fees associated with each Regions account:
|Regions Account||Monthly Fee||Avoidable?|
|LifeGreen Checking||$8 or $11||Y|
|Simple Checking||$5 or $8||N|
|Savings For Minors||$0||N/A|
|Premium Money Market||$15||Y|
Cash withdrawals at Regions ATMs are always free for customers, but if you have to use another bank’s ATM, you’ll pay a $3 fee. The fee is $5 for international ATM use.
Military service members get two free out-of-network withdrawals per month, but otherwise, Regions doesn’t cover or reimburse any ATM fees.
If you overdraft your Regions account, you’ll get hit with a $36 fee which can be charged up to five times per day if you continue to make purchases.
Overdraft protection is available if you link a savings or money market account to your checking. Funds will be automatically transferred to cover your negative balance, but there’s a transfer fee of $12 per day.
Paper Statement Fees
If you like having physical statements, you might have to pay some fees to get them. Most accounts come with an increased monthly fee for opting into paper statements.
If you’re enrolled in online statements but want a one-off printout, the fee is $5.
Wire Transfer Fees
All wire transfers with Regions come with a fee, whether they’re domestic or international. Here’s what you’ll pay for each type of wire:
- Incoming (domestic): $15
- Outgoing (domestic): $30
- Incoming (international): $18
- Outgoing (international): $50
When you’re ready to open an account with Regions, you have a couple of options. You can quickly open a new bank account online, or you can make an appointment and head over to your local branch.
To open an account online, visit the Regions Bank website, you need your Social Security Number, Date of Birth, email address, personal ID, and a credit card or existing account to fund your new account with Regions.
Regions Bank Promotions
Here are some of the best Regions Bank promotions going on right now:
1. LifeGreen Savings - up to $100 bonus
Expires: Limited Time
The main draw of LifeGreen Savings is its bonus offer, which pays out up to $100 per year when you set up automated transfers (in addition to the normal APY). If you transfer at least $10 into the account per month, you'll get a 1% savings bonus at the end of the year (up to $100).
The best part of this offer is that it isn't a one-time cash back deal. LifeGreen Savings bonuses are eligible each year that the account is in good standing.
How to earn the bonus
The LifeGreen Savings sign up offer requires you to deposit and maintain a minimum balance in order to earn the $100 bonus. Full requirements to receive this bonus are:
- Have an existing or open a new LifeGreen Savings account using the link below.
- Set up an automated transfer of funds of at least $10 from your Regions checking account to your LifeGreen Savings account in at least 10 of any of the 12 calendar months.
- An annual 1% savings bonus (maximum $100 reward) will be paid to your account by the second business day of the month following our Account Anniversary Month.
Regions Bank is FDIC-insured, so all deposits are protected for up to $250,000 if the bank fails.
For online banking security, Regions uses encryption to secure all of your sensitive information, plus automatic log-outs and 24/6 fraud monitoring.
If you have further questions about Regions Bank security or want some tips on how to keep your account safe, head over to the online help center. There are plenty of FAQs and best practices for secure online banking.
There’s no shortage of options when you have a problem that needs solving with your Regions accounts.
You can use the website FAQs for quick answers, call a customer service representative, or stop by a bank branch for in-person support.
Regions customer service phone line (800-734-4667) is available 24/7, and there’s an additional line (800-472-2265) specifically for online banking support. You can also reach out on Facebook and Twitter or make an appointment online to talk to someone.
Overall, Regions bank customers seem satisfied with its customer service efforts.
Pros & Cons
- Plenty of account options
- Solid mobile app
- Good customer service
- Sign-up bonus available
- Tons of fees
- Very low savings rates
- Limited service area
Alternatives to Regions Bank
Regions Bank has a wide presence in its service area but retains a community-driven feel by sticking to a small number of states.
If you live outside its service region, you might want to check out other regional banks like:
…are available nationwide and provide high-earning accounts with low fee schedules.
Is Regions Bank a good bank?
It depends on what you’re looking for. If you want a smaller, regional bank with good customer service and lots of account options, then it’ll be a good fit.
On the other hand, if you’re looking to earn on interest and avoid fees at all costs, then Regions might not be the bank for you.
Is Regions a real bank?
Yes, Regions is a real live financial institution that services most of the South and parts of the Midwest. Regions Bank is insured by the FDIC and is also an equal housing lender.
Does Regions charge a monthly fee?
Yes, but it depends on the account and how you use it. Most Regions accounts do come with a monthly fee, but almost all of the banking account fees are avoidable with certain requirements. Check out the above table for a precise breakdown of the monthly fees.
Is Regions Bank Right For You?
If you’re looking for a banking experience that combines online functionality with in-person support, and you live in its service area, then Regions Bank is worth consideration.
That being said, the bottom line is that while Regions has plenty to offer, there’s also a lot to consider. There are fees (a lot of them), and bottom-of-the-barrel APYs won’t compensate for them. You’re also out of luck if you’re traveling outside Regions’ service area and need to use an ATM.
At the end of the day, it’s about figuring out what’s most important to you. Most of Regions’ limitations can be mitigated by careful account management, and if your ultimate goal isn’t to earn as much as you can on interest, there are enough positive benefits here.
Now that you know all of the ins and outs of Regions Bank, you’re another step closer to finding the best bank for you.