Regions Bank Review
Written by
Edited by
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
Overview
Regions Bank could be a good option for customers living in the South, Midwest or Texas, who value getting rewarded for bank loyalty. However, savers seeking high APYs may want to shop elsewhere.
Highlights:
Highly Rated App Reward CheckingHighlights:
CDs
Checking
Savings
MMA
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Serving residents throughout the Southern and Midwestern U.S., Regions Bank offers all types of deposit accounts, and customers get rewarded for loyalty, such as by earning a higher rate on select CDs when they have a checking account with the bank. The rates on Regions Bank’s products are low overall, though.
Pros
-
Customers get rewarded for having multiple types of accounts with Regions Bank.
-
With a savings, money market or checking account, customers get up to a 40 percent discount on a safe deposit box rental.
-
The Regions Debit card earns cash-back rewards on select offers.
Cons
-
APYs are below average.
-
The money market and checking accounts have high minimum balance requirements to avoid their monthly fees.
-
The savings account only allows for three free withdrawals per month.
-
Branch service is limited to the South, Midwest and Texas.
Regions banking products
Regions savings account
Pros
-
Only $50 is needed to open the Regions Savings account.
-
Account holders get up to a 40 percent discount on a safe deposit box rental.
Cons
-
If a $300 daily balance isn’t maintained, there’s a $5 monthly fee.
-
Withdrawals in excess of three per month cost $3 each. Most banks allow for at least six free transactions from savings accounts.
-
The APY is low.
Regions CD
Pros
-
Only $500 is needed to open CDs with terms of over 90 days.
-
Customers with a Regions Bank checking account can earn a higher APY.
-
Three promotional terms are offered with competitive rates.
-
A wide selection of terms is available.
Cons
-
Rates for most terms are below average.
-
Shorter CD terms require $2,500 to open.
Rate history for Regions Bank's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Regions money market account
Pros
-
Customers get up to 60 percent off a safe deposit box rental.
-
The account comes with check-writing privileges.
Cons
-
To avoid the monthly fee, account holders need a daily average balance of at least $15,000.
-
There's a $6 fee that applies to transactions in excess of six per month.
-
The APY can easily be bested by other banks, particularly online banks.
Regions checking account
Pros
-
The monthly fee can be waived by meeting certain criteria, including having at least $500 in recurring direct deposits.
-
The debit card that comes with the LifeGreen Checking account earns cash- back rewards at select merchants.
-
Customers have the opportunity to earn an annual savings bonus.
-
Military service members get two out-of-network ATM surcharges reimbursed per month.
Cons
-
The $11 monthly fee is high, and there’s a high minimum balance requirement to waive it, if other criteria aren’t met.
-
The $36 overdraft fee is higher than average.
-
There's a $3 out-of-network ATM fee.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $36 |
| Account maintenance fees (if requirements aren’t met) | $5 for savings; $15 for money market; $11 for checking |
| Out-of-network ATM fee | $3 |
| Excessive transaction fee | $5 for savings; $6 for money market |
| Stop payment | $36 |
Customer experience
Branch and ATM network. Banking hours vary by location. Regions has its own fee-free ATM network throughout the South, but it’s not part of any other ATM networks.
Customer service. Customers can reach out to Regions Bank’s virtual assistant, Reggie, which is available 24/7. Reggie can answer basic questions, make changes to accounts and connect customers with a banker. Customers can also contact a phone service line or connect with the bank via one of its social media accounts.
Highly rated app. The bank’s mobile app has positive ratings on Google Play and the Apple app store.
We want to know what you think about Regions Bank
Do you have experience with Regions Bank? Let us know your thoughts.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
