[ad_1]
Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
How Regions bank products compare
Overall bank rating
Pros and cons
Regions LifeGreen® Savings Account
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$5 at a branch, $50 online
Regions LifeGreen® Savings Account
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$5 at a branch, $50 online
On Regions Bank’s website
Details
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$5 at a branch, $50 online
Pros & Cons
Highlights
Additional Reading
The Regions LifeGreen® Savings Account doesn’t charge monthly service fees and has a $5 minimum opening deposit if you open the account at a branch.
The account works best if you have a checking account with Regions. If you set up monthly automatic transfers from your checking account, you could earn up to $100 through the saving account’s 1% annual bonus.
Regions Bank LifeGreen® Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50
Regions Bank LifeGreen® Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50
On Regions Bank’s website
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50
Pros & Cons
Highlights
Additional Reading
You might like the Regions Bank LifeGreen® Checking Account if you’re able to avoid the account’s monthly service fees, out-of-network ATM fees, and overdraft fees.
To waive the account’s monthly service fee, you’ll need to keep at least $1,500 in your account monthly, make a $500 single direct deposit or a $1,000 combined direct deposit. If you don’t want to deal with monthly service fees at all, consider running through our best checking accounts guide.
Regions Bank Certificate of Deposit
Annual Percentage Yield (APY)
0.01% to 0.05%
Minimum Deposit Amount
$500 to $2,500
Regions Bank Certificate of Deposit
Annual Percentage Yield (APY)
0.01% to 0.05%
Minimum Deposit Amount
$500 to $2,500
On Regions Bank’s website
Details
Annual Percentage Yield (APY)
0.01% to 0.05%
Minimum Deposit Amount
$500 to $2,500
Pros & Cons
Highlights
Additional Reading
Regions Bank offers a variety of CD terms, ranging from seven days to six years. However, it pays low interest rates.
If your priority is to find a bank that pays a high rate, our best CD rates guide will have a more suitable match.
Regions Bank Money Market Account
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$100
Regions Bank Money Market Account
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$100
On Regions Bank’s website
Details
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
The Regions Bank Money Market Account may be worthwhile if you’re able to keep at least $2,500 in your account so you can waive the $12 monthly service fee. Otherwise, the Regions savings account is likely a stronger option.
How Regions Bank works
Regions Bank has 1,300 branches and 2,000 ATMs. You’ll find a brick-and-mortar location in any of the following states:
- Alabama
- Arkansas
- Florida
- Georgia
- Illinois
- Indiana
- Iowa
- Kentucky
- Louisiana
- Missouri
- Mississippi
- North Carolina
- South Carolina
- Tennessee
- Texas
Customer service is available over the phone 24/7.
The bank’s mobile app is rated 4.8 out of 5 stars in the Apple store and Google Play store.
Regions Bank is FDIC insured, which means that up to $250,000 is protected in an individual bank account.
Regions Bank trustworthiness and BBB rating
Regions Bank received a B+ grade from the Better Business Bureau due to government action taken against the bank.
A good BBB rating doesn’t necessarily mean that your interactions with a business will be smooth, though. Read online customer reviews or speak with current members to get a more well-rounded perspective about the institution.
Regions Bank has been involved in one public controversy.
In 2022, the Consumer Financial Protection Bureau required Regions Bank to pay a total of $191 million in a settlement that accused the bank of charging customers surprise overdraft fees after some ATM withdrawals or debit card purchases.
Regions Bank vs. Fifth Third Bank
Fifth Third Bank has over 1,100 branches in 10 states, while Regions Bank has over 1,300 branches in 15 states.
If you don’t want to make an initial deposit, Fifth Third Bank is likely your best option. Its savings and checking accounts have a $0 minimum opening deposit.
You also might lean more toward Fifth Third Bank if you’re specifically searching for a checking account. The Fifth Third Bank Momentum Checking Account doesn’t charge any monthly service fees. At Regions, you’ll need to meet certain requirements to waive a fee.
You may prefer Regions Bank if you want to open a savings account, though. The Regions LifeGreen® Savings Account doesn’t charge any monthly service fees, and you’ll earn a 1% annual savings bonus if you also have the Regions Bank LifeGreen® Checking Account.
Regions Bank vs. Truist Bank
Truist Bank is another regional bank located in the Southeast region of the US. Your decision between the two banks may ultimately come down to where you live. Regions Bank has over 1,300 branches in 15 states. Truist Bank has over 2,500 branches in 17 states, plus Washington, DC.
You also might want to consider bank account fees and minimum opening deposits.
Regions Bank and Truist Bank both have free savings accounts. However, for checking accounts, Truist Bank offers more ways to waive checking account fees, but Regions Bank has lower monthly services.
Frequently asked questions
Regions Bank may be a good option if you live in the Southeast US and prefer brick-and-mortar banks to online banks. It offers solid free savings account with a low minimum opening deposit if you open the account at the branch. It also has a variety of checking accounts, but you may need to meet certain requirements to waive monthly service fees on checking accounts.
[ad_2]