Written by Sophia Acevedo, CEPF; edited by Laura Grace Tarpley; reviewed by Evelyn He
2024-01-31T20:30:02Z
- Overall bank rating
- Pros and cons
- Savings account
- Checking account
- Certificate of deposit
- Money market account
- How Regions Bank works
- Is Regions Bank trustworthy?
- Regions Bank vs. Fifth Third Bank
- Regions Bank vs. Truist Bank
- Frequently asked questions
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How Regions bank products compare
-
Regions LifeGreen® Savings Account
-
Regions Bank LifeGreen® Checking Account
-
Regions Bank CD
-
Regions Bank Money Market Account
Annual Percentage Yield (APY)
0.01%
Annual Percentage Yield (APY)
None
Annual Percentage Yield (APY)
0.01% to 5.00%
Annual Percentage Yield (APY)
0.01%
Regions Bank, Member FDIC
Regions Bank, Member FDIC
Regions Bank, FDIC Insured.
On Regions Bank's site. Regions Bank, FDIC Insured
Overall bank rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 3.5 |
| Money market accounts | 3.5 |
| CDs | 2.75 |
| Trustworthiness | 4 |
| Total | 3.75 |
Pros and cons
| Pros | Cons |
|
|
Regions LifeGreen® Savings Account
Regions LifeGreen® Savings Account
Regions Bank, Member FDIC
Insider’s Rating
3.75/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$5 at a branch, $50 online
Pros
- No monthly service fees
- You could earn a 1% annual savings bonus
- $5 minimum deposit when opened at a branch
Cons
- $50 minimum deposit when opened online
- Low APY
Product Details
- 1,300 branch locations in 15 states
- 2,000 free ATMs
- To earn the 1% annual bonus (up to $100), set up monthly automatic transfers from your Regions checking account to your LifeGreen Savings account
- Interested compounded daily, paid monthly
- FDIC insured
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
Regions Bank LifeGreen® Checking Account
Regions Bank, Member FDIC
Insider’s Rating
3.5/5
Fees
$8 or $11 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$50
Pros
- Free overdraft protection available
- Receive qualifying direct deposits up to 2 days early
- Possible to waive monthly service fee
Cons
- $50 minimum opening deposit
- $11 or $8 monthly service fee
- $3 out-of-network ATM fee
- $36 overdraft fee if overdrawn by more than $5
Product Details
- 1,300 branch locations in 15 states
- 2,000 free ATMs
- $11 monthly service fee with paper statements, $8 monthly service fee with online statements
- To avoid the monthly service fee, keep at least $1,500 in your account monthly, make a $500 single direct deposit, OR a $1,000 combined direct deposit
- Free overdraft protection lets you link your checking account to a savings account
- Overdraft fee can be avoided by making a deposit before 8 p.m. Central Time the following business day
- FDIC insured
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 Regions Bank CD
Regions Bank CD
Regions Bank, FDIC Insured.
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
0.01% to 5.00%
Minimum Opening Deposit
$500 to $2,500
Pros
- $500 minimum opening deposit on terms longer than 3 months
- Variety of terms to choose from
- Standard early withdrawal penalties
Cons
- $2,500 minimum opening deposit on terms shorter than 3 months
- Low interest rate
Product Details
- Regions Bank is currently offering an 8-month CD with 5.00% APY and a 14-month CD with 4.50% APY.
- 1,300 branch locations in 15 states
- 2,000 free ATMs
- Terms range from 7 days to 6 years
- Minimum opening deposit of $2,500 for terms shorter than 3 months; $500 minimum opening deposit on terms longer than 3 months
- Early withdrawal penalties: All the interest you would have earned on the withdrawn amount on terms between 7 days and 31 days, all interest earned on the amount withdrawn as of the date of withdrawal or 1% of the amount withdrawn, whichever is less;for terms between 32 and 364 days,all interest earned on the amount withdrawn as of the date of withdrawal or 2% of the amount withdrawn, whichever is less;for terms of 365 days or moresee Regions Deposit Agreement for more details
- Interest compounded daily, and paid according to the terms of the CD: Monthly, quarterly, semi-annually, annually or at maturity
- FDIC insured
Regions Bank offers a variety of CD terms, ranging from seven days to six years. It pays competitive rates on its promotional 8-month and 14-month terms, but otherwise, its rates are very low.
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
Regions Bank Money Market Account
Insider’s Rating
2.75/5
Fees
$12 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$100
Pros
- $100 minimum opening deposit
- Possible to waive the monthly service fee
- Check writing included
Cons
- Low interest rate
- $12 monthly service fee
Product Details
- 1,300 branch location in 15 states
- 2,000 free ATMs
- To waive the $12 monthly service fee, maintain at least $2,500 in your account monthly
- Interest compounded daily, deposited monthly
- FDIC insured
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 4.7 out of 5 stars in the 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 has an A- grade from the Better Business Bureau due to government action taken against the bank.
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 1,087 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 Momentum® Checking 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 available to Regions checking customers doesn't charge any monthly service fees, and you'll have the opportunity to earn a 1% annual savings bonus if you set up monthly automatic transfers from your 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.
Regions Bank: Frequently asked questions
Is Regions Bank legit?
Yes, Regions is a legitimate bank with branches throughout the Southeast and Midwest. It is a Member FDIC bank.
Is Region Bank a good bank?
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.
How much money do you need to open a bank account at Regions?
The Regions Bank LifeGreen® Checking Account has a $50 minimum opening deposit. If you get the Regions LifeGreen® Savings Account, there's a $5 minimum opening deposit at branchesif youset up monthly automatic savings transfers from a Regions checking account, otherwise it's $50.
Sophia Acevedo, CEPF
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
Evelyn He
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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