Regions Bank Review: Checking, Savings and CDs - NerdWallet (2024)

FAQs

Is Regions a good bank for savings? ›

This regional bank with a strong presence in the South and Midwest offers perks that many don't, like an annual savings account bonus and a checking account rewards program. However, its rates are lower than most. Some savings accounts come without monthly fees, and you can benefit from early direct deposit.

For its current or prospective checking account customers, Regions Bank Promotional CDs are a good option. With a $500 minimum deposit, you could earn 4.75% to 5.00% APY on a five-month term, APY on an eight-month term and 4.00% to 4.25% APY on a 14-month term (depending on your relationship with the bank).

The trend for all ratings at the Company and the Bank are Stable. The Intrinsic Assessment (IA) for the Bank is A (high), while its Support Assessment remains SA1. The Company's Support Assessment is SA3 and its Long-Term Issuer Rating is positioned one notch below the Bank's IA.

Regions Financial's odds of distress is under 6% at the present time. It has tiny probability of undergoing some form of financial straits in the near future.

Overview of Regions Bank CDs

The standard rate on all non-promotional CDs is 0.01% APY, while non-promotional relationship rates range from 0.01% to 0.05% APY. The bank offers three promotional CD terms of five, eight and 14 months, which earn higher rates than even some of the best online banks.

Take advantage of our special CD rates

With a 5-month Regions Relationship CD rate starting at 5.00% APY and a 14-month Regions Relationship CD rate starting at 4.25% APY, now is the time for you to take advantage of our special rates.

What bank is paying 5% on CDs? ›

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) is ordering Regions Bank to pay $50 million into the CFPB's victims relief fund and to refund at least $141 million to customers harmed by its illegal surprise overdraft fees.