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Regions Bank Review: Checking, Savings and CDs

Aug. 8, 2018
Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
Regions Bank Review
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Regions Bank


cheatgame.info’s rating: 3.0 / 5.0

Regions

at Regions,

Member, FDIC

Regions Bank, true to its name, is a regional bank with a large network of branches in the South and Midwest. It offers some rewards on checking and savings accounts, but interest rates are minimal and overdraft fees are high.

The bottom line:

  • Extensive presence in 15 states with about 1,500 branches and over 1,900 ATMs.
  • Low interest rates across the board, except for some promotional rates.
  • No monthly fee on LifeGreen savings account, and the fee on LifeGreen checking is easy to avoid.
  • Rewards programs available for checking and savings accounts, if you qualify.

» Want to explore more options with better rates? Check out cheatgame.info’s best banks and credit unions

Our Ratings
Checking
Savings
Certificates of deposit (CDs)
Bank experience
Overdraft fees
Overall

Read on for more details about Regions Bank’s checking and savings accounts, CDs, bank experience and fees.

Checking


3.5 / 5.0

Of the bank’s four main checking accounts, the LifeGreen Checking Account generally is the easiest to get. You need only $50 to open the account, and the $8 monthly fee ($10 if you opt for paper statements) is relatively easy to avoid.

But the account doesn’t earn interest — some of the best checking accounts at other banks offer interest rates well over 1%.

Regions Bank offers checking account customers access to two rewards programs:

  • Regions Cashback Rewards: Earn cash back when you make certain purchases at participating retailers with your Regions debit card
  • Regions Relationship Rewards: Get points for using bank services, such as signing up for online banking or opening additional accounts. You can redeem these points for gift cards, travel and other perks.

» Looking for a bank in the area? Compare other banks in the Southeast

ProsCons
  • Two rewards programs.
  • Low minimum deposit of $50.
  • You can avoid LifeGreen Checking’s monthly fee in one of three ways: having a single direct deposit of at least $500 a month, making combined direct deposits of at least $1,000 or by keeping an average monthly balance of at least $1,500.
  • No interest.

  • Monthly fee of $8 ($10 with paper statements) if requirements for minimum balance or direct deposit aren’t met.
Account reviewed for rating: LifeGreen Checking

Savings


3.0 / 5.0

The rate on the Regions LifeGreen Savings account is low, 0.01%, especially when compared with what’s offered by other banks with annual percentage yields close to 2%.

On the side, it rewards you with a bonus for having the account for a whole year. During that time, you must transfer at least $10 a month from a Regions checking account to LifeGreen Savings. The annual bonus is 1% of the average monthly balance for the previous year, up to $100.

» Looking for banks with higher interest rates? Find a savings account with an APY of 1.50% or higher

ProsCons
  • No monthly fee.
  • Annual bonus of up to $100, if you qualify.
  • Low minimum opening deposit of $50, or $5 if you set up an automatic transfer from a checking account and open the savings account in person.
  • Only 0.01% APY, less than the national average rate of 0.09% APY for savings accounts. Rate may vary by location.

Account reviewed for rating: LifeGreen Savings

Certificates of deposit


1.5 / 5.0

Regions Bank offers standard CDs with terms ranging from seven days to 72 months. There are high minimum balance requirements for terms shorter than 90 days, and rates are extremely low. The bank has promotional CDs with better rates, but they require $10,000 to open.

» Looking for CDs with better rates? Check the best CD rates of the month

ProsCons
  • Standard CDs require a $500 minimum deposit for terms of 90 days or more.
  • Rates on promotional CDs for Regions checking account holders may be competitive with those at online-only banks.

  • Standard CD rates are generally lower than 1% APY across the board.
  • Promotional CDs require a high minimum deposit of $10,000.
  • Standard CDs with terms of less than 90 days require a high $2,500 minimum deposit.

Account reviewed for rating: Standard certificates of deposit

Bank experience


4.0 / 5.0

The bank’s website is easy to navigate for finding fees or comparing accounts, but interest rates aren’t listed clearly. Its iOS and Android apps have average to above-average ratings.

Its customer service is accessible. In addition to having access to live chat on the website, email or Twitter for support, you can call a representative 24/7.

Overdraft fees


2.0 / 5.0

Regions Bank’s $36 charge for transactions that cause a negative balance in your checking account is slightly higher than what many other large banks charge. And you can get hit with up to six fees per day.

You can use another Regions account — such as a savings account, credit card or line of credit — for overdraft protection. There’s a fee of $15 per day when you have one or more overdraft transfers.

Rewards, but bad fees and rates

Regions

at Regions,

Member, FDIC

Regions Bank is a full-service regional institution that offers a few features many other banks don’t, such as an annual 1% savings account bonus and checking account rewards programs. But other financial institutions, such as online-only banks and credit unions, offer better rewards checking accounts and savings rates — not to mention less painful overdraft fees.


Ratings methodology

cheatgame.info’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.