Regions Bank is one of the few financial institutions that offer rewards on both checking and savings accounts. And if you live in the South or Midwest, you may be near one of its 1,600 branches and 2,000 ATMs. But even with the perks, you could still end up paying a lot in fees.
The bottom line:
- Regions Cashback Rewards and Relationship Rewards let customers earn money or points toward perks when they make purchases or sign up for certain services, such as online banking.
- LifeGreen Savings offers an annual bonus of up to $100, but you have to jump through a few hoops.
- Savings accounts earn below-average interest rates and charge monthly fees on balances below $300.
|Certificates of deposit (CDs)|
3.5 / 5.0
Regions Bank provides four primary checking accounts, including the standard LifeGreen, no-frills LifeGreen Simple and LifeGreen Preferred, which earns a tiny bit of interest. It also has special accounts for seniors and students.
With LifeGreen Simple, you can’t waive the monthly $7 fee ($5 with e-statements). To avoid the fee on the other accounts, you have to maintain a minimum balance or meet requirements for direct deposit or debit card purchases.
Regions Bank is unique in that it offers checking account customers access to two rewards programs:
- Regions Cashback Rewards. Lets you earn when you make certain purchases at participating retailers with your debit card.
- Regions Relationship Rewards. Gives you 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.
3.0 / 5.0
Regions Bank offers three savings accounts, including one for minors, and two money market accounts. The rates are low, and if your balance falls below $300, a $5 monthly fee kicks in. But the Regions LifeGreen Savings account pays a 1% annual bonus, up to $100. It takes a year to qualify, during which you must transfer at least $10 a month from a Regions checking account. The bonus is 1% of the average monthly balance for the previous year.
Certificates of deposit
2.5 / 5.0
Regions Bank offers standard CDs with terms from seven days to 80 months. The CDs have high minimum balance requirements, and rates aren’t great.
3.5 / 5.0
Regions Bank’s website is easy to navigate, and it offers mobile apps for iOS and Android devices. The Android version receives good ratings in the app store, averaging 4 stars out of 5. But the iOS version gets a lot of complaints, primarily that it’s outdated and doesn’t use the Touch ID feature for logging in. It averages 1.5 stars out of 5 in the app store.
For more personal service, you can reach Regions Bank’s customer service by phone or email from 6 a.m. to 7 p.m. Central time on weekdays and 8 a.m. to 2 p.m. Saturdays.
2.0 / 5.0
Regions Bank’s $36 charge for transactions that cause a negative balance is higher than the national median of $34. And according to its fee schedule, it will charge for up to six paid overdrafts and up to six additional transactions that are returned unpaid per day. That’s a potential $432 in fees.
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 that you have an overdraft transfer ($10 for LifeGreen Preferred customers).
Regions Bank was fined $7.5 million in 2015 after federal regulators found the bank had charged customers overdraft protection fees without asking if they wanted to use the service. Regions ultimately reimbursed customers about $50 million and now requires you to opt in to overdraft protection.
Rewards and fees
Regions Bank is a full-service 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 some other financial institutions, including online banks and credit unions, offer better rewards checking accounts and savings rates.
If you live near a Regions branch and want to do business with a traditional bank, however, Regions is one to consider.
Updated March 7, 2017.
NerdWallet’s overall rating is a weighted average of each category: checking, savings, CDs, 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 tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.
What the ratings mean:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below) — Best to avoid