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Regions Bank Review: Checking, Savings and CDs

Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
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Regions Bank Review

Regions Bank
NerdWallet’s rating: 3.0 / 5.0

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.

» MORE: NerdWallet’s best banks and credit unions

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

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

Checking

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.
ProsCons
  • Two rewards programs: Regions Cashback Rewards for purchases and Regions Relationship Rewards for using bank services.

  • You can waive the LifeGreen Checking monthly fee with a single recurring direct deposit of at least $500, or an average monthly minimum balance of $1,500.

  • Low minimum deposit of $50.
  • No interest.

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

» MORE: Compare with other banks in the Southeast

Savings

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.

» MORE: Find a savings account with an APY of 1% or higher

ProsCons
  • LifeGreen Savings account offers an annual bonus of 1% of the average balance of the previous 12 months, up to $100.
  • Only 0.01% APY, less than the already low average rate of 0.06% APY for savings accounts. Rate may vary by location.

  • Monthly fee of $5 if balance falls below $300.

Account reviewed for rating: LifeGreen Savings

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.

ProsCons
  • Promotional CD rates up to 1.75% APY for 71-month term. Rate may vary by location.

  • Non-promotional CDs have an affordable $500 minimum deposit for terms of 90 days or more.

  • Promotional CDs require a high minimum deposit of $10,000, along with a Regions Checking account.

  • Non-promotional CDs with terms less than 90 days have a high $2,500 minimum deposit.

  • Non-promotional CD rates are low: 0.60% APY (may vary by location) for a CD with a 60-month term. You have to have a Regions checking account for this rate, too.

 Account reviewed for rating: Certificates of Deposit

Customer experience

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.

Overdraft fees

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.

» MORE: NerdWallet’s best checking accounts

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.

Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @margarette.

Updated March 7, 2017.


Ratings methodology

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:
5.0 stars out of 5 — Among the very best
4.5 stars out of 5 — Very good; only minor caveats for most customers
4 stars out of 5 — Good; issues that might make a difference to some customers
3.5 stars out of 5 — Fair; make sure strengths and weaknesses are a good match for you
3 stars out of 5 — Poor; proceed with great caution
2.5 stars out of 5 (or below) — Best to avoid