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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

True to its name, Regions Bank is spread out in two regions in the U.S.: the South and Midwest. If you find yourself near any of its 1,500 branches or 1,900 ATMs, Regions can be convenient. It offers rewards on both checking and savings accounts. Its perks are plenty, but so are its fees and low interest rates. Overdraft fees can pile up to several hundred dollars in a single day, and interest rates are almost nonexistent on the accounts we reviewed.

The bottom line:

  • Low interest rates on checking, savings and certificates of deposits
  • Fee on LifeGreen checking account is avoidable, though overdraft fees are brutal, and there’s no fee on a LifeGreen Savings account
  • Rewards programs available for checking and savings accounts, provided you qualify

» Want to see more options? Check out NerdWallet’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

3.0 / 5.0

Regions Bank provides four primary checking accounts, including the standard LifeGreen, the no-frills LifeGreen Simple, the online-banking-focused LifeGreen eAccess and LifeGreen Preferred, which earns a tiny bit of interest. It also has special accounts for seniors and students. In this review, we looked at the standard LifeGreen Checking Account.

LifeGreen Checking has a low minimum opening deposit of $50, but offers no interest — some of the best checking accounts at other banks offer interest rates well over 1%. You can avoid LifeGreen Checking’s $8 monthly fee ($10 if you opt for paper statements) with an average monthly balance of $1,500, a single direct deposit of at least $500 or combined direct deposits totaling $1,000 or more.

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

  • Regions Cashback Rewards. Lets you earn cash when you make certain purchases at participating retailers with your Regions 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.

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

ProsCons
  • Two rewards programs: Regions Cashback Rewards for purchases and Regions Relationship Rewards for using bank services
  • You can avoid the LifeGreen Checking monthly fee by making a direct deposit of at least $500, combined direct deposits of $1,000 or by keeping an average monthly balance of at least $1,500 in the accunt

  • Low minimum deposit of $50
  • 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 Regions LifeGreen Savings account has a low interest rate of 0.01% for all balance tiers, which is low considering that savings accounts at other banks pay annual percentage yields upward of 1%.

On the plus side, it rewards you with a bonus for having the account for a whole year. It takes a year to qualify, during which 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% or higher

ProsCons
  • No monthly fee

  • 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

  • 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.


Account reviewed for rating: LifeGreen Savings

Certificates of deposit

1.5 / 5.0

Regions Bank offers standard CDs, called Regions 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. Regions also has CDs with better rates and with 28-, 48- and 70-month terms, called Promotional CDs, but you’ll need at least $10,000 to open them.

» 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 range from 1.01% for 28-month term to 2.00% APY for 70-month term. Rates may vary by location.


  • Standard CDs with terms less than 90 days require a high $2,500 minimum deposit

  • Standard CD rates are low: 0.20% for a 24-month term and 0.60% APY for a CD with a 60-month term (may vary by location). You must have a Regions checking account to get this rate.

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


Account reviewed for rating: Regular Certificates of Deposit

Bank experience

4.0 / 5.0

The bank’s website is easy to navigate: Though interest rates are not clearly listed, fees are easy to find, and it’s simple to compare accounts side by side. Regions has mobile apps for iOS and Android, rated 1.5 and 4.1 stars out of five, respectively — so prepare for some usability issues if you’re on an iOS device.

Its customer service is easily accessible. You can call agents at 800-734-4667 from 6 a.m. to 7 p.m. Central time on weekdays and from 8 a.m. to 2 p.m. Saturdays, send them an email, or Tweet your questions at the bank’s @askRegions Twitter handle.

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 most other large banks charge ($35), based on a report by the Pew Charitable Trusts. According to the bank’s fee schedule, it will charge the fee on up to six paid overdrafts and up to six additional transactions that are returned unpaid per day. That’s a potential $432 in fees per day if you keep overdrawing.

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.

Regions Bank was fined $7.5 million in 2015 after federal regulators found the bank had charged customers overdraft protection fees illegally without first asking if they wanted to use the service. Regions ultimately reimbursed customers about $50 million and now requires you to opt in for overdraft protection.

» Want to see accounts with better overdraft options? Browse NerdWallet’s best checking accounts

Rewards, but bad fees and rates

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.

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

Updated Sept. 20, 2017.


Ratings methodology

NerdWallet’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.