Regions Bank Review: Checking, Savings and CDs

Regions Bank offers rewards on some of its checking and savings accounts, but interest rates are minimal and overdraft fees are high.

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Overall bank rating

Regions
  • Savings

  • Checking

  • CD rates

  • Banking experience

  • Overdraft fees

3.5

NerdWallet rating 

The bottom line:

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 a checking account rewards program. But other banks offer better checking and savings rates — not to mention less painful overdraft fees.

 

Best for: Consumers in the South and Midwest who prioritize rewards checking and savings over high interest rates and don’t make many savings transfers.

 

Pros

  • Rewards programs available for checking and savings accounts.

  • Extensive presence in the South and Midwest.

  • LifeGreen Savings has no monthly fee.

Cons

  • Low interest rates on basic savings and CD accounts.

  • Short-term CDs require high minimum deposit.

  • LifeGreen Checking has $11 monthly fee if deposit requirements not met.

Full review

Regions LifeGreen® Savings

Regions LifeGreen® Savings

3.5

NerdWallet rating 
APY

0.01%

With $0.01 minimum balance

The rate on the Regions LifeGreen Savings account is low compared with online banks'. But on the plus side, it rewards you with a bonus for having the account for a whole year. During that time, you must have an automatic transfer of 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.

Regions only allows three savings transfers per statement period; beyond that, you’ll have to pay $3 per additional transfer. Most banks allow at least six free transfers per cycle.

» Looking for banks with higher interest rates? Check out NerdWallet's list of best savings accounts

Regions LifeGreen Checking

Regions LifeGreen Checking

3.0

NerdWallet rating 
Monthly Fee

$11.00

Waived with direct deposit or $1,500 minimum balance

Of the bank’s various checking accounts, LifeGreen Checking is a full-featured option that can be maintained without a monthly fee. (The account has a standard $8 monthly charge — $11 if you opt for paper statements — but it can be avoided with a minimum average monthly balance or direct deposit).

The account doesn’t earn interest. Compare that with some of the best checking accounts at other banks, which offer yields to help your money grow. But LifeGreen Checking does offers customers access to the Regions Cashback Rewards program. You earn cash back when you make certain purchases at participating retailers with the bank debit card. You'll need $50 to open a LifeGreen Checking account.

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

Regions CD

Regions CD

1.5

NerdWallet rating 
1-year APY

0.03%

3-year APY

0.05%

5-year APY

0.05%

Minimum Deposit

$500

Regions Bank offers standard CDs with terms ranging from seven days to 72 months. For standard CDs with terms more than 90 days, the minimum deposit is $500. There are higher minimum balance requirements for terms shorter than 90 days.

Rates are low across the board. The bank has promotional CDs with higher yields, but they require $10,000 to open.

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

Banking experience

4.5

NerdWallet rating 

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.

Customer service is available live during extended daytime hours. For specialized assistance with issues including fraud, online banking and debit card services, you can call a representative 24/7. In addition, live chat is available via secured messaging for online banking customers, as well as Twitter support.

Overdraft fees

3.0

NerdWallet rating 

Regions Banks charges a hefty $36 for transactions that cause a negative balance in your checking account. That's slightly higher than what many other large banks charge, according to a recent NerdWallet overdraft survey. And you can get hit with up to five fees per day.

You could use another Regions account for overdraft protection — such as a savings account, credit card or line of credit. But there’s a fee of $12 per day when you have one or more overdraft transfers.

Regions LifeGreen® Savings

Regions LifeGreen® Savings

3.5

NerdWallet rating 
APY

0.01%

With $0.01 minimum balance

The rate on the Regions LifeGreen Savings account is low compared with online banks'. But on the plus side, it rewards you with a bonus for having the account for a whole year. During that time, you must have an automatic transfer of 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.

Regions only allows three savings transfers per statement period; beyond that, you’ll have to pay $3 per additional transfer. Most banks allow at least six free transfers per cycle.

» Looking for banks with higher interest rates? Check out NerdWallet's list of best savings accounts

How does Regions compare?

Deposits are FDIC Insured

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.50%

With $0 minimum balance

APY

0.20%

With $0 minimum balance

APY

0.20%

With $0.01 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

N/A

RATING 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, banking 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.