Regions Bank Review: Checking, Savings and CDs
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Overall bank rating
3.0
Regions Bank is a 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 withdrawals from savings.
Penalty for CFPB settlement: NerdWallet deducted 0.5 star from Regions Bank’s overall rating due to a consumer banking-related settlement from the Consumer Financial Protection Bureau. For more information about our penalty, see our methodology page. For more details on the CFPB action, scroll down to the banking experience section.
Pros
- Rewards programs available for checking and savings accounts.
- About 1,300 branches and over 1,900 ATMs in the South and Midwest.
- No monthly fee for LifeGreen Savings account.
Cons
- Low interest rates on basic savings and CD accounts.
- Fee for more than three withdrawals from a savings account per month.
- $11 monthly fee for the LifeGreen Checking if deposit requirements are not met.
Full review
Savings
Member FDIC
3.5
/5 NerdWallet ratingLow rate but there’s an annual bonus of up to $100. 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 almost any Regions checking account to LifeGreen Savings. The annual bonus is 1% of the average monthly balance for the previous year, up to $100.
Excessive withdrawal fee. Regions only allows three savings withdrawals per statement period; beyond that, you’ll have to pay $3 per additional withdrawal or outbound transfer. Many banks allow at least six free transfers per cycle.
» Looking higher interest rates? See NerdWallet's list of best savings accounts
Checking
Member FDIC
3.0
/5 NerdWallet ratingAccount is free if you have a certain sum or direct deposits. 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.) You'll need $50 to open a LifeGreen Checking account.
No interest earned, but there’s a limited rewards program. 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 offer 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.
CD
Member FDIC
1.5
/5 NerdWallet ratingWide range of CD terms. 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.
Mostly low rates. Rates are low across the board for standard terms. The bank has promotional CDs with higher yields, but they require $10,000 to open.
» Looking for higher CDs rates? Check the best CD rates of the month
Banking experience
4.0
NerdWallet ratingSolid app ratings, slight website navigation issues. 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 above-average ratings.
General phone support is not 24/7. Customer service is available live during extended daytime hours. Live chat is available via secured messaging 24/7 for online banking customers, as well as Twitter support. Regions Bank also has an extensive branch network of approximately 1,300 branches for in-person assistance.
2022 CFPB settlement. The CFPB has ordered Regions Bank to pay a $50 million fine to the agency and at least $141 million to customers affected by illegal overdraft practices that occurred from 2018 to 2021. The agency found that Regions Bank charged customers overdraft fees in accounts that had sufficient funds to pay for debit card purchases or ATM withdrawals. For more details, see the September 2022 CFPB statement.
Overdraft fees
3.5
NerdWallet ratingHigh overdraft fee. 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, based on a NerdWallet analysis. And you can get hit with up to three fees per day.
Free overdraft transfers. You could use another Regions account for free overdraft protection — such as a savings account, credit card or line of credit.
Savings
Member FDIC
3.5
/5 NerdWallet ratingLow rate but there’s an annual bonus of up to $100. 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 almost any Regions checking account to LifeGreen Savings. The annual bonus is 1% of the average monthly balance for the previous year, up to $100.
Excessive withdrawal fee. Regions only allows three savings withdrawals per statement period; beyond that, you’ll have to pay $3 per additional withdrawal or outbound transfer. Many banks allow at least six free transfers per cycle.
» Looking higher interest rates? See NerdWallet's list of best savings accounts
Checking
Member FDIC
3.0
/5 NerdWallet ratingAccount is free if you have a certain sum or direct deposits. 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.) You'll need $50 to open a LifeGreen Checking account.
No interest earned, but there’s a limited rewards program. 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 offer 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.
CD
Member FDIC
1.5
/5 NerdWallet ratingWide range of CD terms. 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.
Mostly low rates. Rates are low across the board for standard terms. The bank has promotional CDs with higher yields, but they require $10,000 to open.
» Looking for higher CDs rates? Check the best CD rates of the month
4.0
NerdWallet ratingSolid app ratings, slight website navigation issues. 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 above-average ratings.
General phone support is not 24/7. Customer service is available live during extended daytime hours. Live chat is available via secured messaging 24/7 for online banking customers, as well as Twitter support. Regions Bank also has an extensive branch network of approximately 1,300 branches for in-person assistance.
2022 CFPB settlement. The CFPB has ordered Regions Bank to pay a $50 million fine to the agency and at least $141 million to customers affected by illegal overdraft practices that occurred from 2018 to 2021. The agency found that Regions Bank charged customers overdraft fees in accounts that had sufficient funds to pay for debit card purchases or ATM withdrawals. For more details, see the September 2022 CFPB statement.
3.5
NerdWallet ratingHigh overdraft fee. 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, based on a NerdWallet analysis. And you can get hit with up to three fees per day.
Free overdraft transfers. You could use another Regions account for free overdraft protection — such as a savings account, credit card or line of credit.
How does Regions compare?
 LendingClub High-Yield Savings Member FDIC |  SoFi Checking and Savings Member FDIC |  Discover Bank Online Savings Member FDIC |
|---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 5.0 /5 |
APY 4.25% With $0 min. balance for APY | APY 4.00% With $0 min. balance for APY | APY 3.60% With $0 min. balance for APY |
Bonus N/A | Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus $200 Requirements to qualify |
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.
