November 8, 2018

Regions Bank Review: Account Good for You?

Read more about Regions Bank
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If you are looking for a bank with a variety of deposit products and easy account opening requirements, you may just find what you need with Regions Bank.

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This Midwestern and Southern region bank is scattered across 15 states and provides a large variety of deposit products that you may not find elsewhere. They do offer eligibility for a variety of rewards that you may not find at other banks, including a bonus just for keeping money in your savings account.

Keep reading to see if the benefits offered at Regions Bank are enough to make you want to become a Regions customer too.

Services Offered

Checking

With $50, you can open any of the following Regions Bank checking accounts. Each account gives you access to online/mobile banking, a Regions Visa CheckCard, overdraft protection, and no Regions ATM fee on two non-Regions Bank ATM withdrawals per month. You may also be eligible for relationship rates on CDs, discount rates on installment loans with autopay, and access to the Regions Relationship Rewards Program.

  • LifeGreen Checking Account: With $50, you can open the LifeGreen Checking Account. You can waive the monthly fee with a minimum $500 monthly direct deposit or average balance of $1,500. You have unlimited check writing abilities with this account.

  • LifeGreen eAccess Checking: If you like to conduct your banking online or use your Visa CheckCard more than you write checks, this account is a good option. You can waive the monthly fee with 10 monthly bankcard transactions.

  • LifeGreen Simple Checking: If you don't want to worry about keeping a minimum balance or conducting a certain amount of bankcard transactions, the Simple Checking account offers you a flat fee each month. There's no way to waive it, but the fee is lower than either of the above checking accounts.

  • LifeGreen Preferred Checking: This is the only Regions Bank Checking account that earns interest. In order to waive the monthly fees, you'll need at least $5,000 monthly in your Preferred Checking account. You can also waive the fee with a combined balance of $25,000 in all of your Regions Bank accounts or have a mortgage/installment loan of at least $25,000 in good standing.

  • LifeGreen Checking Account for Students: If you are 25 years old or younger, you may be eligible for this student account. If you qualify, you will not pay a monthly fee. It offers the same benefits as the above checking accounts, including access to a Visa CheckCard and online/mobile banking.

  • LifeGreen 62+ Checking Account: Banking customers age 62 and older can open this account, but it does have a monthly fee. You can waive it by having at least a $300 direct deposit each month or $1,000 combined direct deposits each month. You can also waive the fee with an average balance of $1,500.

Savings

  • Regions LifeGreen Savings Account: If you have a Regions Checking Account, you can open this savings account free of charge. You will need to make a $50 deposit to open the account online or a $5 deposit to open it in the bank. This savings account may be used for overdraft protection.

  • Regions Savings Account: You'll need $50 to open the Regions Savings Account. You do not need a checking account with Regions to open this account. You must keep a $300 minimum daily balance in order to waive the monthly fee. This account can be used for overdraft protection.

  • Savings for Minors: If your child is 18 years old or younger, you can open this account for him/her. There is no monthly fee and they only need $5 to open the account.

Money Market Accounts

Money market accounts have a higher yield. They also allow access to your funds with provided checks and/or a bankcard.

  • Regions Money Market: If you can keep a balance of at least $2,500 in your account, you can waive the fee on this money market account. You'll need $100 to open it. This account gives you access to online banking with bill pay and tiered interest rates (the more you save, the higher the interest rate).

  • Platinum Relationship Money Market: If you can keep a balance of at least $15,000 or you have a LifeGreen Preferred Checking Account, you can waive the monthly fee on this account. You can open the account by meeting one of two requirements. Open the account with $15,000 and have a Regions Checking Account with direct deposit or a Regions Checking Account with at least a $2,500 balance. You'll also have access to online banking and bill pay as well as tiered interest rates.

CDs

If you can tie your money up for a specific period, you stand to earn higher interest rates on your money.

  • Promotional CD Accounts: You'll need at least $10,000 to open a promotional CD, which generally has higher interest rates. If you have a Regions Checking account, you may qualify for relationship interest rates (higher rates). You can renew the CD at maturity or take your money. You can also elect to have the interest earned deposited in your Regions checking or savings account.

  • Regions CD: You can open a CD of varying maturity dates with $500 for a 90-day or longer term or $2,500 for terms 7 to 89 days. If you have a Regions Checking account, you may qualify for higher, relationship interest rates. You can disburse the interest to any of your other Regions banking accounts. You can also elect to have the CD automatically renew at the current market rates upon maturity.

IRAs

Regions also offers tax-advantaged IRA accounts, including traditional and Roth IRAs. You have the following options for your Regions IRAs:

  • Fixed Rate: This IRA works similar to a CD. You put your money in the account for a fixed period and earn a fixed rate of interest. The terms range between 6 months and 60 months. You need just $250 to open an account. You may make additional deposits during a specific period and at maturity.

  • Money Market: With $50, you can open this IRA, which allows deposits at any time. Deposits must be at least $25 and you can link it to a Regions Checking account for automatic deposits.

  • 18-Month Variable Rate: You'll earn a variable rate over the 18-month term on your $250 or higher opening deposit. You can make additional deposits of at least $50 throughout the term as well.

Now Banking

Regions Bank offers another solution, called Now Banking. You don't necessarily have to open an account at Regions in order to use the benefits of this banking solution. You have a few options:

  • Regions Now Card: This prepaid Visa is reloadable with a minimum of $10 deposits. There is a small monthly fee, but you can have it waived with $500 monthly direct deposits. You can only spend what's on the card and you may be eligible for Regions Cashback Awards program (see more below).

  • Regions Now Savings: If you have a Regions Now Card, you also have access to a Regions Now Savings account. This account has no monthly service fee or minimum balance requirements. You must open the account with $10 and you will earn interest. You may be eligible for an annual savings bonus. You may also be eligible for the Builder's Bonus, which rewards you with $1 for each month that you deposit at least $5 and make no withdrawals.

  • Check Cashing Service: Regions allows you to cash checks at their bank even if you don't have an account there. You enroll in the program and pay the applicable fees based on the amount of the check and whether it's a Regions check or not.

Regions Bank Routing Number
Regions Bank has a different routing number for each state the account was opened. You can find your routing number on the bottom left corner of your checks from Regions Bank.

Reasons We Like Regions Bank

  • You can earn Relationship Rewards. All you need is a personal Regions checking account to enroll. You then earn rewards just by conducting your normal daily activities, such as paying bills online or making ATM deposits. You can then redeem the rewards for cash or fun prizes.

  • You can earn cashback awards. You can activate this program in your online banking portal. You'll then have a list of specific retailers that are participating in the program. If you shop at those retailers using your Visa check card, you earn cashback, which is deposited into your checking account.

  • You can bank online or on your mobile device. You can conduct many of your normal banking transactions this way, including transferring money, checking balances, and paying bills. You can also deposit checks from your mobile phone using the Regions Bank app.

  • You can lock up your check card. If you don't want to allow certain transactions, such as online transactions or ATM transactions, you can click "lock" in your online banking portal. This is also helpful if you lost your card or think it's stolen. You can lock all activity on your card so the card cannot be used by anyone.

  • You can get text alerts about your banking transactions. You can set up alerts to let you know when a deposit was made, when a check clears, if you have a low balance, or if you incurred an overdraft charge. You personalize the alerts based on your own needs.

  • You may be eligible for annual bonuses on your savings. If you transfer at least $10 a month to your savings account, Regions Bank may reward you with a 1% bonus at the end of the year. They will pay up to $100 and the bonus is based on your average monthly balance.

  • Regions Bank has more than 1,500 branches and 2,000 ATMs in the 15 states they are located. If you live in these areas, you will have plenty of options to help you avoid the non-Regions Bank ATM fees.

  • You may be eligible for Priority Banking. If you have a Regions consumer checking account and at least $50,000 on deposit with Regions Bank in any deposit or investment account, you may qualify for Priority Banking. This gives you access to a dedicated personal banker, more mobile banking benefits, special offers, and access to financial consultants.

  • You can set up overdraft protection. You must opt into the overdraft protection program and have a savings, money market account, Regions credit card, or Regions personal line of credit linked to the account. Note: Transfer fees may apply.

  • You may be eligible for discounts on a variety of Regions products if you have a Regions checking or savings account. The discounts include savings box deposit discounts, interest rate discounts, and higher interest rates on certain investment products.

Regions Bank Phone Number
You can reach Regions customer service at 1-800-734-4667. You can also reach online banking customer service at 1-800-472-2265. In addition, you can send a secure message through your online banking portal if your question isn't urgent.

Reasons You May Want to Look Elsewhere

  • If you want to earn interest on your checking balances, you need at least $5,000. The remaining 3 checking accounts with lower balance requirements don't offer interest. The only way around this would be to open a savings account simultaneously. If you need to make more than six withdrawals per cycle, though, you'd incur excessive withdrawal fees.

  • Regions Bank is only located in 15 states. If you don't live in Illinois, Iowa, Indiana, Arkansas, Alabama, Florida, Georgia, Louisiana, Kentucky, Mississippi, Missouri, North or South Carolina, Texas, or Tennessee, you won't be able to open an account.

  • The interest rate offered on certain deposit accounts is relatively low. Unless you have a large amount of money to keep on deposit, you can likely find higher interest rates at online bank competitors.

How It Compares

  • Wells Fargo: Wells Fargo is located in more than twice as many states as Regions Bank. However, their offerings are not as large as Regions Bank's offerings. Wells Fargo does offer 24/7 customer service and they offer more benefits to clients who are current Wells Fargo mortgage customers.

  • Bank of America: Bank of America is also widely spread, with locations in 35 states. They too do not offer interest on each of their checking accounts. They also have limited account options. Many people choose BofA just for its convenient locations and easy access to their money.

Bottom Line

Regions Bank, as the name suggests, is a regional bank. If you live in one of the states it's located in, you will find that you have many options at your disposal. Not earning interest on your checking account balances may not be the smartest choice, but if you don't keep a large balance, it may not make a large difference.

Compare your options at Regions Bank to other regional and even national banks to see which will be the most convenient while giving you the best interest rates.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on November 8, 2018. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

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