Discover Bank vs Regions Bank
Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Regions Bank? Read our comparison chart below.
Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms and have a minimum deposit of $2,500. In addition, Discover offers checkback checking. There are no service fees.
While Regions Bank has 1,500 branches in 15 states in the South and Midwest. Checking and savings accounts require just $50 to open, with relatively lower requirements to waive fees. The unique Now Banking solution offers prepaid Visa, savings, and check cashing services with no account required.
Compare Discover Bank with Regions Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
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Discover Bank | Regions Bank | |
|---|---|---|
Online Savings Account - Earn 1.15% APY - | Regions Refer a Business - $150 Visa Reward Card - | |
Benefits and Features | ||
| Savings | Two types of Savings Account - Regions Savings, and Regions Lifegreen Savings. 0.01% APY. Regions Savings Account - minimum opening deposit $50. $5 monthly maintenance fee, unless you have $300 minimum daily balance. Regions Lifegreen Account - minimum opening deposit $50. Must have Regions Checking Account. No monthly maintenance fee. | |
| CD | 0.35% to 1.25% APY. Terms of 3 months to 10 years. 12-month CD APY of 1.01%. Minimum deposit of $2,500 to open. | 0.01% - 0.50% APY. Terms ranging from 1 - 72 months. (Promotional rate of 0.50% APY for 7 Months) $500 minimum opening deposit for CDs with terms 90 days or longer. $2,500 minimum opening deposit for CDs with terms 7 - 89 days. |
| Checking | Earn 1% cashback on up to $3,000 in debit card purchases each month | |
| Money Market | 0.99% APY under $100,000; 1.05% APY $100,000 or more. $2,500 minimum deposit. | Two types of Money Market accounts - Regions Money Market Account and Premium Money Market Account. Regions Money Market: $12 monthly fee. Premium Money Market: $15 monthly fee. |
| Customer Service | 24/7 Telephone Customer Service | |
| ATMs | More than 1900 ATMs in 15 Southern and Midwestern US states. | |
| IRA CD | 12-month CD APY of 1.01%. 24-month CD APY of 1.10%. 5-year CD APY of 1.25%. | 0.10% - 0.50% APY. (Promotional rate of 0.50% APY for 7 Months) Terms ranging from 6 months - 72 months. $250 minimum opening deposit. |
| IRA Money Market | 0.01% APY. Minimum $50 opening deposit. | |
| Locations | More than 1500 branches in 15 Southern and Midwestern US states. | |
CreditDonkey® Reviews | ||
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| Pros & Cons | Pros:
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| Bottom Line | Solid online bank with high APY rates and good customer service... | South and Midwest bank with special reward programs... |
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| What Others View | ||
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Discover Bank: Pricing information from published website as of 5/29/2020 Regions Bank: Pricing information from published website as of 05/30/2020 based on 35203 zip code. | ||
Which is Better: Discover Bank or Regions Bank?
Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing Discover Bank or Chase.
In short: Discover Bank's checking, money market, customer service, and mobile app are worth mentioning. In particular, the money market, customer service, and mobile app are outstanding.
Articles on Discover Bank
Discover Bank
Discover Savings Review
Discover Checking Review
Discover CD Rates
Articles on Regions Bank
Regions Bank Review
Which Do You Think is Best?
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