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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.

 Discover Bank
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Discover Bank

Regions Bank

SPECIAL OFFER
Online Savings Account - Earn 2.10% APY - Learn More

Read Discover Bank Review

SPECIAL OFFER
LifeGreen Savings Account – Up to $100 Annual Savings Bonus - Learn More

Read Regions Bank Review

 

Benefits and Features

Savings2.10% APY. No monthly service fee and no minimum deposit.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.
CD0.35% to 3.05% APY. Terms of 3 months to 10 years. 12-month CD APY of 2.50%. 5-year CD APY of 2.85%. Minimum deposit of $2,500 to open.0.01% - 0.50% APY. Terms ranging from 1 - 72 months. (Promotional rate of 1.25% - 2.00% APY for 18-23 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.
CheckingEarn 1% cashback on up to $3,000 in debit card purchases each month. No monthly service fee and no minimum deposit. 
Money Market1.95% APY under $100,000; 2.00% APY $100,000 or more. No monthly service fee. $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
24/7 Telephone Customer Service
ATMs
Over 60,000 no-fee ATMs
More than 1900 ATMs in 15 Southern and Midwestern US states.
IRA CD12-month CD APY of 2.50%. 24-month CD APY of 2.60%. 5-year CD APY of 2.85%.0.10% - 0.50% APY. (Promotional rate of 1.25% - 2.00% APY for 18-23 Months) Terms ranging from 6 months - 72 months. $250 minimum opening deposit.
IRA Money Market 0.01% APY. Minimum $50 opening deposit.
Locations
Online Only
More than 1500 branches in 15 Southern and Midwestern US states.
 

CreditDonkey® Reviews

 Discover Bank
Savings
Checking
Money Market
Customer Service
Mobile App
CD
Pros & ConsPros:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Pros:
  • $50 to open checking account
  • Relationship Rewards program
  • LifeGreen Savings annual bonus
Cons:
  • No free checking option
  • Limited branches
  • Low savings APY
Bottom LineSolid online bank with high APY rates and good customer service... Read full reviewSouth and Midwest bank with special reward programs... Read full review
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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 6/14/2019

    Regions Bank: Pricing information from published website as of 6/14/2019 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


    Articles on Regions Bank

      Regions Bank Review

      Regions Bank offers a variety of deposit products, easy account opening requirements, and special reward programs. Read on to see if this bank is right for you.

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