Regions Bank Review

Is Regions Bank a good bank?

mixed race business woman outdoor ATM in city
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Regions Bank is a brick-and-mortar bank with online banking and a mobile app that should satisfy most consumers. The bank provides branches and free ATMs in 15 states throughout the South and the Midwest.

As of June 2020, Regions Financial Corporation has $129 billion in assets and provides full-service financial services at more than 1,500 branches and 2,000 ATMs. The holding corporation was chartered in 1970 with three banks: the First National Bank of Huntsville, the First National Bank of Montgomery, and the Exchange Security Bank of Birmingham.

What We Like
  • Access multiple branches and ATMs throughout its 15-state region.

  • It's relatively easy to qualify for monthly fee waivers on checking accounts.

  • Make free online payments to friends with Zelle.

What We Don't Like
  • Rates on CDs and other interest-bearing accounts are low.

  • Savings accounts allow only three fee-free withdrawals per month.

  • Multiple account options could confuse those who just want free checking.

Who Is Regions Bank Best For?

Regions Bank is a well-established choice for those who want in-person banking and free ATMs in the 15-state service area: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas. It might be a good fit for you if you also want these benefits:

  • Free checking available if you qualify for fee waivers
  • Check cashing and prepaid debit cards for non-customers
  • Free online bill payment
  • CDs that don’t charge hefty penalties if you cash out early
  • Cash deposits at selected ATMs
  • No-monthly-fee bank accounts for minors

What Does Regions Bank Offer?

  • Checking accounts
  • Money market accounts
  • Savings accounts
  • Certificates of deposit (CDs)

LifeGreen Checking

Account-holders may qualify for a fee waiver by maintaining an average monthly balance of $1,500 in the account or by setting up automatic deposits totaling at least $1,000 per month or a single monthly automatic deposit of at least $500. Otherwise, the account charges a monthly fee of $11 with paper statements or $8 with online statements.

The account requires a minimum opening deposit of $50 and comes with a Visa debit card, free access to online banking and bill paying, mobile banking, and unlimited check writing. Service members receive two fee-free transactions at non-Regions ATMs per month. Account-holders also can make free online payments to friends using Zelle.

LifeGreen Simple Checking

The LifeGreen Simple option is identical to the regular LifeGreen account except it has a lower monthly fee that cannot be waived. An account with paper statements costs $8 per month, and an account with online statements cost $5 per month. This account exists as a less expensive option for customers who cannot meet the standards to have fees waived on a regular LifeGreen checking account.

LifeGreen Preferred Checking

Preferred accounts pay an annual percentage yield of 0.01%, as of June 5, 2020, in addition to all of the features that come with a regular LifeGreen checking account. Additionally, Preferred customers pay no fees for cashier's checks or money orders. A flat monthly fee of $18 can be waived by meeting any of these standards:

  • $5,000 average monthly balance
  • Maintaining at least $25,000 in all Regions accounts combined
  • Having at least $25,000 outstanding in all Regions loan accounts

LifeGreen eAccess Account

The eAccess account is for customers who do most of their banking online and do not need to write a lot of checks. It has all of the features of a regular LifeGreen checking account, but only the first three paper checks are free, and there is no option to receive paper statements. A flat monthly fee of $8 can be waived by making at least 10 purchases per month with a Regions debit or credit card.

LifeGreen Checking for Students

Customers 25 years of age or younger can get an account with all of the benefits of a regular LifeGreen checking account with no monthly fee. The name of the account is a bit misleading in that there is no requirement to be a student. Eligibility is based solely on age.

62+ LifeGreen Checking

The 62+ account is nearly identical to a regular LifeGreen checking account, except account holders must be 62 years of age or older, and the monthly fee can be waived with a single monthly direct deposit of $300, instead of the $500 minimum for a regular account.

Regions Money Market Account

Account-holders can earn an APY of 0.01%, as of June 5, 2020, and pay no monthly fees if maintaining a daily balance of at least $2,500. To open an account, a minimum opening deposit of at least $100 is required. Up to six transactions—including transfers, withdrawals, and checks—may be made each month free of charge, but each transaction beyond six cost $15.

Regions LifeGreen Savings

Accounts pay an APY of only 0.01%, as of June 5, 2020, but an additional 1% can be earned by setting up at least $100 per month in transfers from a Regions checking account. The account has no monthly fee and no minimum daily balance for customers who also have a Regions checking account. Accounts can be opened with an initial deposit of only $5 if opened at a branch or $50 if opened online.

Up to three transfers or withdrawals per month can be made for free, but each transaction after that costs $3.

Savings for Minors

Customers can open an account for a child younger than 18 with no fees and no minimum balances. An initial deposit of $5 is required. The APY, as of June 5, 2020, is 0.01%.

Credit Cards

Regions Bank offers multiple credit cards through Visa with features ranging from rewards to cash back. Some of the cards offered include:

Rewards Credit Cards

  • Regions Prestige Visa Signature
  • Regions Premium Visa Signature

Cash Back Credit Cards

  • Regions Cash Rewards Visa Card

Low-Interest Credit Card

  • Regions Life Visa

Secured Credit Card

  • Regions Explore Visa Card

Certificates of Deposit (CDs)

Regions Bank offers CD terms ranging from less than a month to as long as six years. They are available to anyone with a Regions Bank checking account. Minimum deposits required for CDs are $500 for accounts with terms of 90 days or longer, $2,500 for accounts with terms from 7–89 days, and $10,000 for a promotional 7-month term, as of June 5, 2020.

CD Rates
Term Rates
0 months 0.01%
1-2 months 0.03%
3-5 months 0.05%
6 months 0.10%
7-month promotional 0.50%
811 months 0.10%
1223 months 0.15%
2435 months 0.25%
3647 months 0.30%
4859 months 0.40%
6072 months 0.50%

Early withdrawal penalty amounts depend on the term you choose. As long as you hold your CD for more than seven days, you usually can limit the penalty to any interest you’ve earned:

  • Terms of 31 days or less: All interest you would have earned on the amount you withdraw, including interest not yet earned
  • Terms of 32–364 days: The lesser of all interest earned or 1% of the amount withdrawn
  • Terms of 365 days or longer: The lesser of all interest earned or 2% of the amount withdrawn

Other Financial Products From Regions Bank

Regions Bank provides a variety of additional services to individuals and businesses, including:

  • Trust accounts
  • Loans
  • Retirement and investment accounts
  • Check cashing

Regions Bank Customer Service

Customer service representatives are available from 9 a.m.–6 p.m. Eastern Standard Time, Monday through Friday, and 9 a.m.–1 p.m. EST on Saturdays by calling 1-800-734-4667. You also can chat online with customer service to ask questions about opening an account.

How to Bank With Regions

To open an account, visit Regions.com or call 1-800-734-4667. As with any financial institution, you need to provide personal information when opening a bank account.

The Bottom Line

BENEFITS

Regions has a wide range of products and services, and there are plenty of retail locations available to customers in the bank’s 15-state service area. If you want high-touch service, you can get your needs met.

DRAWBACKS

Although you can earn interest at Regions, rates on savings accounts are low compared to online banks. Also, the Regions Bank product lineup is a bit confusing, with Promotional products, Relationship pricing, and multiple versions of checking accounts. Choice is good, but the average consumer might not be up for the task of figuring out all of the different options.

Article Sources

  1. Regions. "Company Profile." Accessed June 5, 2020.

  2. Regions. "History." Accessed June 5, 2020.

  3. Regions. "Find a Location," Accessed June 5, 2020.

  4. Regions Bank. "LifeGreen Checking Account." Accessed June 5, 2020.

  5. Regions Bank. "LifeGreen Simple Checking Account." Accessed June 5, 2020.

  6. Regions Bank. "LifeGreen Preferred Checking Account." Accessed June 5, 2020.

  7. Regions Bank. "LifeGreen eAccess Account." Accessed June 5, 2020.

  8. Regions Bank. "LifeGreen Checking Account for Students." Accessed June 5, 2020.

  9. Regions Bank. "LifeGreen 62+ Checking Account." Accessed June 5, 2020.

  10. Regions Bank. "Regions Money Market Account." Accessed June 5, 2020.

  11. Regions Bank. "Regions LifeGreen Savings Account." Accessed June 5, 2020.

  12. Regions Bank. "Regions Savings for Minors." Accessed June 5, 2020.

  13. Regions Bank. "Compare Credit Cards." Accessed June 5, 2020.

  14. Regions Bank. "Regular CD." Accessed June 5, 2020.

  15. Regions. "Deposit Agreement," Page 38. Accessed June 5, 2020.

  16. Regions Bank. "Regions Help & Support." Accessed June 5, 2020.