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Regions Bank 2022 Review: Account Options for Every Need

GOBanking Rates Score

Quick take: Regions Bank is a good option for people in the South and Midwest who are looking for a one-stop financial institution. It offers a full range of products and abundant access to those in its service area, although it may not appeal to customers seeking low fees and high returns.

  • Costs
  • APY
  • Product range
  • Accessibility

How did we calculate this?

Advantages

  • Abundant branch access in 15 states
  • Several account options
  • Student and senior checking accounts available

The inconvenients

  • Few No-Fee Accounts
  • Low annual percentage returns

Presentation of the Bank of Regions

Regions Bank is a full-service bank with over 1,300 branches and over 2,000 ATMs in 15 states. It is owned by Regions Financial, an S&P 500 member that trades on the New York Stock Exchange and has approximately $147 billion in assets. The bank’s wide range of accounts makes it appealing to people who appreciate a full range of products. GOBankingRates listed it as one of Best Money Market Accounts of 2022, Best Regional Banks of 2022 as well as included in the Top 100 banks in its annual survey.

Product Details Bank of Regions

Learn more about the different account options and products offered by Regions Bank.

Regional bank checking accounts

Regions Bank offers six current account options, each designed to meet a specific need: LifeGreen Checking, LifeGreen Now Checking, LifeGreen Preferred Checking, LifeGreen eAccess, LifeGreen Checking Account for Students and LifeGreen 62+ Checking.

LifeGreen Checking is the basic option that offers direct deposit and unlimited check writing. It has an $8 monthly fee for online statements and an $11 fee for paper statements, but both can be waived with an average monthly balance of $1,500 or eligible ACH direct deposits. The LifeGreen Now Chequing Account has a flat monthly fee of $5-$8 that cannot be waived.

The LifeGreen eAccess account is intended for customers who primarily do their banking online. It has an $8 fee that can be waived with 10 CheckCard/credit card transactions per month. LifeGreen Preferred Checking gives you the option to earn interest and pay an APY of 0.01%, depending on your region. Monthly fee of $18 applies unless you maintain an average monthly balance of $5,000 in the account, a combined balance of $25,000 in all regional accounts, or have certain qualifying mortgage accounts.

The LifeGreen Chequing Account for Students is available to customers age 25 or younger and has no monthly fee. LifeGreen 62+ Checking includes bonuses for seniors. It has a monthly fee of $8-$11 that can be waived with an average monthly balance of $1,500 or eligible ACH direct deposits.

Regions Bank savings accounts

Regions Bank has four savings accounts to meet various needs: Savings LifeGreen, Savings Regions, Savings Now and Savings for Minors. All carry a low APY of 0.01%.

LifeGreen Savings has no monthly fees and a minimum opening deposit of $50, but no minimum balance requirement. It also offers the opportunity to earn an annual savings bonus. Regions Savings also has a minimum opening deposit of $50 and charges a monthly fee of $5, waiveable with a minimum daily balance of $300.

Regions Now Savings has no monthly fees and a minimum balance of $10, and you will need a Regions Now card to open this account. Regions Savings for Minors has no monthly fees and a minimum opening balance of $5 for account holders under 18.

Regions Bank Money market accounts

Regions Bank offers two money market options: the Regions Money Market Account and the Premium Money Market Account. Both feature minimum opening deposits of $100. The only APY published on the bank’s website is a low 0.01% for all balance levels.

The Regions Money Market Account has a monthly fee of $12 for balances below $2,500. The Premium Account’s $15 monthly fee can be waived with a balance of $15,000 or more or by pairing it with a LifeGreen Preferred Chequing Account.

DC Bank Regions Accounts

Regions Bank offers both regular CDs and CDs containing Promotional rates. For regular CDs, durations range from seven days to six years. The terms of promotional CDs vary depending on when they are offered. APYs tend to be low, ranging from 0.01% to 0.05% for both types of CDs, with higher rates going to higher balances. You may need to qualify for higher rates with promotional CDs.

Best Features of Regions Bank

Take a look at some of Regions Bank’s main features.

Costs

Most deposit accounts in regions charge fees unless you meet minimum balance requirements or qualifying activities. In some cases, the monthly fee can reach $12 or $18. The bank also charges additional fees for various products and services such as paper statements and wire transfers.

APY

You will not get very high returns at Regions Bank. As of December 20, 2021, the website does not list any APY above 0.05% for any account, and the APYs listed for savings and money market accounts are at a low of 0.01%

Product range

Regions Bank has everything a customer would expect from a bank, including a full range of deposit accounts as well as loans, mortgages, credit cards, investment and retirement options, as well as business and commercial products and services.

Accessibility

Regions Bank has a fairly wide banking network with more than 1,300 branches and 2,000 ATMs in its service area. Customers also benefit from a full range of online and mobile banking services.

Editor’s Favorite

The undeniable strength of Regions Bank lies in its wide and diversified product range. It offers a full range of accounts and financial services, making it a potential one-stop-shop for customers in its service area.

Regions Bank vs Competitors

Regions may be a regional bank, but it offers a product line that matches national competitors. Here’s how Regions Bank compares to some of the best-known names in US banking.

Bank Best for
Bank of Regions Regional Single Window
Bank of America Investment arm, Merrill Lynch
hunting bank Range of credit cards, access to national branches
Wells Fargo Rewards program

Regions Bank vs. Bank of America

Although Regions Bank provides access to financial advisors, Bank of America The subsidiary of Merrill Lynch is one of the most well-known consulting companies in the world. You can choose to work with a professional advisor or manage your own account through the Merrill Edge program, which offers commission-free trading.

Regions Bank offers two types of money market accounts and six different checking accounts, which is a wider range than what Bank of America offers.

Regions Bank vs. Chase Bank

Hunt Bank has the edge over the regions when it comes to the reach of its branch network, which includes more than 4,700 branches spread across the country. Chase also offers a wide range of rewards credit cards linked to major partners such as Southwest Airlines and Marriott.

Regions Bank offers incentives like an annual savings bonus and checking account rewards, while Chase does not.

Regions Bank vs. Wells Fargo

Wells Fargo has slightly lower fees on its bank accounts and also offers a robust rewards program, but Regions Bank offers a wider range of checking and savings accounts.

Final grip

Regions Bank does not offer high interest rates on any of its accounts, but it does offer a wide variety of products and an extensive branch network. If you live in one of the 15 states it operates in, Regions is a decent pick if you’re looking for or a full-service bank with robust online and branch services.

Bank of Regions FAQ

Here are the answers to some of the most frequently asked questions about the Regional Bank.

  • Does Regions Bank carry out a credit check to open a checking account?
    • Only credit products, such as credit cards, require a credit check with Regions Bank.
  • How long does direct deposit from regions take?
  • When are funds available after making a mobile deposit?
    • Most mobile deposits are available for processing on the evening of deposit. However, for a fee of 1% to 4%, with a minimum fee of $5, funds can be made available immediately.
  • Who owns Regions Bank?
    • Regions Bank is a subsidiary of Regions Financial Corporation, one of the largest bank holding companies in the United States.

Vance Cariaga contributed to the reporting of this article.

Rates are subject to change. Account information is accurate as of January 5, 2022.

Editorial Note: This content is not provided by Regions Bank. Any opinions, analyses, criticisms or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed or otherwise endorsed by Regions Bank.

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About the Author

After earning a BA in English with a business major from UCLA, John Csiszar worked in the financial services industry as a Registered Representative for 18 years. Along the way, Csiszar earned the Certified Financial Planner and Registered Investment Advisor designations, in addition to being licensed as a life insurance agent, while working for a major Wall Street distribution house. and for his own investment advisory firm. During his tenure as an advisor, Csiszar managed over $100 million in client assets while providing personalized investment plans to hundreds of clients.