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Regions Bank Review 2024

Updated January 31, 2024
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At a glance

3.5
Rating: 3.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.3 stars out of 5

Checking

Rating: 3.8 stars out of 5

Savings

Rating: 2.3 stars out of 5

MMA

Rating: 2.2 stars out of 5

About Bankrate Score

Overview

Regions Bank could be a good option for customers living in the South, Midwest or Texas, who value getting rewarded for bank loyalty. However, savers seeking high APYs may want to shop elsewhere.

Highlights

  • Reward Checking
  • Highly Rated App
Compare offers
Info
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 3/4/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 3/4/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 3/4/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:

Overall

Serving residents throughout the Southern and Midwestern U.S., Regions Bank offers all types of deposit accounts, and customers get rewarded for loyalty, such as by earning a higher CD rate when they have a checking account with the bank. The rates on Regions Bank’s products are low overall, though. There are also high minimum balance requirements to waive the monthly fee on money market and checking accounts.

Pros

  • Checkmark

    Customers get rewarded for having multiple types of accounts with Regions Bank.

  • Checkmark

    With a savings, money market or checking account, customers get up to a 40 percent discount on a safe deposit box rental.

  • Checkmark

    The Regions Debit card earns cash back rewards.

Cons

  • APYs are below average.

  • The money market and checking accounts have high minimum balance requirements to avoid their monthly fees.

  • The savings account only allows for three free withdrawals per month.

  • Branch service is limited to the South, Midwest and Texas.

Regions banking products

2.3
Rating: 2.3 stars out of 5
Bankrate Score

Regions savings overview

The Regions Savings account requires at least $50 to open and $300, averaged daily, to avoid the monthly maintenance fee. Otherwise, there’s a $5 monthly fee. The APY on the account is below average.

Customers with the savings account get up to a 40 percent discount on a safe deposit box rental. They can also link the account to a Regions checking account to serve as overdraft protection. Only three withdrawals per month can be made for free from the savings account; after that, there’s a $3 fee per transaction.

Three alternative savings accounts are offered. Regions LifeGreen Savings is only available to those with a Regions checking account and has no monthly fee. Regions Now Savings is for those with a Regions Now Card and earns annual bonuses. Finally, there’s a savings account for minors with no monthly fee or minimum balance requirement.

Pros

  • Checkmark

    Only $50 is needed to open the Regions Savings account.

  • Checkmark

    Account holders get up to a 40 percent discount on a safe deposit box rental.

Cons

  • If a $300 daily balance isn’t maintained, there’s a $5 monthly fee.

  • Withdrawals in excess of three per month cost $3 each. Most banks allow for at least six free transactions from savings accounts.

  • The APY is low.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Regions
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 3/4/2024
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $36
Account maintenance fees (if requirements aren’t met) $5 for savings; $12 for money market; $11 for checking
Out-of-network ATM fee $3
Excessive transaction fee $5 for savings; $15 for money market
Stop payment $36

About Regions Bank

Regions Bank is headquartered in Birmingham, Alabama, and serves customers across the South, Midwest and Texas. The bank offers services online and at around 1,300 branch locations.

There are a variety of consumer deposits products available through the bank, plus credit cards, small business resources and wealth management services.

Customer experience

Branch and ATM network. Banking hours vary by location, though the bank’s headquarters are open 9 a.m. to 4 p.m. CT Monday through Thursday, 9 a.m. to 5 p.m. CT on Friday and closed on the weekend. Regions has its own fee-free ATM network throughout the South, but it’s not part of any other ATM networks. 

Customer service. Customers can reach out to Regions Bank’s virtual assistant, Reggie, which is available 24/7. Reggie can answer basic questions, make changes to accounts and connect customers with a banker. Customers can also contact a phone service line or connect with the bank via one of its social media accounts. 

Highly rated app. The bank’s mobile app has positive ratings on Google Play and the Apple app store.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.