Live in the South or Midwest? If so, you’ve probably already heard of Regions Bank. It was founded back in 1971 as First Alabama Bancshares. Since then, Regions has become one of the largest banks in the lower east quadrant of the United States, and currently operates approximately 1,952 automated teller machines and 1,454 branches. Furthermore, as of March 31, 2019, Regions has been ranked #31 on the list of the 100 largest bank holding companies in the United States by total assets.
Regions also works to combine traditional banking with modern day technology and has above average web and mobile app ratings compared other top-rated banks.
Above all, if you’re looking to make a transition to a new bank and can meet their Southern/ Midwestern state residency requirement, Regions may be an option you may want to look into further.
Find out if opening an account with Regions is right for you by reading more about their current offerings below.
Where Does Regions Bank Operate?
Regions Bank operates in 15 states:
- Alabama
- Arkansas
- Florida
- Georgia
- Illinois
- Indiana
- Iowa
- Kentucky
- Louisiana
- Mississippi
- Missouri
- North Carolina
- South Carolina
- Tennessee
- Texas
*To open an account with Regions, you will need to provide proof of residency within one of these states.
What Types of Accounts Does Regions Bank Offer?
Regions has a wide variety of accounts and products that they offer. Here is a quick breakdown of the latest offerings:
Account Type |
Details |
Checking Accounts |
|
Savings Accounts |
|
Certificates of Deposit |
|
Money Market Accounts |
|
IRAs |
|
Regions also offers the following products:
- small business loans and services
- commercial lending and financing
- treasury services
- wealth management services
- auto, student and personal loan services
- mortgages
- credit cards
- as well as safe deposit boxes
Regions Checking Accounts
Checking Account types at Regions Bank are:
LifeGreen Checking Account
- $25 Minimum Opening Deposit
- Monthly fee: $8 with online statements ($10 with paper statements)*
- Regions Visa CheckCard included
- No Regions ATM fee on two ATM transactions at non-Regions ATMs per statement period if you provide your Military ID when opening a Regions checking account (or any time afterward)
- Free Access to Online Banking / Mobile Banking
- Free Standard Delivery Bill Pay
- Overdraft protection available
- Earn rewards through the Regions Cashback Rewards program with Regions Visa CheckCard and Online Banking
*Note: Monthly fee for LifeGreen Checking Accounts can be waived if you maintain $1,500 average monthly balance or receive an ACH direct deposit, such as a recurring payroll or government benefit deposit, of at least $500 single deposit or $1,000 combined deposit
Further perks of LifeGreen Checking accounts include:
- 30% discount on one Safe Deposit Box with an additional 10% discount for auto debit
- Discounts on qualifying installment loans with payments auto debited from a Regions account
- In addition, you can also earn rewards through the Regions Cashback Rewards program with Regions Visa CheckCard and Online Banking
LifeGreen Simple Checking
- $25 Minimum Opening Deposit
- $5 monthly fee with online statements (monthly fee is $7 with paper statements) (Cannot be waived)
- Regions Visa CheckCard included
- Free Access to Online Banking / Mobile Banking
- Unlimited check writing
- Free Standard Delivery Bill Pay
- Overdraft protection available
- Service Member Benefit – No Regions ATM fee on two ATM transactions at non-Regions ATMs per statement period if you provide your Military ID when opening a Regions checking account or any time afterward
Further perks of LifeGreen Simple Checking accounts include:
- 30% discount on one Safe Deposit Box with an additional 10% discount for auto debit
- You can also receive discounts on qualifying installment loans with payments auto debited from a Regions account
- In addition, you can also earn rewards through the Regions Cashback Rewards program with Regions Visa CheckCard and Online Banking
LifeGreen Preferred Checking
- Interest-bearing = Earn interest based on account balance
- $25 Minimum Opening Deposit
- Monthly fee: $18*
- Regions Visa CheckCard included
- No Regions ATM fee on two ATM transactions at non-Regions ATMs per statement period (all members)
- Free Access to Online Banking / Mobile Banking
- Free Standard Delivery Bill Pay
- unlimited check writing
- Overdraft protection available
- No fee for Cashier’s Checks
- No fee for Money Orders
- Service Member Benefit – No Regions ATM fee on two ATM transactions at non-Regions ATMs per statement period if you provide your Military ID when opening a Regions checking account or any time afterward
*Note: Monthly fee for LifeGreen Preferred Checking Accounts can be waived if you have at least $5,000 average monthly statement balance, a $25,000 combined minimum deposit balances from all of your Regions checking, savings, money markets, CDs and IRAs, have certain qualifying first-lien home mortgage loans in good standing OR a combined $25,000 minimum outstanding loan balances from all of your Regions personal installment loans, lines of credit, equity lines of credit, equity loans, direct loans and credit cards in good standing.
Further perks of LifeGreen Preferred Checking accounts include:
- A Premium Money Market as long as your LifeGreen Preferred Checking account remains open
- 50% discount on one Safe Deposit Box with an additional 10% discount for auto debit
- Relationship rates on most CDs (for customers who meet the Relationship requirements)
- You can also receive a discount on qualifying installment loans with payments auto debited from a Regions account
- In addition, you can also earn rewards through the Regions Cashback Rewards program with your Regions Visa CheckCard and Online Banking
LifeGreen Checking For Students
- Account for young adults (age 25 and under)
- $25 Minimum Opening Deposit
- $0 monthly fee
- Regions Visa CheckCard included
- Free Access to Online Banking/Mobile Banking
- Free Standard Delivery Bill Pay
- You also have access to unlimited check writing
- Overdraft protection available
- Service Member Benefit – No Regions ATM fee on two ATM transactions at non-Regions ATMs per statement period if you provide your Military ID when opening a Regions checking account or any time afterward
Further perks of LifeGreen Student Checking accounts include:
- 30% discount on one Safe Deposit Box with an additional 10% discount for auto debit
- Relationship rates on most CDs (for customers who meet the Relationship requirements)
- You can also receive a discount on qualifying installment loans with payments auto debited from a Regions account
- In addition, you can also earn rewards through the Regions Cashback Rewards program with your Regions Visa CheckCard and Online Banking
62+ LifeGreen Checking
- For adults age 62+
- $25 Minimum Opening Deposit
- Monthly fee: $8 with online statements ($10 with paper statements)*
- Regions Visa CheckCard included
- Free Access to Online Banking/Mobile Banking
- Free Standard Delivery Bill Pay
- Unlimited check writing
- Overdraft protection available
- Service Member Benefit – No Regions ATM fee on two ATM transactions at non-Regions ATMs per statement period if you provide your Military ID when opening a Regions checking account or any time afterward
*Note: Monthly fee for LifeGreen 62+ Checking Accounts can be waived if you receive ACH direct deposits, such as a recurring payroll or government benefit deposit to your 62+ LifeGreen Checking account (at least one of $300 or more, or a combined amount of $1,000) or if you maintain at least a $1,500 average monthly balance.
Further perks of LifeGreen 62+ Checking accounts include:
- 50% discount on one Safe Deposit Box with an additional 10% discount for auto debit
- Relationship rates on most CDs (for customers who meet the Relationship requirements)
- You can also receive a discount on qualifying installment loans with payments auto debited from a Regions account
- In addition, you can also earn rewards through the Regions Cashback Rewards program with your Regions Visa CheckCard and Online Banking
LifeGreen eAccess Account
- For consumers who do most of their banking online
- $25 Minimum Opening Deposit
- Monthly fee: $8 with online statements*
- Check writing: No fee for first 3 checks processed, then $0.50 per check
- Regions Visa CheckCard included
- Free Access to Online Banking/Mobile Banking
- Free Standard Delivery Bill Pay
- Overdraft protection available
- Service Member Benefit – No Regions ATM fee on two ATM transactions at non-Regions ATMs per statement period if you provide your Military ID when opening a Regions checking account or any time afterward
*Note: Monthly fee on LifeGreen eAccess Accounts can be waived if you make at least 10 Regions CheckCard and/or credit card purchases.
Further perks of LifeGreen eAccess Checking accounts include:
- 30% discount on one Safe Deposit Box with an additional 10% discount for auto debit
- Relationship rates on most CDs (for customers who meet the Relationship requirements)
- You can also receive a discount on qualifying installment loans with payments auto debited from a Regions account
- In addition, you can also earn rewards through the Regions Cashback Rewards program with your Regions Visa CheckCard and Online Banking
Regions Savings Accounts
There are four options for Savings accounts at Regions Bank:
Regions LifeGreen Savings
- Savings account with no minimum balance and no monthly fee (if you have a Regions Checking Account), and offers you the opportunity to earn an annual savings bonus.
- Interest is compounded daily, paid monthly.
- Can earn 1% annual savings bonus up to $100.
- Furthermore, account can be used as overdraft protection.
- In addition, there is a $3 per withdrawal or transfer in excess of 3 per statement period.
Regions Savings
- Basic savings account with a low monthly fee and low opening deposit requirement.
- Can be linked to your Regions checking account for overdraft protection.
- $50 minimum opening deposit.
- Must maintain an minimum $300 daily balance to avoid monthly fee.
- Monthly fee: $5
- Furthermore, interest is compounded daily, paid monthly.
- In addition, there is a $3 per withdrawal or transfer in excess of 3 per statement period.
Savings for Minors
- Savings account for those who are 18 or younger.
- $5 minimum opening deposit.
- $0 monthly fee.
- No minimum balance requirement.
- Interest is compounded daily, paid monthly.
- In addition, there is a $3 per withdrawal or transfer in excess of 3 per statement period.
NOW Savings
- Account for Regions Now Cardholders.
- $10 minimum opening deposit and Regions Now Card.
- No minimum daily balance requirement.
- Monthly fee: $0
- Can be used as overdraft protection.
- Interest is compounded daily, paid monthly.
- Opportunity to earn a 1% annual savings bonus up to $100, if you set up monthly automated savings transfers from your Regions checking account.
- Can earn a $1.00 builder bonus each month you make at least a $5 deposit and have no withdrawals.
- $2 charge per paper statement requested.
- $3 per withdrawal or transfer in excess of 3 per statement period.
Certificates of Deposit
Regions offers two types of Certificates of Deposit:
- Regions CD
- A CD that will earn a competitive rate and provides a predictable return with minimal risk.
- $2,500 minimum opening deposit for CDs with terms 7-89 days and $500 for CDs with terms 90 days or longer.
- Terms: 7 days to 72 months.
- Rate is fixed for the term of the CD, but the Relationship Pricing Rates are subject to change if customer does not maintain relationship requirements.
- Interest is compounded daily and paid according to the terms of the CD: Monthly, quarterly, semi-annually, annually or at maturity. If the term is one year or more, the interest is credited to the account quarterly unless interest disbursements are set up. Interest disbursements allow you to have the interest that your Regions CD earns automatically transferred to Regions checking, savings, or money market account.
- In addition, this account is FDIC-Insured.
- Promotional CD
- For customers who qualify for Relationship Pricing Rates.
- $10,000 minimum opening deposit.
- Various terms available.
- Rate is fixed for the term of the CD, but the Relationship Pricing Rates are subject to change if customer does not maintain relationship requirements.
- Interest is compounded daily and paid according to the terms of the CD: Monthly, quarterly, semi-annually, annually or at maturity. If the term is one year or greater, the interest is credited to the account quarterly unless interest disbursements are set up. Interest disbursements allow you to have the interest that your Regions CD earns automatically transferred to Regions checking, savings, or money market account.
- In addition, this account is FDIC-Insured.
It should be notes that rates on most of Regions Bank’s CDs are relatively low compared to competitors. Terms of fewer than five years pay less than 0.50% APY.
Regions Money Market Accounts
Regions offers 2 types of Money Market Accounts:
- Money Market Account
- $100 minimum opening deposit.
- Daily balance required to avoid monthly fee: $2,500.
- Monthly Fee: $12.
- Interest is compounded daily, paid monthly.
- In addition, there is a $15 per withdrawal, transfer, or payment (including checks) in excess of 6 per statement period.
- Premium Money Market Account
- $100 minimum opening deposit.
- Daily balance required to avoid monthly fee: $15,000 OR have as well as maintain a LifeGreen Preferred Checking account.
- Monthly fee: $15.
- Interest is compounded daily, paid monthly.
- In addition, there is a $15 per withdrawal, transfer, or payment (including checks) in excess of 6 per statement period.
How Can I Deposit and Withdraw Money from A Regions Bank Account:
Depositing and withdrawing funds is convenient and easy at Regions Bank. Here are all the ways you can deposit and withdraw your money:
Deposits
- Direct deposits
- In-person at a branch
- Online transfers as well as mobile check deposit
- also by sending a check via mail
- in addition to wire transfers
- as well as at participating Regions ATMs
Withdrawals
- At branches or ATMs
- as well as Online transfer
- in addition to addressing a check to another one of your accounts
- also via wire transfers
- Debit card
Where Can I Find A List of Regions Bank Fees?
Regions fully discloses all of their account fees here.
Furthermore, it is important to note that account maintenance fees will vary based on the type of account.
But, the most notable charges on Regions accounts are:
Type |
Fee |
Using a Non-Regions ATM | $2.50 per transaction |
Overdraft Fee | $36.00 |
Stop Payment | $36.00 |
Zelle P2P Payment | $0.00 |
Returned Check | $15.00 |
Cashier’s Check | $8.00 |
Incoming Domestic Wire | $15.00 |
Outgoing Domestic Wire | $25.00 |
Outgoing ACH | $3.00 |
What Are The Benefits of Opening an Account with Regions?
- Easy access to funds in-person and online
- as well as a wide variety of products and services
- In addition, they have accessible customer service 24/7
- Low minimum deposit requirements for Checking and Savings
- Similarly, they have comparable rewards program to competitor banks
What Are The Disadvantages of Regions Bank Accounts?
- Low interest rates
- High fees
- Sometimes products can be confusing – especially when considering “relationship” and “promotional” account rates
- Only operates in 15 states
Furthermore, if you are more technologically inclined and would like the option to have a higher return on your investment than what Regions’ savings accounts offer, you may want to look into an Online Savings account, which may offer higher APY and better perks than saving with a traditional bank.
As of November 2022, here are some rates from competitors that you may want to check out:
- Aspiration Bank – 3.00% APY
- TAB Bank – 3.00% APY
- Citi Accelerate – 3.10% APY
- First Foundation Bank Online Savings – 3.60% APY
- Barclays Bank – 3.00% APY
- CIBC Bank – 3.27% APY
- Goldman Sachs – Marcus Account – 3.00% APY
- Synchrony Bank – 3.00% APY
- TIAA Bank – 0.80% APY
- Ally Bank – 0.75% APY
- Citizens Access – 0.75% APY
- Capital One 360 Performance Savings – 0.70% APY
- Discover – 0.70% APY
- American Express Personal Savings – 0.65% APY
- CIT Bank Savings Builder – 3.25% APY
- MySavingsDirect – 0.50% APY
- Vio Bank – 0.50% APY
- HSBC Direct – 0.05% APY
Is Regions Bank FDIC-Insured?
Yes! Regions Bank is a FDIC member. Therefore, any funds deposited into any of their accounts are insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. Above all, the FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open A Regions Bank Account ?
Opening a bank account with Regions can be completed quickly and easily online, or by visiting any one of their physical locations. In other words, whatever way would work best for you and your individual situation!
In order to open an account, you must meet the following criteria:
- Be a US Citizen
- Have a US residential address in one of their 15 operating states
- Be at least 18 years old (an adult will also need to be present for minor accounts)
- Have a Social Security number
Furthermore, you will also need to have access to the following personal details to complete the application:
For instance:
- Your employment information
- Driver’s license or state-issued ID
- Information about joint savings account owner (if you have one) – They will need to be present during account set up.
How To Access Your Regions Bank Account:
In Person: Visit one of their 1,400+ branches or ATMs. Use the Regions Bank Locator here.
Online: Access your account online by logging in with your username and password on their website: RegionsBank.com
Mobile Device: Bank on your phone/tablet through their mobile app.
Contact Regions Bank About Your Account:
Regions Bank Customer Service Hours:
- 6 a.m. CT to 7 p.m. CT – Monday through Friday
- Saturday from 8 a.m. CT to 2 p.m. CT
Mortgage Hours: 8:30 a.m. CT to 5 p.m. CT – Monday through Friday
Commercial Clients: 7 a.m. CT to 5 p.m. CT – Monday through Friday
- Phone:
- Regions Customer Service Center 1-800-734-4667
- Online Banking Customer Service 1-800-472-2265
- Visa CheckCard Customer Service 1-800-295-8472
- Regions Credit Card Customer Service 1-800-253-2265
- Lost or Stolen Regions CheckCard 1-800-295-8472
- Revolving Credit / Home Equity Line 1-800-231-7493
- Client Services / Business & Commercial 1-800-787-3905
- Activity Verification Alerts 1-866-226-1020
Mortgage
- Regions Mortgage Customer Service 1-800-986-2462
- Regions Mortgage Origination Center 1-877-536-3286
Report Fraud
- Fraud Hotline: 1-800-734-4667
- Mobile App:
- Download and use the smartphone app to connect with customer support.
- Social Media:
- Twitter: @askRegions
- Facebook: https://www.facebook.com/RegionsBank
- Above all: please note that Personal Account information should NEVER be shared publicly on Social Media.
Bottom Line
In conclusion, if you live in one of their states of operation, Regions is a viable option as they offer some perks and rewards that many of their competitors do not. In other words, it’s a traditional banking experience that has a twist of technology to make depositing and withdrawing your money as simple as you’d like it to be. However, their high fees and low interest rates (compared to online-only banks) may keep the more technologically-savvy consumers away.
Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
Regions – Bank Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐ 4 stars out of 5 stars
Additional Scores
- Bankrate’s Safe and Sound Rating: not rated
- BauerFinancial Star Rating: 5 out of 5 stars
- BankTracker Troubled Asset Ratio: 5.24
- FDIC: Actively insured
More about the rating system:
- BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, customer reviews, rating agency scores, profitability, and troubled asset ratio.
- Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.
About Regions Bank
Regions was founded in 1971 as First Alabama Bancshares after the merger of three Alabama banks: First National Bank of Montgomery, Exchange Security Bank of Birmingham and First National Bank of Huntsville. Furthermore, they provide retail banking and commercial banking, trust, stock brokerage and mortgage services. As of 2018, their revenue was estimated at $6.76 billion and total assets at $125.68 billion. Regions currently sponsors Regions Field, a Minor League Baseball stadium in Birmingham, Alabama, and The Tradition golf tournament. Regions is currently headquartered in the Regions Center in Birmingham, Alabama.