[📌 Update July 2022 – Regions Bank Relationship CDs remain uncompetitive at this time, however, they have been adding some “Promotional” Relationship CDs to their deposit suite that now offer better yields. See all rates below.]
Regions Bank, headquartered in Alabama, is a sizable full-service financial institution serving customers across 15 U.S. states.
Although it is geographically limited, it is still the 23rd largest bank in the country by asset size.
Regions Bank is also a member of the S&P 500 with its $129 + billion in assets. This traditional, regional bank is available to anyone that lives in the following states:
- North Carolina,
- South Carolina,
- Tennessee, or
Those that qualify for membership may choose to bank in-person at a branch, or digitally by enrolling in online banking.
Checking, savings, money market, and CD accounts are eligible for online banking.
Find out all there is to know below—from savings rates to disclosures—and what its members have to say about banking with Regions.
Regions Bank CD Rates + Account Details
Regions Bank offers “Relationship Rates” and Promotional Relationship Rates.” Their Relationship Rate CDs are not competitive at this time, however, their Promotional Relationship CDs are starting to nudge upwards.
For exact rates being offered near you, you’ll need to search the Regions CD rate search tool. But here’s what you can most likely expect:
CD Rates Promotional Relationship
To qualify for a Promotional Relationship CD with Regions Bank, you must open your account with at least $10,000 and have and maintain a Regions checking account.
CD Rates Relationship
A minimum deposit of $2,500 is required for terms of 7 – 89 days and a minimum deposit of $500 is required for all other terms.
|Less than 1 month||0.01%|
|1 – 2 months||0.01%|
|3 – 5 months||0.01%|
|6 – 8 months||0.03%|
|10 – 11 months||0.03%|
|12 – 17 months||0.03%|
|18 – 23 months||0.05%|
|24 – 35 months||0.05%|
|36 – 47 months||0.05%|
|48 – 59 months||0.05%|
|60 – 72 months||0.05%|
As you can see, there are plenty of CD terms to choose from at Regions Bank but the rates offered are very low unless you opt for a promotional CD. To give the offers (above) a little more context, the national average for 12 month and 60 month CDs sits at roughly 0.31% and 0.57% APY, respectively, according to FDIC data.
Compounding and Crediting Interest
Interest is compounded daily and paid monthly, quarterly, semi-annually, annually, or at maturity, depending on your term. If a certificate is 1 year or more, interest is credited quarterly back into it unless you’ve asked for these payments to be disbursed to another checking or savings account in which case you may choose the disbursement frequency.
Grace Period and Early Withdrawal Penalties
The grace period on a Regions Bank Time Deposit account is 10 days and early withdrawal fees will come with the following charges/fees:
- For terms of 31 days or less, you will be charged all the interest your account would have earned;
- for terms of 32 – 181 days, you will be charged 31 days’ interest;
- for terms of 182 – 364 days, you will be charged 90 days’ interest;
- and for terms of 365 or more, you will be charged 182 days’ interest.
Regions Savings Accounts + Money Market Account Details
All of Regions deposit accounts (both fixed rate and variable) are FDIC insured up to the legal limit of $250,000.
For a savings account option, you can choose from the LifeGreen account, the Regions Savings account, and the Now Savings account, but beware they are all providing a lower than average APY currently.
|Account Name||Min Deposit||Balance to Avoid Fees||APY|
Average savings account rates sit at roughly 0.10% APY nationally to give these offers some context.
Although the accounts pay practically nothing in interest, there are at least no maintenance fees (if you have a Regions checking account) and no minimum balance requirements to avoid closures or fees. This could make an account worthwhile, despite the low rates.
LifeGreen Savings Account Details
You’ll need to search rates by area to be sure what Regions Bank is offering in your location, but across several zip codes, 0.01% is what you’ll get on a LifeGreen Savings account regardless of your balance.
Now for some good news. This account also comes with a 1% annual savings bonus of up to $100. To nab this bonus rate, you’ll have to set up automatic monthly transfers of $10 or more from your Regions LifeGreen checking account into your savings account.
Regions Savings Account Details
A Regions Savings won’t do you any better in earnings as it also pays a rate of 0.01%. This account requires a minimum opening deposit of $50 and an average daily balance of $300. If your balance is below this, you’ll be charged a monthly low balance fee of $5. A Regions Savings account does not pay a savings bonus.
Regions Now Savings Account Details
Finally, there is the Regions Now Savings account, and this has an APY of—you guessed it—0.01%, but it’s a little more flexible than the last one. Requiring a minimum opening deposit of $10 and absent maintenance fees, this account is fairly easy to get. The only account opening requirement is that you have a Regions Now Card, a reloadable Visa Prepaid Card.
Although you don’t need a Regions checking account to open a Now savings account, this savings account also comes with a 1% annual savings bonus of up to $100 if you set up monthly transfers from a checking account. And for every month that you make a deposit of at least $5 into this and don’t make any withdrawals, you’ll get a $1 bonus. A Now savings account is the only savings account mentioned so far that will always earn the same rate across all balances.
Dividends on all Regions savings accounts are compounded daily and paid monthly. Excessive withdrawals outside of the federally-enforced limit of 6 will cost you $3 each.
Regions Bank Money Market Account Details
If you’re looking for an alternative or addition to these standard savings accounts, Regions Bank also offers Money Market Accounts and Premium Money Market Accounts. Right now, MMAs are earning 0.09% nationally and 0.01% at Regions Bank. Be on the lookout for promotional rates, but this is it for now. The only thing that this account does that a savings account doesn’t is provide you with the ability to write checks.
You can open either type of MMA with a deposit of $100, but a Money Market Account requires a minimum average daily balance of only $2,500 to avoid a $12 monthly maintenance fee while the Premium MMA requires $15,000 or a LifeGreen Preferred checking account (an interest-bearing checking account with high balance requirements) to avoid a $15 monthly maintenance fee. Excessive withdrawal from a money market account will cost you $15 a piece.
Regions Bank Fee Schedule
Depending on which actions you take with your Regions Bank account and how you move your money about, you may encounter fees from time to time.
Below is a complete list of potential fees and account limitations you may come across:
|Domestic Wire (inbound)||$15|
|Domestic Wire (outbound)||$30|
|Insufficient Funds Fee||$36|
|Monthly Service Charge||$12|
|Is the Monthly Service Charge Avoidable?||Yes|
|Permitted Monthly Withdrawals||6|
|Max Number of Checks per Month||6|
|Online Bill Pay||Yes|
Banking Experience and Customer Sentiment
When you bank with Regions, you’ll have access to over 1,900 ATMs in the bank’s cross-state service area and branches. There are around 1,400 branch locations in 15 states, and you can use the site’s locator to see if there’s an ATM or branch location near you. Keep in mind that Regions will not reimburse out-of-network ATM charges.
Regions Bank users are mostly content with what this institution brings to the table. Out of 1,800 customer reviews left on WalletHub, Regions Bank pulled 4 stars, suggesting that the bank might provide a better banking experience than it does opportunities for significant savings growth.
It should be noted that the recently-updated Regions Bank website is rather poor. Though mostly comprehensive, the site is difficult to use and makes tracking down information excessively tedious. You’ll need to perform individual searches for rates on all accounts in your area and even important information such as ACH transfer limits, which aren’t listed because they “may vary by account.” Both sending and receiving daily and rolling transfer limits are determined on an individual basis, so you won’t know what yours are until you contact support at 1-800-472-2265 (the number for online banking support).
Regions Bank customer service can be reached in a variety of ways. The live chat feature on the bank’s website offers quick response times for simple questions, but a call to the customer service center at 1-800-734-4667 can also get you the help you need. If you have questions about Regions credit cards, mortgages, or loans, find the extension devoted to your inquiry topic. Tweet @askRegions to get support via social media or send a secure email through this form.