Introduction
All over the South and Midwest, where it operates, Regions Bank has earned a stellar reputation among its customers. It stands out because of its substantial relationship advantages, excellent customer service, and wide range of flexible account options. Customers in the South and Midwest are less concerned with earning a high-interest rate and more interested in making rewards on their checking and savings accounts. We recommend reading our comprehensive Regions Bank Roth IRA review to understand what Regions Bank offers.
Regions Bank Savings Accounts Review
There are now four different types of savings accounts available with Regions Bank.
Regions LifeGreen Savings
The LifeGreen® Savings account from Regions Bank review is a checking account that doesn't charge monthly fees and doesn't mandate a minimum balance. A low APY is typical of traditional banks. Thus this one isn't an outlier. However, consumers who establish regular transfers to this savings account are eligible for a yearly savings bonus.
Regions Savings
A low annual percentage yield and a monthly fee are associated with the Regions Savings account. However, the cost can be waived under certain circumstances. The only actual benefit is a price reduction on a safe deposit box. Unless you find that attractive, you should choose another account type or Bank.
Regions Savings for Minors
Comparable to the Regions Savings account for adults, Regions offers a savings account for minors called Regions Savings for Minors. However, it is aimed at younger audiences (those under 18). There is no minimum amount or monthly fee (but you will need $5 to start the account).
Regions Now Savings
Customers need a Regions Now prepaid Visa card to open a Regions Now Savings account. This is the finest Regions Bank savings account option, so if you have one or are thinking about opening one, this is the one to go with. Both the monthly charge and minimum balance are waived. Despite the low APY, bonuses are available for saving and building your account every month.
How Regions Stands Out
Regions Bank's greatest asset is its services' breadth and depth. Since Regions Bank provides its customers with a wide variety of banking options, it can serve as a one-stop shop for their financial needs.
Regions Bank vs Competition
Although a small bank, Regions Bank's product selection is competitive with much larger banks. Read on to see how Regions Bank compares to other major financial institutions in the United States.
Regions Bank vs Wells Fargo
Wells Fargo's banking account costs are slightly lower than its competitors and boast a generous rewards program. Regions Bank offers a wider variety of services than rival bank Wells Fargo.
Regions Bank vs Bank of America
Financial counselors are available at Regions Bank and Bank of America, although Merrill Lynch is far more well-known. Merrill Edge is a commission-free trading platform where you can engage with a financial advisor or handle your investments. The variety of accounts available from Regions Bank is more than that of Bank of America, which only offers one type of money market account.
Regions Bank vs Chase Bank
When comparing Chase Bank with Regions Bank, the latter's branch network is outmatched by Chase's 4,700 locations in every state. The Bank provides customers with rewards credit cards affiliated with well-known companies, including Southwest Airlines and Marriott. Compared to Chase, Regions Bank provides incentives, including annual savings bonuses and checking account awards.
The Credibility Of Regions Bank And BBB Rating
As a result of regulatory action taken by the government, the Better Business Bureau has given Regions Bank a B+ rating. But even if a company has an A+ rating with the BBB, that doesn't guarantee a problem-free experience working with them. To learn more about the organization, check out what other people have said online or talk to existing members. There is currently one public controversy involving Regions Bank. In 2022, Regions Bank paid a total of $191 million to settle a lawsuit filed by the CFPB that claimed the Bank unfairly assessed overdraft fees to consumers following certain ATM withdrawals and debit card purchases.
Conclusion
In this article, we highlight Regions Bank credit card review as the premier regional Bank in the South. This is a fantastic choice if you want a bank with a wide range of accounts and a sizable branch network. If a high loan rate and no monthly maintenance fees are priorities, you may do better with a different financial institution. Overall, the prices are also steep. Eighty percent of its deposits are found in Alabama, Florida, Louisiana, Arkansas, Mississippi, and Tennessee, all of which have long-established regions. If you call one of these states home and are in the market for a comprehensive bank with both online and branch options, give Regions some thought.
