Regions Bank accounts pros and cons. Interest rates on checking, CDs, savings and money market accounts.

Are you having trouble deciding what checking or savings account you should open? Often times this is caused by too many choices and not enough information. If you are considering an account from Regions Bank then consider this review you first look at what these accounts have to offer. The most popular checking account at Regions is a LifeGreen® Checking account. Those who have used this checking account in the past know of the pros and cons and how each one impacts normal transaction and day to day spending. However, for someone who is looking to start with Regions Bank for the first time, there are some major pros and cons that need to be considered before you make your final decision.

Regions Bank Accounts Pros

  • You can save time and money with the convenient bank on the go mobile services.
  • Use their patented Online Banking with Bill Pay to set up automatic bill pays.
  • Rest at ease with fraud protection and secure mobile banking options.
  • Use your Regions Visa CheckCard and get rewarded you for purchases.
  • Help the environment by opting to go with online statements.
  • Convenient online transaction viewing and records.
  • Overdraft protection to guard against balance draws.
  • Mobile alerts and email messages to keep you informed.
  • Only $50 minimum deposit required to open an account.

Regions Bank Accounts Cons

  • Fees for keeping paper statements - $10 a month.
  • Base Account Fee - $8 a month.
  • Monthly fees only avoidable with a minimum direct deposit of at least $500 each month or a combined monthly deposit of $1,000.
  • Only certain purchases qualify for the rewards program.
  • Fees and other charges can change with little advanced notice.

Opening Regions LifeGreen Checking Account

There are three easy ways to apply for the LifeGreen® Checking account from Regions. You can apply online here, by phone at 1-800-REGIONS, or by visiting your local Regions bank branch. If you are looking for a simple and straightforward checking account that has minimal fees, then this is a great option for you. Be sure to ask the representative you speak with about other options and additions that can be added to your account to tailor it to fit your every financial need and want. If you are looking for a savings account, Regions also offers a wonderful savings account plan.

The LifeGreen Savings account is one of the popular options Regions offers for savings. When you get a LifeGreen Savings account from Regions, you have the opportunity to earn a lot of green. It is a nice additional account to have if you already have or are planning to get a Regions Checking account. Regions makes it easy to monitor your money, track your earned interest, and to save with their automated savings plan. This savings is great if you have an existing account because you can schedule monthly automated transfers that go from your checking right into your savings, so you never have to worry about forgetting to put aside for the future. The best part of the savings account plan at Regions? A LifeGreen Savings account comes free when you open up a LifeGreen checking account.

LifeGreen Savings with Regions will provide you with you peace of mind and a safe and secure place to hold your valuable savings. All deposits made into the savings account are FDIC insured up to the maximum amount that is authorized by law. When you set up the monthly automatic transfer from your checking into your savings, the transfer needs to be for least $10 each month for the entire year. If you satisfy this requirement, you will earn a 1% annual savings bonus that is deposited into your account at the end of the year. The maximum amount of the annual savings bonus is capped at $100.  Additionally, the LifeGreen Savings account needs to be active and open on the date that the bonus is paid in order to receive the bonus as it can only be deposited into the savings account – it cannot be given any other way.

Regions LifeGreen Checking Minimum Deposit

There is a minimum opening deposit required to start a LifeGreen Savings with Regions, which is set at $52 if you have the automatic monthly transfer set up to link to your LifeGreen Savings. Otherwise the minimal deposit needed is $50. Your account balance earns interest which is added to your account. Interest is compounded daily and paid monthly on the collected balance.

Statements

You have several options available when it comes to getting your statements. Statements are delivered monthly if the account has had any electronic debit activity or if there have been any online transfers; otherwise statements are sent out quarterly. There is a small fee for paper statements and online statements are free. You can access your account information and transaction history any time online.

Continue Reading