Predominantly servicing customers in the southeastern U.S., Regions Bank started in 1971 in Birmingham, Alabama and has grown to 1,454 branches across 16 states and 8.9 million customers since the company’s inception.
Regions Bank offers a wide variety of financial products, all of which have varying degrees of usefulness. While Regions’ CD rates might seem in line with the industry standard at first glance, its promotional rates are well above what you can expect to get at a traditional bank. Regions money market rates, on the other hand, are towards the bottom range of what you might be able to find at other traditional banks in the area.
Customers living in the southwestern U.S. will want to take a look at all products offered by Regions Bank to see if the company is a good fit for their needs.
How Regions Bank Stacks Up
- Great promotional CD rates
- Low home equity loan rates
- Only services the southwestern region of the U.S.
- Lower money market rates
What’s Interesting About Regions Bank
Regions Bank offers some great benefits and rates on their specialty products. Region’s CD rates and Region’s loan rates for home equity loans are fantastic and well ahead of the industry average. Rates for the company’s other specialty products are not publicly posted and require an application to see your personal rate.
Things to Consider
If you don’t live in the southeastern part of the country, Regions Bank might not be not a great fit, as getting to a branch location will be a bit of a haul. For those living in the southeastern region of the U.S., expect an enhanced experience from a bank catering to customers living in your area.
While the company had plenty of competitive rates and benefits across the board, the Regions money market rates is a bit disappointing. When selecting a bank, though, make sure you’re looking at the whole picture to make the best decision for you and your family.
Checking and Savings Accounts
When opening an account at Regions Bank, you’ll have plenty of different options based on what you’re looking for and what criteria you meet. The bank has options for students, seniors, businesses and several options available to most individuals who meet the basic bank-wide qualifications. Unfortunately, the rates on checking and savings accounts are toward the bottom of the range of what you can expect from other traditional banks. This can be common with smaller regional banks, and the trade-off is often a more intimate and personalized banking experience.
Money Market Accounts
While Regions money market rates seem to vary by location, most came in well below the industry average. Additionally, while the company website denotes different account balance tiers, in most locations, the interest rate is the same for each. It would be nice to see at least some perks for carrying higher account balances considering what the bank’s rates are in comparison to the traditional banking industry.
Depending on the selected term length, Regions CD rates fall both above and below the industry standard. What is interesting is that rates for 3- to 5-month CDs tend to be considerably higher than many of the longer-term tiers. The real shining moment for Regions Bank, though, is the promotional CD rates it offers. These rates dwarf the industry average for traditional banks and even graze close to competitiveness with online only banks.
Regions Bank has five different credit cards you can choose from, all of which are Visas. The majority of the cards start with 12 to 15 months of interest-free purchases and then fall in line with the industry average. Your annual percentage rate (APR) will vary based on several factors including your creditworthiness. Most cards offer a cash back reward that can be converted to cash or used to spend on travel or merchandise.
While personal loans are offered, Regions loan rates are not published. In order to get a rate quote, you will need to submit an application through a branch location or the company’s website. Personal loan options include secured installment loans, deposit secured loans and unsecured online loans. Secured loan amounts span from $5,000 to $300,000, deposit-secured loans span from $250 to 100% of the balance in your collateral accounts and unsecured loans span from $2,000 to $50,000.
Regions Bank does offer several mortgage loan options, including fixed-rate mortgages, adjustable-rate mortgages, FHA fixed-rate loans, VA fixed-rate loans and additional first-time home buyer options. Rates are not publicly posted, as the company requires an application before quoting a rate. When you do receive your quote, Regions Bank will allow you to lock that rate in for a period of 15, 30, 45 or 60 days. The company allows buyers to lock in the rate during the loan application process, during processing or at loan approval (prior to closing).
For those looking to make adjustments to an existing loan, you’ll have the ability to do so through the company’s refinancing programs. Reasons for requesting this might be to snag a lower interest rate, pay off your house sooner or cash in on some equity in your home. Again, Regions loan rates are not publicly posted and do require an application that can be completed online or at a local branch location.
Home Equity Loans and HELOCs
While the company may be reserved about posting rates on other accounts, the bank is forward about the available rates for home equity loans. Regions loan rates for home equity loans are some of the best in the industry. The current industry average for all home equity loans — including HELOCs — is around 5.5%. At Regions, rates start around 3.75% dependent upon creditworthiness and qualification. Some banks offer similar rates, but only for promotional periods of usually 12 or 15 months. At Regions, if you qualify, this is for the life of the loan. If you’re looking to remodel or cash in on some of the equity you’ve built into your home, Regions Bank should be considered as a potential contender for your business.
Customers looking to purchase a new or used car will be able to secure financing through Regions Bank. Rates will vary based on your credit and other factors, so industry comparison can be somewhat tricky. That being said, the company does post their lowest potential rate, which would be a good rate for those with good to poor credit, but it may be higher than what those with great credit (720+) would be able to find elsewhere.
One other interesting takeaway for Regions Bank is the company’s partnership with the car-buying service Carvana. If you’re looking to wrap the buying experience and the loan experience into one convenient transaction online, make sure you check out Regions Bank.
The Final Word
For those living in the southwestern U.S., Regions Bank could be a great option depending on what you’re looking to do with your money. If you’re looking for a basic savings, checking or money market account, you may have better luck with another bank offering higher interest rates. If you’re looking for CDs, home equity loans or any of the other specialty products offered, you may be a big fan of Regions.