Yes, you can open a savings account online at Regions Bank
Regions Bank allows you to open a savings account entirely online through their website or mobile app. You do not need to visit a branch. The process takes about 10 to 15 minutes and requires basic personal information, a valid ID, and a way to fund the account.
The main savings products available online are the Regions Basic Savings Account and the Regions Premium Money Market Account. Both can be opened from your computer or phone, and both are FDIC-insured up to $250,000 per depositor.
Key Takeaways
- You can complete the entire account opening process online without visiting a branch, using a computer or the Regions mobile app.
- You will need a valid government-issued ID, your Social Security number, and an initial deposit to open an account.
- Regions offers multiple savings products online, including basic savings and money market accounts, each with different interest rates and minimum balance requirements.
- Once your account is open, you can manage it online, set up automatic transfers, and link it to external accounts for moving money in and out.
What you need before you start
Have these items ready before you begin the online application: a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, your date of birth, and your current address. Regions will verify this information during the signup process.
You will also need a way to fund the account. You can link an external bank account and transfer money from it, or you can deposit a check using mobile deposit once your account is active. Some customers also use a debit card to make an initial deposit, though this may carry a fee depending on the card issuer.
The online signup process step by step
Go to the Regions Bank website or open the Regions mobile app and select "Open an Account." Choose the type of savings account you want—Basic Savings or Premium Money Market—and click to begin. The system will ask for your personal information: name, address, phone number, email, date of birth, and Social Security number.
Next, Regions will verify your identity. This usually happens instantly through an automated check against public records. If the system cannot verify you automatically, you may be asked to upload a photo of your ID or answer security questions based on your credit history.
Once verified, you will set up login credentials (username and password) and choose your security options, such as a PIN or security questions. Then you will review the account terms and disclosures, including the deposit account agreement and fee schedule. Read these carefully—they explain monthly fees, minimum balance requirements, and what happens if your balance falls below the minimum.
Finally, you will link a funding source. If you have another bank account, provide the routing number and account number to transfer money in. If you do not have another account linked yet, you can deposit a check by mobile deposit after your account opens, or wait to fund it later.
Account types and their requirements
Regions Basic Savings Account is designed for everyday savers. It typically has no minimum opening deposit, though Regions may require a small initial deposit (often $25 or less). There is usually a monthly maintenance fee unless you meet certain conditions, such as maintaining a minimum daily balance or setting up direct deposit.
Regions Premium Money Market Account offers higher interest rates but usually requires a higher minimum balance to open and to avoid fees. This account is better suited for people who have more money to deposit and want to earn more interest. The exact minimum balance and interest rate change based on market conditions and your account tier.
Interest rates on both accounts vary and are not fixed—Regions adjusts them periodically. Check the current rates on their website before opening, as they determine how much your money will earn over time.
Funding your account and moving money
Once your account is open, you have several ways to add money. The fastest is usually a transfer from another bank account you own. Link the external account during signup or afterward in your online banking settings, then initiate a transfer. This typically takes one to three business days to complete.
You can also deposit checks using the Regions mobile app. Take a photo of the front and back of the check, enter the amount, and submit it through the app. The check will usually be credited within one to two business days.
If you receive a paycheck, you can set up direct deposit to your new Regions savings account. Ask your employer's payroll department for the Regions routing number and your new account number, and they can deposit your pay directly.
To move money out, you can transfer it back to an external account, withdraw cash at a Regions ATM or branch, or use a debit card if your savings account comes with one (not all do).
Fees and minimum balance requirements
Regions charges a monthly maintenance fee on most savings accounts unless you meet certain conditions. Common ways to avoid the fee include maintaining a minimum daily balance (often $300 to $500, depending on the account type), setting up direct deposit, or maintaining a linked checking account with Regions.
Other fees you may encounter include overdraft fees if you try to withdraw more than your balance, fees for excessive transfers (federal law limits certain types of transfers to six per month), and fees charged by other banks' ATMs if you use an out-of-network machine.
Check Regions' current fee schedule on their website or ask during signup. Fees change occasionally, so it is worth reviewing them once a year to make sure your account still fits your needs.
Security and fraud protection
Regions uses encryption and multi-factor authentication to protect your account when you log in online. You can set up additional security options such as a PIN, security questions, or alerts that notify you of account activity.
Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account owner per bank. This means if Regions fails, your money is protected up to that limit. If you have multiple accounts at Regions (such as a checking and savings account), they are insured separately.
If you notice unauthorized transactions or suspect fraud, contact Regions immediately through their website, mobile app, or by calling the number on the back of your debit card. Report the issue as soon as possible—the sooner you report it, the better your protection under federal law.
Frequently Asked Questions
How long does it take to open an account online?
The application usually takes 10 to 15 minutes. Identity verification happens instantly in most cases. Your account is typically active within the same day, though you may need to wait one to three business days for linked transfers to complete before you can use the full balance.
Can I open a savings account online if I do not have another bank account?
Yes. You do not need an existing bank account to open a Regions savings account online. However, you will need a way to make an initial deposit. You can deposit a check by mobile deposit after your account opens, or ask a friend or family member to transfer money to your new account.
What if I cannot verify my identity online?
If the automated verification fails, Regions will ask you to upload a photo of your ID or answer security questions. If you still cannot verify online, you may need to visit a branch in person with your ID to complete the account opening.
Can I open a savings account online if I am not a Regions customer yet?
Yes. You do not need to be an existing Regions customer. The online process is open to anyone who meets Regions' requirements, which typically include being at least 18 years old and a U.S. resident with a valid Social Security number.
What happens if I do not meet the minimum balance requirement?
If your balance falls below the minimum, Regions will charge a monthly maintenance fee. You can avoid this by bringing your balance back up, switching to an account with no minimum, or meeting one of the other fee-waiver conditions, such as setting up direct deposit.