Regions Bank does not currently offer a dedicated high yield savings account

Regions Bank's standard savings accounts earn interest rates well below what you can find elsewhere. As of now, Regions does not market a high yield savings product. Their regular savings accounts typically earn rates in the range of 0.01% to 0.05% annually, depending on your balance and account type — far lower than online banks and credit unions that routinely offer 4% to 5% on savings.

If you bank with Regions and want better returns on money you are not spending immediately, you have two paths: move your savings to another institution, or look at what Regions does offer that might work for your situation.

Key Takeaways

  • Regions Bank's savings accounts earn 0.01% to 0.05% annually, which means a $10,000 deposit earns roughly $1 to $5 per year.
  • Online banks and some credit unions offer savings rates between 4% and 5%, earning $400 to $500 annually on the same $10,000.
  • Regions offers money market accounts as an alternative, though these also carry low rates and typically require higher minimum balances.
  • You can keep a checking account with Regions for convenience while moving savings to a separate institution that pays competitive rates.
  • Regions CDs (certificates of deposit) may offer slightly better rates than savings accounts, but lock your money away for a set term.

How Regions' savings accounts compare to high yield options

The gap between Regions and high yield savings accounts is substantial. A high yield savings account at an online bank like Marcus, Ally, or American Express Personal Savings currently pays around 4.5% annually. On $10,000, that is roughly $450 per year. The same $10,000 in a Regions savings account earns $1 to $5 per year.

This difference compounds over time. After five years, $10,000 earning 0.05% at Regions grows to about $10,002.50. The same amount at 4.5% grows to approximately $12,387. You lose more than $2,300 in potential earnings by staying with Regions' savings product.

Regions' rates are low because they are a traditional brick-and-mortar bank with physical branches, staff, and overhead. Online banks have lower costs and pass some of that savings to depositors through higher rates. If you value in-person banking, that convenience costs you money.

Money market accounts at Regions as an alternative

Regions does offer money market accounts, which function as a middle ground between savings and checking. These accounts typically come with a debit card and check-writing privileges, but require a higher minimum balance to open — often $2,500 or more depending on the specific product.

The catch: Regions money market rates are also low, usually only slightly higher than their savings accounts. You may earn 0.05% to 0.10% annually, which still leaves you far behind high yield options. The higher minimum balance requirement means you are locking up more money for minimal additional return.

Money market accounts make sense if you need frequent access to your money and want some checking features. They do not make sense if your goal is to earn meaningful interest. For that, you need to look outside Regions.

Certificates of deposit at Regions

Regions offers CDs in various terms: 3 months, 6 months, 1 year, 2 years, 3 years, and longer. CD rates are higher than savings accounts because you agree to leave your money untouched for the full term. If you withdraw early, you pay a penalty.

Current Regions CD rates vary by term length, but typically range from 0.10% to 1.5% annually depending on how long you lock your money away. A 5-year CD might pay around 1.5%, while a 3-month CD might pay 0.10%. These rates change frequently and vary by location.

CDs work if you have money you genuinely will not need for a specific period and want a may provide rate. They do not work if you might need the money sooner, because the early withdrawal penalty can wipe out your interest earnings. Before opening a Regions CD, compare the rate to what online banks offer — many online banks pay 4% to 5% on CDs as well, with no branch requirement.

When it makes sense to keep money at Regions

You might keep a savings account at Regions if you use their checking account for daily banking and want everything in one place for simplicity. The low interest rate is the trade-off for convenience. If you are only parking money there temporarily — a few weeks or months — the difference in interest is negligible.

Regions also makes sense if you need frequent access to cash through their ATM network or branches. Some people value the ability to walk into a physical location, and that convenience has a cost. If you are willing to accept lower returns in exchange for that service, that is a valid choice.

However, if you are trying to build savings and earn returns on money you will not touch for months or years, keeping it at Regions is expensive. Moving that money to a high yield savings account at an online bank costs nothing and takes a few days.

How to move savings to a higher-rate account

Opening a high yield savings account at another bank is straightforward. You provide your name, address, Social Security number, and initial deposit amount. Most online banks let you fund the account by linking your Regions checking account and transferring money electronically.

The transfer typically takes one to three business days. You can keep your Regions checking account open for daily spending and bill payments while your savings sit elsewhere earning real interest. Many people do exactly this — they use a traditional bank for checking and a separate online bank for savings.

You will receive a 1099-INT form from the new bank each January if you earn more than $10 in interest during the year. Report this interest on your tax return. That is the only extra paperwork involved.

Frequently Asked Questions

Does Regions offer any account that earns more than 0.05% interest?

Regions CDs earn higher rates than savings accounts — typically 0.10% to 1.5% depending on the term — but your money is locked away for a set period. Money market accounts earn slightly more than savings but still under 0.10%. Neither comes close to high yield savings rates at online banks.

Can I open a high yield savings account online without visiting a branch?

Yes. Online banks like Marcus, Ally, American Express Personal Savings, and others let you open an account entirely online. You provide identification and link a bank account for the initial deposit. The whole process takes 10 to 15 minutes.

Will moving my savings to another bank affect my Regions checking account?

No. You can keep your Regions checking account open and active while moving savings elsewhere. The two accounts are separate. Many people maintain checking at a traditional bank and savings at an online bank for this reason.

What if I need my money back quickly from a high yield savings account?

High yield savings accounts have no withdrawal penalties or lock-in periods. You can move money back to your Regions checking account in one to three business days. The trade-off is that you cannot write checks directly from the savings account — you transfer money first, then spend it.

How often do high yield savings rates change?

Banks adjust savings rates frequently, sometimes weekly, based on Federal Reserve policy and competition. Rates have been higher in recent years but can drop if the Fed lowers interest rates. Lock in current rates by opening an account now if the rate appeals to you, but understand that rates may change after you open.