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 separate high yield savings product. Their regular savings accounts typically earn rates in the range of 0.01% to 0.05% annual percentage yield (APY), depending on your balance and account type. If you are banking with Regions primarily for checking and bill pay, that is fine — but if you are looking to earn meaningful interest on money you are not spending, you will need to look outside Regions.
The gap between Regions' rates and what online banks offer is substantial. Online savings accounts regularly offer APY rates between 4% and 5%, meaning the same $10,000 would earn roughly $400 to $500 per year instead of $1 to $5. That difference compounds over time, especially if you are saving for a specific goal or building an emergency fund.
Key Takeaways
- Regions Bank's savings accounts earn 0.01% to 0.05% APY, which is significantly lower than high yield options available elsewhere.
- Regions does not offer a separate high yield savings product, so you cannot earn competitive rates by staying within the bank.
- Online banks and some credit unions offer savings accounts with rates four to five times higher than Regions' standard accounts.
- You can keep your Regions checking account for everyday banking while opening a high yield savings account at another institution for your savings goals.
Why Regions' rates are lower than online banks
Regions operates a large network of physical branches across the Southeast and Midwest, which costs money to maintain. Tellers, building leases, and branch operations are expenses that online-only banks do not carry. Those banks pass the savings on to customers through higher interest rates on deposits. Regions has chosen to prioritize branch access and in-person service over competitive deposit rates.
This is a straightforward trade-off: you pay for convenience and local access by earning less on your savings. If you rarely visit a branch and do most of your banking online anyway, that trade-off works against you.
What Regions savings accounts actually offer
Regions' main savings product is their basic savings account, sometimes called a regular savings account. It requires a minimum opening deposit (typically $100 to $500, depending on the account type) and charges a monthly maintenance fee if your balance falls below a threshold. The fee is usually $5 to $10 per month. Interest accrues daily but is compounded and credited monthly.
Regions also offers money market accounts, which sometimes carry slightly higher rates than savings accounts but still fall short of what online institutions provide. Money market accounts often require higher minimum balances — sometimes $2,500 or more — and may limit the number of withdrawals you can make per month.
How to find a high yield savings account outside Regions
You do not need to close your Regions checking account to open a high yield savings account elsewhere. Many people keep a checking account at a traditional bank for bill pay and debit card use, then maintain a separate savings account at an online bank for their emergency fund or savings goals. The two accounts can work together.
When comparing high yield savings accounts, look at the current APY rate, any monthly fees, minimum balance requirements, and how easy it is to transfer money between institutions. Most online banks allow free transfers via ACH (Automated Clearing House), which typically take one to three business days. Some also offer same-day or next-day transfers for a small fee.
Read the account terms carefully. Some banks offer promotional rates that expire after a few months, dropping to a lower rate afterward. Others maintain their advertised rate for all customers. The difference between a promotional rate and a permanent rate can be significant over time.
Moving money between Regions and another bank
Once you open a high yield savings account elsewhere, you can link it to your Regions account and transfer money between them. Log into your Regions online banking portal and look for the option to add an external account. You will need the routing number and account number of your new savings account. Regions will verify the account by making two small test deposits (usually under $1 each), which you then confirm in your new bank's system.
After verification, transfers typically process within one to three business days. Some online banks offer faster transfers for an additional fee, but standard ACH transfers are free. You can set up recurring transfers if you want to move money automatically each payday or on a set date each month.
Alternatives if you want to stay with Regions
If you prefer to keep all your accounts in one place, Regions does offer certificates of deposit (CDs). A CD locks your money away for a set term — usually three months to five years — in exchange for a may provide interest rate. Rates on Regions CDs are higher than their savings accounts but still typically lower than high yield savings accounts at online banks. The trade-off is that you cannot access the money without paying an early withdrawal penalty.
CDs make sense if you have money you genuinely will not need for a specific period. If you need access to your savings for emergencies, a high yield savings account outside Regions is the better choice.
Frequently Asked Questions
Can I earn interest on my Regions checking account?
Most Regions checking accounts earn little to no interest. Some premium checking products may offer a small rate, but it will still be far below what a high yield savings account provides. Check your specific account terms or call Regions to confirm.
Will opening an account at another bank affect my Regions account?
No. Opening a savings account elsewhere does not change your Regions checking account or any other services you use there. You can maintain both accounts independently.
How long does it take to transfer money from Regions to a new savings account?
Standard ACH transfers take one to three business days. Some online banks offer expedited transfers that arrive the same day or next day, usually for a fee of $1 to $3.
What if I need to withdraw money from a high yield savings account quickly?
High yield savings accounts allow unlimited withdrawals, though some banks limit the number of transfers per month. You can always visit a branch or ATM to withdraw cash, or transfer money back to your Regions checking account for immediate access.
Are high yield savings accounts at online banks safe?
Online banks that are FDIC-insured protect your deposits up to $250,000 per account, the same as Regions. Check that any bank you choose displays FDIC insurance information on their website before you open an account.