Regions Bank does not currently offer a high yield savings account
Regions Bank's standard savings account earns interest, but the rate is substantially lower than what you will find at online banks or credit unions that specialise in high yield products. As of now, Regions does not market a separate high yield savings product under that name or any other branded variant designed to compete on rate.
The bank's savings accounts are structured around convenience and branch access rather than interest earnings. If your primary goal is to earn the highest possible return on money you are setting aside, Regions' standard offerings will not be competitive. You would need to look elsewhere or understand what Regions does offer and whether the trade-offs make sense for your situation.
Key Takeaways
- Regions Bank's savings accounts pay rates well below what online banks and credit unions offer for high yield savings.
- Regions' advantage is branch access and integration with checking accounts, not interest rate.
- Money Market Accounts at Regions may offer slightly higher rates than savings, but still lag behind dedicated high yield products.
- If earning maximum interest is your goal, you will need to move funds to a different institution or use a separate high yield account alongside a Regions checking account.
What Regions Bank savings accounts actually earn
Regions offers a basic savings account that earns interest, but the rate varies by account type and changes with market conditions. The bank does not publish a single standard rate across all branches or online—rates depend on your location, your relationship with the bank, and sometimes the balance you maintain.
Historically, Regions' savings rates have ranged from near zero to around 0.01% to 0.05% annual percentage yield (APY), depending on the account and the time period. Online banks and credit unions routinely offer 4% to 5% APY on high yield savings accounts. The difference between 0.05% and 4.5% on a $10,000 balance is roughly $450 per year in lost earnings.
To see the current rate on a Regions savings account, you would need to contact a local branch, call their customer service line, or check their website. Rates change frequently and are not always displayed prominently online.
Money Market Accounts as a partial alternative
Regions does offer Money Market Accounts, which sometimes pay slightly higher rates than standard savings. These accounts typically require a higher minimum balance—often $2,500 or more—and may impose limits on how many withdrawals you can make per month.
Even with the higher rate tier, a Regions Money Market Account is unlikely to match what you would earn at an online high yield savings account. The trade-off is that you maintain a relationship with a physical bank and can access funds in person if needed, rather than waiting for transfers to clear.
Why Regions' rates lag behind competitors
Large regional banks like Regions have higher operating costs than online-only banks. They maintain branch networks, employ tellers, and run physical infrastructure. Those costs are reflected in lower interest rates paid to depositors. Online banks have minimal overhead and can pass most of their cost savings to customers through higher rates.
Regions' business model prioritizes lending and fee income, not deposit rates. The bank makes money by lending out customer deposits at higher rates than it pays depositors. A high yield savings account would compress that margin and reduce profitability, so Regions has no incentive to offer one.
How to use Regions for checking while earning elsewhere
Many people keep a checking account at Regions for convenience—to deposit checks at a branch, withdraw cash, or use the debit card—while maintaining a high yield savings account at a different institution. This approach lets you earn a competitive rate on money you are not spending regularly while keeping day-to-day banking straightforward.
Transfers between Regions and an external high yield savings account typically take one to three business days using ACH (Automated Clearing House) transfers. Some online banks offer faster transfers if you link them to a Regions checking account. You can set up automatic transfers to move money into savings on a schedule, so the process becomes routine.
This split-account strategy works well if you are comfortable managing accounts at two institutions and do not mind the slight delay when moving money between them.
Comparing Regions to other banks on savings rates
| Institution Type | Account Type | Typical Rate Range | Minimum Balance |
|---|---|---|---|
| Regional bank (Regions) | Savings | 0.01% to 0.05% APY | $0 to $100 |
| Regional bank (Regions) | Money Market | 0.05% to 0.15% APY | $2,500+ |
| Online bank | High Yield Savings | 4.0% to 5.35% APY | $0 to $25,000 |
| Credit union | Share Savings | 3.0% to 5.0% APY | $25 to $500 |
Rates shown are representative ranges as of early 2024 and change frequently. Check current rates directly with each institution before opening an account.
What to do if you want higher earnings on savings
If you currently bank with Regions and want to earn more on savings, your options are straightforward. Open a high yield savings account at an online bank such as Marcus, Ally, or Wealthfront, or join a credit union that offers competitive rates. You do not need to close your Regions checking account—you can keep both.
Transfer the money you want to save to the new account and let it earn. Set up automatic transfers if you save regularly. The only friction is the one to three day transfer time, which is a minor inconvenience for the sake of earning 50 to 100 times more interest.
If you prefer to stay within one institution, some credit unions offer both checking and high yield savings under one roof, though you would need to be a member. Membership requirements vary by credit union and location.
Frequently Asked Questions
Does Regions Bank have any account that earns a competitive interest rate?
No. Regions' Money Market Account pays slightly more than savings, but still far below what online banks and credit unions offer. If competitive interest earnings are your goal, you will need to move funds to a different institution.
Can I keep my Regions checking account and open a high yield savings account elsewhere?
Yes. Many people do this. You can maintain your Regions checking for daily banking and branch access while holding a high yield savings account at an online bank or credit union. Transfers between them take one to three business days.
What is the difference between a savings account and a Money Market Account at Regions?
A Money Market Account typically requires a higher minimum balance and may pay a slightly higher rate, but both earn far less than high yield alternatives. Money Market Accounts may also limit the number of withdrawals you can make per month.
Why does Regions pay so much less interest than online banks?
Regions operates physical branches and has higher operating costs than online-only banks. Those costs are passed to customers through lower interest rates. Online banks have minimal overhead and can offer much higher rates on deposits.
How long does it take to transfer money from Regions to a high yield savings account?
Standard ACH transfers take one to three business days. Some online banks offer faster transfer options if you link them to your Regions checking account. Check with the receiving bank about their specific transfer speeds.