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

Regions Bank's standard savings accounts earn interest, but the rates are substantially lower than what you will find at online banks or credit unions that specialize in high-yield products. As of now, Regions does not market a separate high-yield savings product under that name or any equivalent branded offering.

If you bank with Regions and want to earn more on savings, you have two realistic paths: keep money in a Regions savings account for convenience and branch access while accepting lower returns, or move funds to a separate institution that offers higher rates. Many people do both—maintaining a small balance at their primary bank and keeping larger savings elsewhere.

Key Takeaways

  • Regions Bank savings accounts pay rates well below what online banks and credit unions currently offer for high-yield accounts.
  • Regions does not have a product specifically branded as high-yield savings, though it does offer interest-bearing savings accounts.
  • If earning more on savings matters to you, opening a separate high-yield account at an online bank or credit union is a straightforward option that does not require closing your Regions account.
  • Your Regions checking account and savings account can coexist with accounts at other institutions without penalty or restriction.

How Regions savings accounts compare to high-yield alternatives

A Regions Bank savings account typically earns between 0.01% and 0.05% annual percentage yield (APY), depending on your account type and balance. High-yield savings accounts at online banks currently offer rates between 4% and 5% APY, meaning the difference on a $10,000 balance is roughly $400 to $500 per year in lost earnings.

The trade-off is access. Regions has physical branches in 15 states, so you can deposit cash, speak to someone in person, or withdraw money without waiting for a transfer. Online banks have no branches but offer higher rates because they have lower overhead costs. Credit unions often split the difference—some offer rates closer to 4% and maintain branch networks, though you must be a member to use them.

If you rarely deposit cash and do not need in-person banking, the rate difference alone usually justifies moving savings to an online bank. If you deposit cash regularly or value face-to-face service, you might keep a smaller amount at Regions for convenience and move larger balances elsewhere.

Regions savings products that do earn interest

Regions offers several accounts where money does earn interest, even if the rates are low. The Regions Savings Account is the standard option and requires a minimum opening deposit (typically $100). Interest accrues monthly and is credited to your account.

Regions also offers Money Market Accounts, which sometimes pay slightly higher rates than basic savings accounts in exchange for higher minimum balances and limits on withdrawals. These accounts also come with a debit card and check-writing privileges, making them a hybrid between savings and checking.

Neither product is competitive with high-yield savings at online banks, but both are FDIC-insured up to $250,000, meaning your money is protected if the bank fails. That same protection applies to high-yield accounts at online banks, so insurance is not a reason to stay with Regions if rates matter to you.

When it makes sense to keep savings at Regions

You might reasonably keep a savings account at Regions if you use the bank for checking and payroll deposit, and you want to keep all your accounts in one place for simplicity. Some people find it easier to manage money when everything is visible in one app or one branch visit, even if it costs them in interest earnings.

You might also keep savings at Regions if you deposit cash frequently and do not have straightforward access to an online bank's deposit methods. Regions branches accept cash deposits, while most online banks require transfers from another account or mobile check deposit.

If you have a very small emergency fund—say, under $1,000—the rate difference is negligible in dollar terms, and keeping it at Regions for quick access may be practical. Once your emergency fund grows beyond that, moving the excess to a high-yield account becomes worth the five minutes it takes to open one.

How to move money to a high-yield account without closing Regions

You do not have to choose between Regions and a high-yield account. You can open a high-yield savings account at an online bank or credit union while keeping your Regions checking and savings accounts open. Many people maintain accounts at multiple institutions for exactly this reason.

To move money, you can transfer it directly from your Regions account to the new high-yield account using the other bank's transfer tool. Most online banks let you link your Regions account and initiate a transfer within their app. The transfer usually takes one to three business days.

Alternatively, you can withdraw cash from Regions and deposit it into the new account, though this is slower and less convenient. The direct transfer method is standard and takes no special action beyond providing your Regions account number.

What to look for in a high-yield savings account

If you decide to open a high-yield account elsewhere, focus on three things: the current APY rate, the minimum balance required, and whether the bank charges monthly fees. Most online banks offer no monthly fees and no minimum balance, so if a bank charges either, it is usually not worth it.

Check whether the bank is FDIC-insured (all reputable online banks are) and whether it offers the deposit methods you need. Some people need mobile check deposit; others need ACH transfers or the ability to link external accounts. Read the deposit options before opening.

Rates change frequently, so the rate you see today may not be the rate next month. However, online banks that offer high-yield rates tend to stay competitive with each other, so you are unlikely to see a dramatic drop unless the Federal Reserve cuts interest rates across the economy.

Frequently Asked Questions

Can I transfer money from Regions to a high-yield account online?

Yes. Most online banks let you link your Regions account and transfer money directly through their app. The transfer typically takes one to three business days. You do not need to call Regions or visit a branch—the other bank handles the entire process.

Will Regions close my account if I move my savings elsewhere?

No. Banks do not penalize you for opening accounts at other institutions or moving money between them. You can keep your Regions checking account, savings account, and any other products open while maintaining accounts at other banks.

What if I need to deposit cash—can I do that with an online bank?

Most online banks do not have branches, so you cannot deposit cash directly. However, some partner with retail locations or ATM networks that accept deposits. Check the specific bank's deposit options before opening. If you deposit cash frequently, a credit union or a hybrid bank with branches may be a better fit.

Is my money safe in a high-yield account at an online bank?

Yes, as long as the bank is FDIC-insured, which all reputable online banks are. FDIC insurance protects up to $250,000 per account, per bank. Your money is just as safe at an online bank as it is at Regions.

How much more will I earn if I move $10,000 to a high-yield account?

At current rates, a high-yield account earning 4.5% APY would earn roughly $450 per year on $10,000, compared to about $5 per year at Regions' typical 0.05% rate. The difference is about $445 per year, or roughly $37 per month.