Regions does not offer a dedicated high yield savings account

Regions Bank's standard savings accounts earn interest rates well below what you will find at online banks or credit unions. As of now, Regions does not market a separate high yield savings product. Their regular savings accounts typically earn between 0.01% and 0.05% annual percentage yield (APY), depending on your balance and account type. That means on $10,000, you might earn $1 to $5 per year.

If you keep money at Regions and want it to earn more, you have two realistic paths: move some funds to a higher-paying account elsewhere, or look at what Regions does offer that might work for your situation. Neither option is complicated, but the choice depends on whether you want to stay with Regions for other reasons—like having a checking account there, or using their branches and ATMs.

Key Takeaways

  • Regions savings accounts earn roughly 0.01% to 0.05% APY, which is far below the 4% to 5% available at online banks and some credit unions.
  • You can open a high yield savings account at another bank while keeping your Regions checking account open, and transfer money between them in one to three business days.
  • Regions offers money market accounts that may pay slightly more than savings accounts, though rates are still low compared to online alternatives.
  • If you want to stay entirely with Regions, certificates of deposit (CDs) lock in higher rates but require you to leave the money untouched for a set period.

How Regions savings rates compare to other banks

The gap between Regions and online banks is substantial. An online bank like Marcus, Ally, or American Express Personal Savings currently offers around 4.0% to 5.0% APY on savings accounts with no minimum balance and no monthly fees. A credit union in your area may offer similar rates if you meet their membership requirements. Regions' rate of 0.01% to 0.05% means your money grows almost not at all.

On a $25,000 balance, the difference is real: at Regions you earn roughly $12.50 per year; at an online bank offering 4.5% APY, you earn $1,125 per year. That is $1,112.50 you do not get by staying put. The longer your money sits, the wider the gap grows.

Money market accounts at Regions

Regions offers money market accounts, which are a hybrid between savings and checking. They typically come with a debit card and check-writing privileges, and they may pay slightly more interest than a regular savings account. However, Regions' money market rates are still low—usually in the same range as their savings accounts or only marginally higher. You would still be earning far less than an online high yield savings account.

Money market accounts also often come with monthly maintenance fees if you do not keep a minimum balance (usually $2,500 to $10,000). If you fall below that threshold, the fee can wipe out any interest you earned. Check the current terms for the specific account, because these details change.

Certificates of deposit as an alternative

If you want to lock in a better rate while staying with Regions, a certificate of deposit (CD) is an option. CDs require you to deposit money for a fixed period—typically three months, six months, one year, or five years. In exchange, Regions pays a higher rate than savings accounts. The longer the term, the higher the rate usually is.

The catch is that you cannot touch the money without penalty. If you withdraw before the maturity date, Regions charges an early withdrawal penalty, which is usually a few months' worth of interest. CDs make sense only if you know you will not need the money for that entire period. For money you might need soon, a high yield savings account at another bank is more flexible.

Opening a high yield savings account elsewhere while keeping Regions

You do not have to choose between Regions and a better savings rate. You can keep your Regions checking account (or any other account you use regularly) and open a high yield savings account at an online bank or credit union. Moving money between them takes one to three business days via ACH transfer, which is free.

This approach works well if you use Regions for everyday banking—paying bills, getting paychecks deposited, using their ATM network—but want your savings to actually earn something. You transfer money from Regions to the high yield account when you have it, and transfer it back if you need it. Many people do this without any problem.

What to check before opening elsewhere

If you decide to move savings to another bank, confirm a few things first. Check whether the bank is FDIC insured (for banks) or NCUA insured (for credit unions). This protects your money up to $250,000 if the institution fails. Most major online banks and credit unions carry this insurance, but verify it on their website or at fdic.gov or ncua.gov.

Also look at the minimum balance required to open the account and whether there are any monthly fees. Many online high yield savings accounts have no minimum and no fees, but some do. Read the fee schedule and the terms of service before you open the account. If you have questions, call the bank's customer service line—they can walk you through the specifics.

Frequently Asked Questions

Can I transfer money from Regions to another bank's high yield savings account?

Yes. You can set up an ACH transfer from your Regions account to another bank's account. The transfer is free and usually takes one to three business days. You will need the other bank's routing number and your new account number to set it up.

Will opening a savings account at another bank hurt my credit?

No. Opening a savings account does not trigger a hard credit inquiry and does not affect your credit score. Banks may do a soft check to verify your identity, but this does not show up on your credit report.

What if I need the money in an emergency and it is in a CD?

You can withdraw it, but Regions will charge an early withdrawal penalty. The penalty is usually three to six months of interest, depending on the CD term. For money you might need quickly, a high yield savings account is safer because there is no penalty for withdrawal.

Is my money safe in an online bank I have never heard of?

If the bank is FDIC insured, your deposits up to $250,000 are protected by the federal government, just like money at Regions. Check the bank's website for the FDIC insurance statement, or search the bank's name at fdic.gov to confirm.

Do I have to close my Regions account to get better savings rates?

No. You can keep your Regions checking account and any other accounts you use, and open a high yield savings account elsewhere. Many people maintain accounts at multiple banks for different purposes.