Regions Bank Business Savings Account 2024 Review
Not all business savings accounts are worth the name, though. Many pay interest rates very close to zero and charge a long list of fees.
You have a huge list of options for opening a business savings account. To help you decide on the best option for your company, we’ve reviewed the Regions Bank Business Savings account below.
The Regions Bank Business Savings account could be an option for current Regions Bank customers. The interest rate is extremely low. The only reason to use this account is to keep all of your bank accounts at one institution.
Otherwise, business owners should consider an online-based business savings account. The better options often provide much higher interest rates and may offer lower fees, as well.
Regions Bank Business Savings Account Pros & Cons
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Find the best business accounts to manage your business funds better and improve your bottom line:
Compare With Other Business Savings Accounts
Regions Bank Business Premium Money Market
Another savings option to consider is the Regions Bank Business Premium Money Market account. This account charges a $12 monthly fee, but it can be waived if you maintain a minimum daily balance of at least $5,000.
The account offers standard and promotional interest rates. The standard interest rates are so low they aren’t worth mentioning. However, the promotional interest rates are reasonable. Both sets of rates are tiered and offer higher rates for higher balances.
Live Oak Bank Business Savings
The Live Oak Bank Business Savings account offers a very high interest rate on all balances and does not charge any monthly maintenance fees. However, because it is an online bank, it does not accept cash deposits or provide physical branch access, which could be drawbacks for some businesses.
Read our full review of the Live Oak Bank Business Savings account.
Truist Simple Business Savings Account
The Truist Simple Business Savings account charges a $5 monthly service fee that can be waived by meeting minimum balance or deposit requirements. It offers slightly-better interest rates for a brick-and-mortar bank along with 20 free monthly deposits, $5,000 in free cash deposits per month, and access to branches andATMs.
Read our full review of the Truist Simple Business Savings Account.
Wells Fargo Business Market Rate Savings
The Wells Fargo Business Market Rate Savings account has a $5 monthly service fee that can be waived by meeting minimum balance or transfer requirements. It offers 20 free monthly deposits, $5,000 in free cash deposits, check-writing ability, and branch/ATM access, but pays a very low interest rate.
Read our full review of Wells Fargo Business Market Rate Savings.
Monthly Maintenance Fee
The Regions Bank Business Savings account charges a $5 monthly fee per account. This fee can be waived if you maintain a minimum daily balance of at least $500.
Monthly Deposit Limits
While many business savings accounts limit the number of free deposit items you get, this one does not.
Cash Deposit Fees
You don’t have to pay any fees to deposit cash in a Regions Bank Business Savings account. Other banks may charge a fee if you exceed a free monthly cash deposit limit.
Interest Rates
This account pays interest, but the rate is so low it isn’t worth mentioning. This is common with brick-and-mortar banks and falls in line with a normal account of this type.
Some of the better online savings accounts pay a rate that is much higher and actually worth considering.
Other Account Fees
When you’re looking to save money, you likely want to minimize the fees you’ll pay. Here are some fees you may come across if you open a Regions Bank Business Savings account.
Other Service Fees - Regions Bank Business Savings Account
| Type | Fee |
|---|---|
| Excess withdrawal fee | $3 per withdrawal for each withdrawal after the 3rd each month |
| Out-of-network ATM fee | $3 each for domestic ATMs, $5 each for international ATMs |
| Incoming domestic wire transfer | $15.00 each |
| Incoming international wire transfer | $18.00 each |
| Outgoing domestic wire transfer | $25.00 each |
| Outgoing international wire transfer | $45.00 each |
| Paper statement fee | $2.00 per month |
Account Access and Management
Regions Bank offers FDIC insurance for money in a business savings account. This coverage protects your money, up to applicable insurance limits, should the bank fail. It protects personal and business accounts separately unless your business is a sole proprietorship.
Regions Bank supports online banking and mobile banking with a mobile deposit feature. You can set up automatic transfers, activate overdraft protection for a Regions checking account, or take advantage of in-branch customer service.
The account offers customers a 30% discount on safe deposit box rentals and an additional 10% discount if you set up payment with an auto debit from a Regions account.
How to Open a Regions Bank Business Savings Account
Regions Bank requires you to set up an appointment with a banker or to visit a branch to open a Business Savings account. The bank does not list what is required on its website, but most banks request similar information.
Expect to provide the following types of information and documents to apply for an account:
- Name
- Address
- Contact information
- Social Security number
- Basic business information
- Business formation documents
- Business registration documents
- Business taxpayer or employer identification number
- The above information for all owners, signers, and controlling persons in your business
How to Choose the Right Business Savings Account
Finding the right business savings account out of a large sea of options can feel intimidating. Each business has different priorities which means there isn’t a one-size-fits-all best account.
You can narrow down your options by making a list of your needs and priorities. Then, you can quickly eliminate accounts that aren’t a good fit and only consider those that offer the best solution.
Interest rate
Most companies focus on the interest rate a business savings account pays. This determines how much interest your money earns while it sits in the account.
FDIC or NCUA insurance coverage
Choosing an FDIC or NCUA-insured account is essential. These insurance programs cover your deposits, up to insurance limits, in case the bank fails.
You must consider an institution’s financial stability if you plan to deposit an amount higher than the insurance limit.
Monthly maintenance fees
Ideally, you don’t have to pay a monthly maintenance fee for a savings account. Still, most banks charge these fees. Look for an account that doesn’t have this fee or offers a way to waive the fee that you can easily meet each month.
Minimum balance requirements
Banks may waive a monthly maintenance fee if you maintain a minimum balance in the account. The exact amount and how the amount is calculated differs at each bank. Understand these calculations to avoid a surprise maintenance fee.
Transaction limits and excess transaction fees
Almost all business savings accounts have withdrawal limits, but several also have deposit item limits. Each additional item over these limits likely results in an excess transaction charge.
Cash deposit limits and excess cash deposit fees
Banks may limit the amount of cash you can deposit for free each month. After you exceed the limit, you generally have to pay a small fee for each extra $100 of cash you deposit.
Physical bank locations and hours
You may want to consider how close a brick-and-mortar bank’s branches are to your business or home. The hours of operation could play another key factor in selecting a physical bank.
Other products
A business may not solely be looking for a business savings account. If your company needs a checking account or a loan, those other account types likely have higher priority. This is especially true if you want to keep all of your accounts at one bank.
