Investing News

Regions Bank Promotions for 2024

You could get a 1% annual bonus after opening an account

<p>ArtistGNDphotography / Getty Images</p>

ArtistGNDphotography / Getty Images

Fact checked by Vikki Velasquez

Regions Bank offers consumer and commercial banking services in the South, Midwest, and Texas. To attract new customers to its various personal and business bank accounts, there are three Regions Bank promotions running right now. 

Learn about how to take advantage of Regions Bank new account promotions, whether it’s referring a friend for a new account or earning a bonus with a new savings account of your own.

Regions Bank: Refer-A-Friend – $50 for Personal Checking; $150 for Business Checking

<p>Regions Bank</p>

Regions Bank

  • Bonus Amount: $50 or $150
  • Promotion Expiry: No date specified
  • Qualifications: Invite; direct deposit; transactions; relationship; online statement enrollment



How To Get the Bonus 

  1. If you’re a Regions account holder, fill out the Refer-a-Friend form on the website. Choose either personal or business account registration, fill in your personal details (including the same email address you use for online banking), and check the box agreeing to the terms of the program.
  2. Share the offer with a friend. Provide your friend’s or family member’s email address, which will generate an email notification containing instructions for them. You also have the option to share a social media link that is provided.
  3. Your friend must open an account within 90 days. Using the link sent via email or social media, your friend must open either a personal checking or business checking account.
  4. The account must be kept in good standing for at least 60 days. If your friend decides to close the account before then, you will not get your reward card.
  5. The friend must complete certain transactions. For the personal checking account promotion, a $300 direct deposit must be set up, 10 purchases must be made using the account’s Visa debit card, and they must enroll in online banking with online statements, all within 60 days. For the business checking, the requirements are similar, but the direct deposit amount must be at least $500, and you only have to make one Visa Business debit card purchase.
  6. After the 60-day period if all requirements are met, you’ll qualify for your bonus. You’ll receive a Visa Rewards card in the mail within six to eight weeks—$50 if your friend opened a personal checking account or $150 if they opened a business checking account.

Bonus Restrictions and Account Fees

  • If the referred friend or business already has a Regions account, you will not be eligible for the bonus.
  • Whatever email address your friend uses to register for the promotion must also be used to open their account.

Regions Bank: LifeGreen Savings – 1% Annual Bonus

<p>Regions Bank</p>

Regions Bank

  • Bonus Amount: 1% annual bonus up to $100
  • Promotion Expiry: No date specified
  • Qualifications: Transactions



How To Get the Bonus

  1. Open a new LifeGreen Savings Account. You can open an account online or make an appointment to do so in person at a branch near you.
  2. Set up automatic transfers for at least 10 out of the first 12 months as an account holder. Monthly transfers from your Regions checking account to your LifeGreen Savings must be at least $10.
  3. Receive your bonus on the second business day after your Account Anniversary Month. The bonus amount is equal to 1% of your average monthly balance for the account’s first 12 calendar months (up to $100).

Bonus Restrictions and Account Fees

  • Don’t close the account before you complete your bonus requirements. Your LifeGreen Savings account must be open on the date the bonus is paid.
  • The promotion can change at the bank’s discretion. As per the terms and conditions, Regions reserves the right to do away with the bonus or make changes to it at any time.

Important

You must have a Regions checking account in order to open a LifeGreen Savings account and qualify for the bonus. If you close the checking account, the LifeGreen Savings account may be converted to a regular savings account.

Regions Bank: Now Savings – 1% Annual Bonus; Builder Bonus

<p>Regions Bank</p>

Regions Bank

  • Bonus Amount: 1% annual bonus; $1 monthly credit
  • Promotion Expiry: No date specified
  • Qualifications: Monthly deposits; no withdrawals (for Builder Bonus)



How To Get the Bonus

  1. Open a new Now Savings Account. You can open an account at a branch or online.
  2. Make monthly deposits. If you deposit at least $5 to your account each calendar month for the first year your account is open, you will receive a 1% annual savings bonus.
  3. Refrain from making withdrawals for the Builder Bonus. In addition to potentially earning an annual bonus, for every calendar month you make a $5 or more deposit and do not make a withdrawal, you will earn a $1 credit to your account.

Bonus Restrictions and Account Fees

  • Your account must be open on the day you are eligible to receive your annual bonus in order to collect it.
  • The annual savings bonus maximum is $100.

Warning

The Regions Now Savings Account is specifically for those who have a Regions Now Card, which is a reloadable Visa prepaid card. That card has a $5 (or less) monthly fee, which can be waived if you make seven or more purchases on the card. If you don’t meet that requirement, it can quickly negate any bonus rewards you earn.

Compare Regions Bank Promotions

Promotion Bonus Amount  Promotion Expiry  Qualifications 
Refer-A-Friend $50 or $150 No date specified Invite; direct deposit; transactions; relationship; online statement enrollment
LifeGreen Savings 1% annual bonus  1% of your average monthly balance in the first 12 calendar months  No date specified  Transactions 
Now Savings 1% Annual Bonus; Builder Bonus  1% of your average monthly balance in the first 12 calendar months; $1 monthly credit (Builder Bonus)  No date specified  Monthly deposits; no withdrawals (Builder Bonus) 

Frequently Asked Questions

How Do You Earn Bonus Money With Regions?

Regions Bank has three ongoing bonus promotions. One is for existing customers who refer a friend to open either a personal checking or business checking account. The other two are for people opening a new savings account with Regions Bank—either the LifeGreen Savings or Now Savings. They are rewarded for funding the account on a consistent basis. See the bank offers for specific details.

Are Regions Bank Promotions Taxable?

As with any earnings or bonus offers you receive from a financial institution, you are responsible to pay any taxes due from bonuses earned in your Regions bank account since it is considered earned income.

How Much Money Do You Need To Open an Account at Regions Bank?

Account opening deposits vary by account type. For example, when you open a LifeGreen Savings account, you’ll need either a $50 minimum deposit to open the account online, or $5 if opened at a branch and you set up automatic monthly transfers from a Regions checking account. To open a Now Savings account, you’ll have to make a $10 minimum opening deposit as well as have a Regions Now Card.

Is Regions Bank Any Good?

To evaluate if a bank is good, think about factors such as account variety, fees, yield and earnings potential, tools like apps and online banking, and customer service. Regions Bank has a number of personal checking and savings accounts as well as business banking, aimed at different customer needs. There are accounts for students, seniors, sole proprietors, midsized businesses, nonprofits, and more, each with features that may appeal to different types of customers. Deciding if Regions Bank is good for you is really the key.

Read the original article on Investopedia.

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