About Regions Bank

Regions Bank (NYSE: RF) is a mid-sized publicly traded bank founded in 1971 and headquartered in Alabama. Its branches are located across 15 states in the central and southeastern United States, and both its checking and savings accounts are FDIC insured. It is also the only Fortune 500 company headquartered in Alabama. The bank had total assets of $125 billion and ranked No. 32 in the U.S. banking industry as of the end of 2016.

Account Opening Bonus

  • Application link: Regions Bank Lifegreen Checking Account
  • Bonus: $200 checking account opening bonus, usually deposited automatically into the account after about 3 months (timing is not certain and it could also post much faster). There is also a $50 referral bonus paid in the form of a Visa gift card. Some people may receive mailed offers for $300 or $400 instead (targeted offers).
  • Expiration date: September 30, 2017.
  • Eligibility: Regions Bank only has branches in 15 states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas. Most branches are in the central and southeastern U.S., and people in those areas can apply for a new account. The official website requires U.S. citizens to apply online (and there may also be a nearby branch requirement); non-citizens can only apply in branch. Customers who have had a Regions account since July 1, 2016 are not eligible for this bonus. Branch locator.

How to Get the Bonus

$50 Referral Bonus

This bonus is separate from the account opening bonus, and it is fulfilled by a third-party company. You will need to provide the information you plan to use to register for online banking.

Data points suggest that online referral link tracking is not very reliable. You can leave your email in the comments and we can send you more reliable referral information, so you can bring that referral information to a local branch and have a better chance of safely getting the $50 gift card. This bonus can be stacked with the account opening bonus below. If you are planning to open the account, it is worth getting this set up.

If you have a friend who already has an account with this bank, you can simply get that person’s information (Regions online banking registration email, name, and phone number) and go to a branch and tell the staff that this person referred you. The staff will have you fill out a paper referral form, and both of you will have a better chance of each receiving a $50 gift card by mail afterward.

Checking $200

Go to the Regions Bank promo page and register your email to get the $200 promo code. Use the same email address you plan to use later for your online account. Hotmail addresses may have trouble receiving the voucher.

After you receive the electronic voucher, print it or save it on your phone, bring your ID and opening deposit (>$50), then go to a nearby branch to open the account. The recommended option is the basic Lifegreen Checking account, since its monthly fee waiver is the easiest to meet (see below). The minimum opening deposit is $50. It is recommended to use a check from another bank, cash, Money Order, etc. A credit card may also work, but data points online suggest the credit card issuer may charge additional fees.

If you are a U.S. citizen and choose to apply online, you can go directly from the promo page to the application page. Be sure to enter promo code 200D17Q3 in the promo code field.

How to Meet the Bonus Requirements

The requirements for the $200 checking account bonus are as follows:

  • 10 purchases: Within 60 days of account opening, complete 10 purchases with your Regions Visa Checkcard. You can quickly complete the requirement with multiple small transactions, such as reloading your Amazon account by $0.50 or more several times, or making multiple payments to your cell phone or internet provider. See also: How to quickly meet transaction count requirements
  • $500 Direct Deposit: Within 60 days of account opening, set up one Direct Deposit (DD) of $500 or more. This can be payroll, or you can also try an ACH PUSH from another bank. The author used Discover Bank’s free bank transfer feature and successfully received the bonus. In online banking, you can quickly find the account number and routing number at the top left under Accounts->Details & History->View More Details. For other possible methods, see: Checking and Savings Account Guide—What is DD

The requirements for the $50 referral bonus are as follows:

  • Log in and register for online banking, and enroll in online statements
  • 10 purchases + $300 Direct Deposit

So in practice, if you complete the $200 bonus requirements and then register an online account, you should be able to get the full $250.

Things to Note

  • This account has a monthly fee of $8 (if enrolled in online banking) or $10 (if you receive paper statements). You can waive it by maintaining a $1,500 balance, receiving one monthly DD of more than $500, or receiving multiple DDs totaling more than $1,000 per month. If you close the account within 180 days, there is a $25 penalty.
  • Earlier this year, Regions had a $300 bonus in early January and a $400 bonus in late January that only lasted a short time. A public $400 bonus is probably not easy to come by again, but the $200 bonus has been around for a while, and after it expires, it may reappear later.
  • Like BofA and other banks, Regions occasionally has small promo deals as well. For example, there was once an AT&T offer where spending $30 could get you $100/$75/$50.
  • All checking/savings account bonuses will generate a 1099-INT tax form for interest income. If you have lived in the U.S. long enough to meet the Resident Alien for Tax standard, you are legally required to pay taxes on it. Banks usually make the electronic tax form available on their websites at the beginning of the following year. You can print it and include it with your other income when filing taxes.

My Take

A $200 bonus is pretty good for a personal checking account, and the requirements are not too difficult. If you and a friend both want to apply, the in-branch referral can also get you an extra $100 in gift cards together. If you do not want to wait for a higher bonus, have $1,500 in spare cash, and know how to trigger DD, this is worth considering.

The bonus from this bank can sometimes post slowly. The official site says up to 120 days after completing the requirements, so patience may be needed, but people generally do receive it successfully. Opening checking/savings accounts does not affect your credit report. As long as you stay organized yourself, such as by using apps like MINT, and do not open too many accounts, this can be a healthy way to earn bank bonuses. If after some time you find you do not really need the account, you can move the money back to your main account and close it.

Application Links

Note: It is recommended to leave your email so we can send a targeted referral link; using that plus filling out the form at the bank is easier to track.