Wells Fargo and Regions Bank offers a variety of financial products and services.
This article will compare their offerings, such as savings accounts, checking accounts, certificates of deposit (CDs), credit cards, and lending products, in straightforward terms.
Checking Accounts
Regions Bank is our winner when it comes to checking accounts. It offers tailored options such as e-checking, students, and +62 accounts, making Regions more attractive for diverse types of customers when it comes to checking options.
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Account Types And Fees
Regions Bank offers several checking account options, including the LifeGreen Checking and LifeGreen eAccess Account. Here are the accounts, their monthly fee and how you can waive it:
Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
LifeGreen Checking | $8 | $1,500 |
LifeGreen Preferred Checking | $18 | $5,000 |
Regions Now Checking | $5 | Can't be waived |
LifeGreen eAccess Account | $8 | At least 10 Regions debit/credit card purchases |
62+ LifeGreen Checking | $8 | $1,500 |
LifeGreen® Checking for Students | $0 | Under age 25 |
Wells Fargo has different personal checking accounts for people. There's Clear Access Banking with lower fees, Everyday Checking, which is the standard choice, and Prime Checking and Premier Checking for those who want extra features.
Although there are monthly fees, customers can avoid them in different ways:
Wells Fargo Checking Account | Monthly Fee | Average Balance To Waive Fees |
|---|---|---|
Clear Access Banking | $5 | Only if you're under 24 |
Everyday Checking | $10 | $500 |
Prime Checking
| $25 | $20,000 (Combined with deposits) |
Premier Checking | $35 | $250,000 (Combined with deposits) |
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Account Features
Wells Fargo's simple account comes with great perks to make banking better. Get your money before the usual payday with Early Pay Day. Manage your money online with easy online and mobile banking.
If you want more from your bank, Wells Fargo's premium accounts have cool features. Earn interest on your balance with interest-bearing accounts. Enjoy extras like free checks, no fees for using non-Wells Fargo ATMs, priority customer service, and waived fees for money orders, cashier checks, and international debit card purchases.
Wells Fargo Account | Main Features |
|---|---|
Clear Access Banking | No overdraft fees, Early Pay Day |
Everyday Checking | Overdraft Services, check writing, Early Pay Day |
Prime Checking
| Interest-bearing, free check orders, free Non-Wells Fargo ATM withdrawals |
Premier Checking | priority customer service, No fees on money orders/cashier checks/International debit card purchase |
Regions Bank offers a range of checking accounts tailored to diverse customer needs, each with distinct benefits. The LifeGreen Checking account is the main basic account, offers features like online and mobile banking for convenient account management, customizable alerts to stay informed about transactions, and optional overdraft protection for added financial security.
Regions Bank's LifeGreen Preferred Checking account has mor premium features. This interest-earning account provides added financial benefits, including no Regions ATM fee on two ATM transactions at non-Regions ATMs per statement period.
Account | Main Features |
|---|---|
LifeGreen Checking | Alerts and notifications, mobile check deposit, Zelle, Visa debit card |
LifeGreen Preferred Checking | nterest-earning, free two ATM transactions at non-Regions ATMs |
Regions Now Checking | No overdraft fees, unlimited check writing, online bill pay |
LifeGreen eAccess Account | Alerts and notifications, mobile check deposit, Zelle, Visa debit card |
62+ LifeGreen Checking | Overdraft Protection, Alerts and notifications, mobile check deposit |
LifeGreen Checking for Students | Alerts and notifications, mobile check deposit, Zelle, Visa debit card |
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Savings Accounts
Wells Fargo wins when it comes to savings account, as it offers higher rates than Regions, especially for those who deposit high amounts.
Wells Fargo has two main savings account options – Way2Save Savings and Platinum Savings, and a kids' savings account. Although Way2Save Savings has a low APY, the Platinum Savings plan offers a higher rate. However, to access the highest rate, you'll need more than $1 million in your account.
Region Bank provides a couple of savings account options, such as regular savings, LifeGreen savings, and savings for minors, but all of them offer quite low rates. It also offers a money market account (not available with Wells Fargo), but unlike other banks – the rate is low also on that product.
Regions Bank Savings | Wells Fargo Platinum Savings | |
|---|---|---|
Savings Rate | 0.01% | 0.26% – 2.51% |
Minimum Deposit | $50 | $25 |
Fees | $5
Can be waived if you maintain a minimum daily balance of $30
| $5
can be waived by maintaining a $300 minimum daily balance, one qualified automatic transfer, one or more Save as You Go transfers from your Wells Fargo checking account. Primary account owners age 24 or younger are exempt from the fees
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Certificate Of Deposits (CDs)
When it comes to CDs, Regions Bank is our winner due to its slightly higher rates than Wells Fargo.
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Wells Fargo Bank CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
7 Months | 4.75% – 5.01% | 3 months interest |
11 Months | 4.50% – 4.76% | 3 months interest |
3 Months | 2.50% – 2.51% | 1 month interest |
6 Months | 2.50% – 2.51% | 3 months interest |
12 Months | 1.50% – 2.01% | 6 months interest |
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Regions Bank CD Rates
Regions CD Rates | |
|---|---|
8 Month | 4.50% |
14 Month | 4.00% |
26 Month | 4.50% |
Credit Cards
Wells Fargo wins when it comes to credit cards. It has a more diverse portfolio of credit cards and better redemption options than Regions Bank.
Wells Fargo has a variety of credit cards to fit different needs. If you like getting cash back, the Wells Fargo Cash Wise Visa Card is a great option. It gives you unlimited cash back on your purchases and a bonus in cash rewards. If you're into everyday spending and travel, the Wells Fargo Autograph Card is designed with you in mind. And if you need a card with a 0% introductory APR, the Reflect card is the one for you.
On top of that, there's the Choice Privileges Mastercard from Wells Fargo. With this card, you can earn points for staying at specific Choice Hotels. Plus, you get points for buying gas, groceries, home improvement items, and phone plans using this card.
Card | Rewards | Bonus | Annual Fee |
| Wells Fargo Active Cash Card
| 2%
2% cash rewards on purchases (unlimited)
| $200
$200 cash rewards bonus when you spend $500 in purchases in the first 3 months
| $0 |
|---|---|---|---|---|
| Wells Fargo Autograph Card | 1X – 3X
3X points on restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Also, earn 1X points on other purchases
| 20,000 Points
20,000 bonus points when you spend $1,000 in purchases in the first 3 months | $0 |
| Wells Fargo Reflect Card | N/A | 0% Intro APR: 21 months on purchases and balance transfers | $0 |
| Wells Fargo Bilt Mastercard | 1x – 3x
3X points on dining, 2X points on travel and 1X points on rent payments without the transaction fees and other purchases
| N/A | $0 |
| Wells Fargo Choice Privileges Mastercard | 1x – 5x
5X points on stays at participating Choice Hotels plus on choice privileges point purchases properties, 3X points on purchases at gas stations, grocery stores, home improvement stores and phone plan services and 1X points on other purchases | 40,000 points
40,000 bonus points when you spend $1,000 in purchases within the first 3 months7 – enough to redeem for up to 5 reward nights at select Choice Hotels® properties
| $0 |
| Wells Fargo Choice Privileges Select Mastercard | 1x – 10x
10X points on stays at participating Choice Hotels® properties plus on Choice Privileges point purchases, 5X points on purchases at gas stations, grocery stores, home improvement stores and phone plan services and 1X points on other purchases | N/A | $95 |
Regions Bank provides two cashback rewards cards. In addition, there is a lengthy 0% intro APR card and a secured card designed for building credit.
However, it's worth noting that Regions Bank has fewer redemption options compared to the extensive choices offered by the Wells Fargo Rewards program.
Card | Rewards | Bonus | Annual Fee |
| Regions Cash Rewards Visa Credit Card
| 1.5%
1.5% cash rewards on every purchase | $200
$200 bonus Cash Rewards when you spend $1,000 in the first 90 days, or earn a $100 bonus when you spend $500 in the first 90 days | $0 |
|---|---|---|---|---|
| Regions Prestige Visa Signature Credit Card | 1% – 4%
4%/3% on dining & entertainment purchases, including fast food, 3%/2% on gas and grocery store purchases and 2%/1% on all other purchases. When you register for Rewards Multiplier, you can earn up to an extra 1% on every credit card purchase | $200
$200 bonus when you spend $1,000 in the first 90 days after account opening. If you spend at least $500 but not quite $1,000, you will earn a $100 bonus | $0 |
| Regions Life Visa Credit Card | N/A | N/A | $0 |
| Regions Explore Secured Visa Credit Card | N/A | N/A | $29 |
Mortgage And Loans
Regions bank offers better options for borrowers than Wells Fargo Bank.
Region Bank provides a comprehensive suite of lending options, covering mortgages, home equity, specialty mortgages, auto loans, personal loans, and even student loans.
In the realm of mortgages, customers can explore various options such as fixed-rate and adjustable-rate loans, FHA/VA/USDA loans, and specialty mortgages tailored for physicians or those seeking jumbo, renovation, construction, state bond, or employee relocation services.
On the other hand, Wells Fargo has fewer loan options, including mortgages, mortgage refinancing, and home equity loans. They also offer personal loans for consolidating debt, auto purchase loans, and auto refinancing.
Which Bank Is Our Winner?
There is no clear-cut answer to which bank is better, but if we have to choose one, Wells Fargo is our top pick.
Wells Fargo offers a more comprehensive package of options, including checking, savings, CDs, and credit cards. While Region checking options are even better, the full package of Regions lacks compared to Wells Fargo.
Lastly, don't forget to consider different factors that matter to you, like banking services, help with overdrafts, how often you use ATMs, and how close the bank is to where you live. Everyone's needs are different, so weigh the factors that matter most to you.
Understanding Our Banking Comparison Methodology
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
