Banking » Compare Banks » Wells Fargo vs. Regions Bank: Which Bank Account Is Better?
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Wells Fargo vs. Regions Bank: Which Bank Account Is Better?

We'll explore Wells Fargo and Regions Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner:
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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.

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)
Wells Fargo Checking Menu
(Screenshot from Wells Fargo app)

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
Wells Fargo features
Wells Fargo app features (Screenshot from Wells Fargo app)

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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Fees:
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Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

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• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
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Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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% – 2.50%
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

Certificate Of Deposits (CDs)

When it comes to CDs, Regions Bank is our winner due to its slightly higher rates than Wells Fargo. 

Both banks offer high rates only on specific promotional terms and not overall. Therefore, customers who want to leverage strategies such as CD laddering are limited.

If you want to get high rates on many short and long-term CD terms, you may need to consider online banks.

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
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

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

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 ReflectSM Card (1)

Wells Fargo Reflect Card
N/A
0% Intro APR: 21 months on purchases and balance transfers
$0

Bilt Mastercard

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

Choice Privileges® Mastercard®

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

Choice Privileges® Select Mastercard

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

Cash Rewards Visa® Credit Card

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

Prestige Visa® Signature Credit Card

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

Life Visa® Credit Card

Regions Life Visa Credit Card
N/A
N/A
$0

Explore secure Visa® Credit Card

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.

WF Get a personal loan
Wells Fargo: Get a personal loan (Screenshot from Wells Fargo app)

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:

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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