Regions Savings for Minors review
You only need $5 to open this free account, but it earns little interest.
finder.com’s rating: 3.8 / 5.0
★★★★★Regions Savings for Minors is a free account with a low minimum deposit, but it only earns 0.01% APY and you have to visit a branch to open it. Plus, Regions only has branches in 16 states. If you already bank with Regions, this account might make sense, but other banks offer kids savings accounts with more benefits.
Minimum deposit to open
Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.
Expert reviewRegions Savings for Minors is a decent, free savings account for kids. It comes with an ATM card, and you can earn up to $100 when you set up recurring deposits.
But the account is only available if you live in one of the 16 states it services, and you can’t open this account online or via phone. Also, its dismal interest rate of 0.01% is likely to turn off parents who want their child to earn interest.
You’ll find other savings accounts that earn higher yields. For example, you’ll earn 1.7% APY with Alliant Kids Savings Account and 0.3% with Capital One Kids Savings Account. But if you’re not after higher yields and you want an account that can teach your child how to manage their money, look at top debit cards for kids that allow kids to spend, save, give and sometimes even invest.
How do I open a Regions Savings for Minors account?
You must visit a Regions Bank branch to open a Savings for Minors account. Here’s how to find the branch closest to you.
- Go to the provider’s site
- Select Locations from the navigation menu.
- Enter your address, city, state, ZIP code or a local landmark, then select Find.
- Browse the list of branches, which is sorted by distance, to find the one nearest to you.
You must meet the following criteria to open this account for your child.
- At least 18 years old
- Child must be under the age of 18
- Live in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas or Virginia.
Provide the following information when opening a new account at a branch.
- Government-issued ID
- Child’s birth certificate
- Social Security numbers
- Personal information
- Contact details
What are the benefits of a minor savings account with Regions Bank?
This account has several standout features that may appeal to you.
- No ongoing fees. There’s no recurring service fee associated with this account as long as your child is under the age of 18.
- Low required deposit. You can open this account with an initial deposit of just $5.
- ATM card. Unlike many other savings accounts for kids, Regions Savings for Minors comes with an ATM card your child can use to withdraw cash from any ATM or deposit funds at Regions ATMs.
What should I look out for?
There are also a few drawbacks associated with this account.
- Can’t open online. Many other banks let you open kids’ savings accounts online or over the phone, but you can only open this account by visiting a Regions Bank branch.
- Not available in all states. Regions Bank only operates in the following 16 states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas and Virginia.
- Excess transfer fee. Most savings accounts let you withdraw or transfer funds up to six times per month without any fee, but Regions Bank only allows three transfers a month before charging a $3 fee for each additional transfer.
- Negligible interest rate. Interest rates on this account vary depending on which part of the country you live in, but the rate is currently 0.01% APY regardless of your account balance or geographic location.
- Converts into an adult account. Once your child turns 18, it will convert into a LifeGreen Savings account if your kid has a checking account with the bank. Otherwise, it will convert into a standard Regions Savings account, which requires a minimum daily balance of $300 to avoid the $5 monthly fee.
Compare Regions Savings for Minors with other savings accounts for kids
See how other savings accounts for kids stack up based on their rates and fees.
How do I deposit or withdraw my money?
You can deposit or withdraw funds from this account in several ways.
- Branch deposit. Deposit cash or checks at any Regions Bank branch.
- Incoming internal transfer. Instantly deposit cash from a linked Regions checking or savings account.
- Incoming ACH transfer. Transfer funds from an external bank using your routing and account numbers.
- ATM deposit. Use your Regions Bank ATM card to deposit cash or checks at any of the nearly 1,900 Regions Bank ATMs.
- Mobile deposit. Deposit paper checks using the Regions Bank mobile app.
- Incoming wire transfers. Incoming domestic wire transfers cost $15 apiece, while incoming international transfers are $18 each.
- Zelle and digital wallets. Regions Bank savings accounts support incoming transfers via Zelle and digital wallets such as Apple Pay and Google Pay.
- Branch withdrawal. Withdraw cash from your account at any Regions Bank branch.
- Outgoing internal transfer. If you have an account with Regions Bank, you can quickly transfer funds from your kid’s savings account.
- Outgoing ACH transfer. Transfer funds to an external bank using the routing and account numbers.
- ATM withdrawal. Withdraw funds from the account for free at any Regions Bank ATM, or use out-of-network ATMs for a $3 fee plus whatever the owner of the ATM charges.
- Outgoing wire transfers. Outgoing domestic wire transfers cost $30 each, while outgoing international wire transfers are $50 each.
- Zelle and digital wallets. Regions Bank savings accounts support outgoing transfers via Zelle and digital wallets such as Apple Pay and Google Pay.
What other savings options does Regions Bank offer?Regions Bank offers a variety of other savings accounts that may meet your needs.
- LifeGreen Savings. This account has no or minimum balance requirement and lets you earn an annual 1% savings bonus if you set up recurring deposits, but there’s a monthly fee if you don’t have a Regions checking account.
- Regions Savings. This no-frills savings account requires a minimum opening deposit of $50, and there’s a $5 monthly fee if you don’t maintain a minimum daily balance of $300.
- Regions Now Savings. This free savings account has no minimum balance requirement, but it’s only an option for customers who have a prepaid Regions Now debit card.
- Regions CDs. Open a Regions CD with terms ranging from 7 to 89 days for $2,500, or get terms ranging from 3 to 72 months with deposits of $500 or more. But APYs aren’t impressive, and you can’t open a certificate online.
- Regions Promotional CDs. Earn up to with this CD, but you must have a Regions checking account and a $10,000 minimum opening deposit is required.
- Regions Money Market Account. This basic money market account only requires $100 to open, but you’ll need to maintain a minimum daily balance of $2,500 to avoid the $12 monthly fee.
- Regions Premium Money Market Account. Earn a better interest rate than Regions Money Market account, but you’ll need to either maintain a minimum daily balance of $15,000 or open a LifeGreen Preferred Checking account to avoid the $15 monthly fee.
How to contact Regions Bank about my savings account?
If you have questions or need help with your account, there are a few ways to contact a Regions Bank representative.
- Visit a branch. Regions Bank has nearly 1,500 branches across 16 states.
- Phone. Call Regions Bank‘ Green Line customer service center at 1-800-734-4667.
- Social media. Send a tweet to @askRegions or connect with the bank on Facebook, Instagram, LinkedIn, YouTube or Pinterest.
- Chat. Regions Bank’s website features a virtual assistant named Reggie that can answer your queries or connect you with a specialist, though we weren’t able to reach a human in our attempts.
Kids’ debit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top debit cards for kids and rate them one to five stars based on factors that are most important to you. We rate kids’ checking accounts by these factors: Monthly fee, features, ATM access, customer support options, and availability. We also consider APY as a factor only for those that earn interest. We rate prepaid debit cards for kids by these factors: monthly fees, features, customer support options and account availability.