How many rewards programs does your bank offer?
For most people, the answer is zero.
When it comes to checking and Savings accounts few banks offer any type of rewards program. Though rewards programs are common on credit cards, people who choose to skip on high credit card interest rates often miss out on opportunities to get rewarded when they spend. Regions Bank is different in this regard. Regions offers not just one but TWO rewards programs for checking customers.
Regions Bank Relationship Rewards
The first rewards program is called Relationship Rewards. This offers rewards points for everyday actions such as balance transfers, mobile banking, and even cashing checks at an ATM. Relationship Rewards points are redeemable for gift cards, merchandise, bank fees, and cash.
Regions Bank Cashback Rewards
The second and usually more lucrative rewards program is called Cashback rewards. This program offers cashback on debit card purchases at select businesses. It is similar to Discover’s rewards program in that the cashback offers must be activated in order to benefit from them. The rewards are not a skimpy 1% like many cards offer. Most offers are at least 5% cash back. Other offers may be 10% cash back, 20% cash back, or a flat cash reward at the business. In my first year as a Regions Bank customer I redeemed over $250 in Cashback Rewards. After, the cash back bonuses are activated, when you shop at a qualifying business the rewards are earned automatically and then show up in your account soon after. Most checking account customers will qualify for free checking with Regions.
Right now, Regions Bank is offering a special bonus of $50 to people who open a Regions checking account and $150 to business owners who open a business checking account with Regions Bank. The bonus will arrive as a pre-paid visa debit card 4-6 weeks after the account is opened.