Radius Bank Review 2021: Everything You Need To Know

If you are looking for competitive yields, low fees, and ample ATM access at a digital-first institution, Radius Bank is your option. Radius Bank is an online bank headquartered in Boston.

It’s an FDIC-insured institution with more than $1.3 billion in assets. As a digital leader, Radius Bank offers lots of tools and features to help you manage your money.

The bank offers a highly rated app for both Android and iOS devices. You can use the app to deposit checks, access budgeting tools, pay bills, and much more.

What is Radius Bank?

Radius Bank is an online-only bank that was first launched in 1987. We say online-only, although the institution does have a single branch in Boston. While you are free to use the Boston branch at will, you can access all of the features offered by Radius Bank online.

Nevertheless, the bank offers fully-fledged checking accounts to those based in the US. Its checking accounts come with most of the same features as you will find with any other bank, albeit, it outshines traditional financial institutions for a number of reasons.

Pros and Cons of Radius Bank

Pros

Easy Signup Online
Open Account with $100
Fee-free ATM withdrawals
Competitive Interest Rates
No maintenance fee

Cons

Need balance of $2,500 to earn interest
Can’t deposit cash

Products Offered

Product	Key Details
Savings Account	No monthly fee Earns interest according to balance tiers
Certificates of Deposit	Nine terms ranging from three months to five years $500 or $1,000 minimum deposit, depending on term length
Checking Account	Three account options, with two interest-earning accounts One account with a monthly fee

Savings Accounts

Radius offers its Radius High-Yield Savings account. It offers two APYs depending on the account balance:

$25,000 and up: 1.65%
$2,500-$24,999.99: 1.25%
$10-$2,499.99: 0.05%
$0.01-$9.99: 0%

There’s a minimum $100 deposit required to open the account, making it very accessible.

There is no minimum balance requirement, nor are there any monthly fees. You’ll receive a free ATM card with this account.

What we like

The APY is competitive, though not among the highest-yielding banks.
There are no monthly fees and no minimum balance requirement.
You need only $100 to open the account.

What we don’t

You must have at least $25,000 to earn the top APY.

CD Rates

Radius Bank CDs with nine different term lengths, ranging from three months to five years. The variety of term lengths makes Radius ideal for someone looking to build a CD ladder at one institution.

All carry competitive APYs and easy-to-reach minimum balance requirements. The one-year CD requires a $500 minimum deposit and at least a $1,000 balance to earn the 1.25 percent APY.

What we like

The bank has a variety of CD terms available.
Each CD pays a competitive APY.
The minimum deposit requirements are low.

What we don’t

While the APYs are competitive, you can still find higher yields if you shop around.

Checking Accounts

Radius Bank offers four types of checking accounts: Free Checking, Essential Checking, Superhero Checking and Rewards Checking. All types are fee-free, with the exception of the Essential Checking account ($9 monthly fee).

The Rewards Checking account is the premier checking account with Radius. It earns 1.2 percent APY on balances of $100,000 and up and 1 percent APY on balances between $2,500 and $99,999.99. You also need only $100 to open this type of account. You will also earn 1 percent cash back on signature-based purchases each month.

Perhaps most impressive, the bank offers access to thousands of ATMs in the bank’s partner ATM network. Radius charges no ATM fees and refunds fees incurred at out-of-network ATMs.

What we like

The bank offers a range of checking accounts.
The Rewards Checking account pays a high yield and charges no fees.
The Rewards Checking account pays 1 percent cash back no signature-based purchases.

What we don’t

The bank charges $25 for overdrafts.

Bank Experience

As a digital leader, Radius Bank offers lots of tools and features to help you manage your money. The bank offers a highly rated app for both Android and iOS devices. You can use the app to deposit checks, access budgeting tools, pay bills, and much more.

Radius has what it calls a personal financial dashboard where you can link external accounts, create a budget and determine your net worth.

Customer service representatives are available via phone or live chat Monday through Friday from 8:30 a.m. to midnight Eastern, as well as on Saturday and Sunday from 8 a.m. to 8 p.m.

How to Get Started at Radius Bank?

If you like the sound of what Radius offers, then we have outlined the step-by-step process that you will need to take to get an account for yourself.

Step 1: Visit the Radius Bank Website

Unless you are based in Boston and looking to open an account in-branch, then you will need to complete the process online. Simply head over to the Bank website and click on the ‘APPLY NOW’ button.

Step 2: Enter Your Personal Details

As is the case with any banking application, you will need to let the Bank know who are you. This will cover your full name, home address, date of birth, and contact details.

You will also need to enter your social security number, and the number pertaining to a government-issued ID (passport or driver’s license).

Step 3: Deposit Funds

In order to activate your Radius Bank account, you will need to deposit a minimum of $100. The easiest way to do this is to perform a bank-to-bank wire.

Step 4: Apply for Your Debit Card

Once you have activated your account, you will then need to request a debit card. You can do this from within your account portal, and Radius will post it to your home address within a few working days.

FAQs

1. Where Can I Find Radius Bank?

You can find Radius Bank mostly online and through its mobile app. Physically, you can find Radius Bank in Boston at its corporate office, One Financial Center, and at a handful of Radius ATMs.

2. What Can You Do Online With Radius Bank?

You can do just about all you need with Radius Bank. You can open most accounts online, fund accounts, make transfers, check on your balances, and more. Also, you can perform many of these actions and transactions on mobile, whether in your mobile browser or on the Radius Bank app.

3. How Can I Save More Money With a Radius Bank Account?

While Radius Bank has incredibly high rates, you can save the most money with high account balances. Each account has some balance requirement to earn interest at all. However, the best rates are reserved for the highest balances.

Bottom Line

Radius Bank certainly has some compelling products with its sky-high interest rates. Just be careful of each account’s minimum balance requirements to open and to earn interest as these minimums can reach pretty high.

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