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Radius Bank Review of Checking, Savings and CD Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Radius Bank’s checking account options

Radius Checking

Radius Checking charges no fees and pays interest.

APY

Minimum Balance Amount

0.01%

$1,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Unlimited ATM fee rebates worldwide
  • Overdraft fee: $25, plus $5 daily overdrawn fee starting on the 5th calendar day and continuing for up to 30 calendar days; can be avoided by signing up for Linked Protection and/or an Overdraft Protection Line of Credit, which covers overdrafts at either no charge or interest charges only, respectively

Radius Checking is the bank’s primary checking account for customers with clean financial histories. This checking account offers a host of free services, from mobile and online banking to eStatements and a debit card. One significant feature of the Radius Checking account, is that it has no monthly maintenance fee. Also significant is the ATM reimbursement feature. While there aren’t any ATM fees, with Radius Checking, you’ll also be reimbursed for any non-network ATM fees, worldwide, and with no transaction limit. Radius Checking also offers a free first order of checks.

SEE DETAILS Secured

on Radius Bank’s secure website

Member FDIC

Radius Hybrid Checking

Radius Hybrid Checking offers customers the opportunity to earn a higher rate of interest on their checking account balances.

APY

Minimum Balance Amount

0.10%

$2,500 - $99,999.99

0.15%

$100,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Unlimited ATM fee rebates worldwide
  • Overdraft fee: $25, plus $5 daily overdrawn fee starting on the 5th calendar day and continuing for up to 30 calendar days; can be avoided by signing up for Linked Protection and/or an Overdraft Protection Line of Credit, which covers overdrafts at either no charge or interest charges only, respectively

Radius Bank bills its Hybrid Checking account as a fusion of a checking and a savings account. While there are no regulatory limits to withdrawals, as there are with a traditional savings account, the Hybrid account provides much higher rates of interest on amounts deposited.

Along with the free mobile and online services offered by the bank’s other checking accounts, the Hybrid Checking account carries the same ATM fee policy as the Radius Checking account — no ATM fees, anywhere, anytime. Any fees charged to your account by outside operators will be fully reimbursed, worldwide, with no limits.

The Radius Hybrid checking account offers two tiers for depositors to earn interest, with balances of at least $100,000 earning the highest rates.

SEE DETAILS Secured

on Radius Bank’s secure website

Member FDIC

Radius Essential Checking

This account is the most basic offering at Radius Bank, and it pays no interest. However, it still offers access to technological features and benefits.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $9
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $25, plus $5 daily overdrawn fee starting on the 5th calendar day and continuing for up to 30 calendar days; can be avoided by signing up for Linked Protection and/or an Overdraft Protection Line of Credit, which covers overdrafts at either no charge or interest charges only, respectively

The Radius Essential Checking account is a “rebound” account, designed for those with a less-than-perfect banking record. In other words, it’s a second chance bank account for those who may not qualify for a traditional checking account. As such, it charges the highest fees of any Radius Bank checking account, and offers the most limited features. However, it may be preferable than getting a prepaid bank card account, which is often the only other type of account that can be opened by those with a spotty financial record. After 12 months, the bank may allow Essential Checking customers to upgrade to another type of Radius Bank checking account.

Even though the Essential Checking account has limited services, it does include the following features and benefits:

  • Free online banking
  • Free mobile app with remote check deposit
  • Free bill pay and eStatements
  • Customized alerts
  • A free debit card that can be linked to Apple Pay®, Samsung Pay or Google Pay™
  • Pay-a-Friend service to send money to anyone instantly
  • Overdraft protection

This account pays no interest, but it doesn’t charge for any in-network ATM withdrawals. However, fees from out-of-network terminals are not reimbursed.

How to open Radius Bank’s checking accounts

You can open any of the three Radius Bank checking accounts online, with the bank advertising that most customers can complete the application in less than five minutes. To open an account online, you’ll need your name, email address, mobile phone number and Social Security number. You must also be 18 years old and a U.S. citizen or resident alien. If you need further assistance, you can contact the bank in a number of ways:

  • Via email at [email protected]
  • Via live chat
  • Via phone at (800) 242-0272
  • Via fax at (617) 330-1061
  • Via mail at P.O. Box 55063, Boston, MA 02205-5063

However, the bank does not have a vast branch network. If you need to walk into a physical, bricks-and-mortar location, you’ll have to visit the bank’s sole Financial Center at One Harbor Street, Suite 102, Boston, MA, 02210. Even this physical location, however, is a cashless branch.

SEE DETAILS Secured

on Radius Bank’s secure website

Member FDIC

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How Radius Bank’s checking accounts compare

The Essential Checking account is essentially a starter account for those who might not otherwise qualify for a traditional checking account. If you’re not in this situation, there’s no reason to get the Essential account over other options at the bank, as it’s the only account that charges a non-waivable monthly account fee and it doesn’t provide all of the perks of the other Radius Bank checking accounts, such as the ATM fee waiver.

The bank’s full-service checking account offerings — Radius Checking and Radius Hybrid Checking — are both exceptional on the fee front. Both have low minimum opening deposit requirements and charge no monthly maintenance fees. Additionally, both accounts carry no ATM fees of any kind worldwide, and they will reimburse any ATM fees charged by non-network terminals with no transaction limits. This type of fee reduction is uncommon at many banks nationwide and helps Radius Bank stand out. Overdraft fees are fairly high, but the bank offers outstanding no-fee overdraft protection, as long as customers sign up.

Interest rates on the Radius Checking account are essentially nonexistent, which makes that offering much less attractive. The Hybrid account offers rates that while above national averages, can’t compete with the top checking account rates available nationwide.

Radius Bank’s savings account options

Radius High-Yield Savings Account

The Radius High-Yield Savings Account lives up to its name, paying high interest rates while offering additional features.

APY

Minimum Balance Amount

0.05%

$10 - $2,499.99

0.15%

$2,500 - $24,999.99

0.25%

$25,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $0; out-of-network ATMs may charge their own fees
  • ATM fee refund: None
  • Overdraft fee: $25, plus $5 daily overdrawn fee starting on the 5th calendar day and continuing for up to 30 calendar days; can be avoided by signing up for Linked Protection and/or an Overdraft Protection Line of Credit, which covers overdrafts at either no charge or interest charges only, respectively

The Radius High-Yield Savings account is the crown jewel in the Radius Bank product line-up when it comes to paying interest. In addition to high rates paid at nearly any interest tier, the account has a low minimum opening deposit, no monthly maintenance fee and no ATM charges issued by the bank itself. Larger deposits are required to earn the highest rates.

As a true savings account, transactions in the High-Yield Savings account are limited to six per statement period. This is in accordance with federal regulation. Customers will get a free ATM card and free online transfers between this account and other accounts both at Radius Bank and outside banks..

How to open Radius Bank’s savings account

The account opening process is the same for all Radius Bank checking and savings accounts, and is most easily accomplished online. You’ll need to provide basic personal and financial information and select the type of account you’d like to open. If you prefer, you can talk to a customer service agent via email, online chat or telephone. You can also download a paper application and mail or fax it to the bank.

SEE DETAILS Secured

on Radius Bank’s secure website

Member FDIC

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How Radius Bank’s savings accounts compare

At the lowest tier, Radius Bank doesn’t pay much by way of interest, but at the $2,500 deposit level, the APY jumps dramatically. At that level and higher, the Radius High-Yield Savings account pays far above the national average savings rate. At the top tier, for deposits of $25,000 and more, the account pays among the very best savings account rate you can find, even when compared with some of the nation’s top-paying online savings accounts. The bank doesn’t charge for any ATM withdrawals from the High-Yield Savings account, although there isn’t a fee refund in place for fees levied by out-of-network ATM providers.

Radius Bank’s CD rates

Radius Bank offers one type of certificates of deposit, with generally above-average rates across a standard range of maturities.

Term

APY

3 months

0.25%

6 months

0.25%

9 months

0.25%

1 year

0.50%

18 months

0.50%

2 years

0.50%

3 years

0.50%

4 years

0.50%

5 years

0.50%

  • Minimum opening deposit: $1,000 for 3-month, 6-month and 9-month CDs; $500 for all others
  • Minimum balance amount to earn APY: $1,000 or $500, as above
  • Early withdrawal penalty: 3 months of interest for terms of 3 or 6 months; 180 days of interest for 9-month CDs; 365 days of interest for all other terms

Radius Bank offers a straightforward list of CD maturities, ranging from 3 months to 5 years. The minimum investment amounts are a bit quirky, as they are higher for the shortest maturities and then drop down for maturities of one year and longer. Early withdrawal penalties are fairly standard, although the 3-month and 12-month CDs get the worst of it; if you withdraw from those CDs any time before maturity, you lose all of the interest you’ve earned.

How to get Radius Bank’s CDs

Only three Radius Bank CD maturities can be opened online: the 12-month, 18-month and 3-year certificates. For all other maturities, you’ll have to download the application from the bank’s website. On the application, you’ll have to provide all of the typical personal information, such as your name and address, Social Security number, email address and phone number. The application also asks for your mother’s maiden name and your occupation. To get the proper CD, you’ll need to tick the box indicating you’d like to open a certificate of deposit account and then write in the term of the CD you want. As with the bank’s other accounts, you can also call, email or chat customer service to being the account-opening process.

SEE DETAILS Secured

on Radius Bank’s secure website

Member FDIC

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How Radius Bank’s CD rates compare

CD rates at Radius Bank start out reasonably high, and they remain above national averages across all maturities. However, as the maturity term extends, it can’t keep up with the rates paid by the bank’s competitors, who offer much higher CD rates. Unlike many other banks, Radius Bank doesn’t offer manager or promotional specials, which often pay higher rates for select maturities.

Overall review of Radius Bank’s products

Radius Bank offers a limited stable of checking, savings and CD accounts. However, there are gems in the offerings, particularly when it comes to fees and rates paid. All products have low minimums and low fees, with the exception of the “rebound” Essential Checking product, which is not a good option for any customer that can qualify for other accounts. Beyond that, accounts have low minimums and fees, with checking accounts charging no ATM fees anywhere and refunding any non-network ATM fees worldwide, with no limit.

The bank’s standout account from an interest-earning perspective is the High-Yield Savings account, which rivals the very best rates from most banks in the nation. CD rates are quite high across the board, although not the absolute best that you can earn.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Auto Loan, Reviews

LightStream Auto Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

If you’re in the market for a quick, affordable and hassle-free way to finance your next car, a LightStream auto loan should definitely be on your radar. It’s particularly well-suited for deal-seekers with good credit who don’t mind working with an online company when it comes to financing their cars. If you’d rather work with a local company that can offer in-person support, however, you might want to skip this lender.

How LightStream auto loans work

LightStream offers a wide range of options for financing your next ride, including:

  • Purchase of a new or used car, either from a dealer or an individual
  • Auto loan refinance (except it does not refinance its own loans)
  • Auto lease buyouts
  • Loans for motorcycles, as well as boats and RVs
  • Classic car loans

Auto loans at a glance:

  • Starting APR range: 3.49%–9.49%
  • Fees: None
  • Loan amounts: $5,000–$100,000
  • Terms: 24–84 months
  • Credit requirements: Minimum 660 credit score
  • Mileage or vehicle restrictions: None

LightStream offers the same starting rate whether you’re buying a new or used car from a dealer, something you don’t see at other lenders. But keep in mind that the lowest rates go to those with the best credit who opt for the shortest loan terms possible and use autopay to make their car payments.

Satisfaction guarantee

If you see a lower rate elsewhere, LightStream will beat any verified offer with a rate that is .10 percentage points lower. It also promises a $100 guarantee within 30 days if you aren’t satisfied with your loan experience.

How to apply for a LightStream auto loan

The only way you can apply for a LightStream auto loan is through its online form. It is an online lender, after all, so you should be comfortable with handling your business details — including the loan application — online. You’ll need to:

  1. Acknowledge receipt of LightStream’s statement on the use of electronic records.
  2. Agree to receive electronic records.
  3. Agree to use electronic signatures to sign your loan documents.

You’ll also need to have a Visa or Mastercard credit card to apply, which LightStream uses during the verification process.

You will be asked to provide:

  • The purpose, term and amount of desired loan
  • Your name
  • Your address
  • Phone number
  • Social Security number
  • Employment information
  • Annual income
  • Total amount of assets and equity in your home

From there, LightStream may contact you for more details and documentation. If approved, you’ll need to sign your loan documents electronically and provide LightStream with your bank account details. The money will then be deposited into your bank account, which means you’ll need to pass it along to the seller, whether that’s a dealer or private seller. LightStream will not send the money to the seller directly.

It’s important to note that LightStream doesn’t offer any preapproval options, but if you apply and are approved for a loan, you are under no obligation to accept the loan.

How to qualify for the best rates

LightStream requires good credit at a minimum, but looks for excellent credit when giving the best rates. It defines excellent credit as:

  • Five or more years of significant credit history.
  • A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable.
  • An excellent payment history with no delinquencies or other problems repaying debt obligations.
  • A proven ability to save as shown by some or all of the following: liquid assets (stocks, bonds, bank deposits, etc.), cash down payments on real estate, retirement savings and little, if any, revolving credit card debt.
  • Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream.

Pros and cons of LightStream auto loans

LightStream offers the convenience of an online lender with the backing of a brick-and-mortar bank as the online arm of Truist, the bank created by the merger of  SunTrust Bank and BB&T. But it’s important to weigh all of your options carefully when choosing an auto loan. It’s one of the biggest purchases you’ll make, after all.

Pros

  • Wide variety of loans: New, used, refinance and lease buyouts loans are available on a wide range of vehicles. Unlike other lenders, LightStream doesn’t place restrictions on your vehicle’s age, make, model or mileage.
  • Decent rates: We’ve seen lower starting rates at credit unions, but you’ll have to meet membership requirements. LightStream has no membership requirements and provides the same starting rates for new and used vehicles as well as refinance loans.
  • No down payment required: LightStream finances up to 100% of the car’s cost. Of course, it’s always best to put down as much as you can afford on an auto loan. This will help you save money over the life of your loan and avoid becoming underwater on that loan.
  • Quick funding: If you complete the application process and are approved by 2:30 p.m. EST, you could receive funds the same day.
  • Good reviews: LightStream auto loan reviews are generally positive.

Cons

  • Good credit required: To qualify for a LightStream auto loan you’ll need a credit score of at least 660 or better.
  • No preapproval process: Unlike many lenders, you’ll have to complete a full application in order to see your rates and terms. Still, the process is fast, and if you complete your rate shopping within a certain time period, multiple applications should not impact your credit any more than a single application.
  • No face-to-face service: If you’re the type of person who likes to seal the deal with a handshake after signing the documents, you’ll want to stick with some place local.

LightStream vs. Capital One

If you’d like a bit more of a guided approach to the car-buying process,  Capital One’s Auto Navigator loan options might be better for you. Rather than sending you cash directly that you can use on whatever car you want to buy, Capital One’s Auto Navigator service lets you first get prequalified for financing, and then shows you which dealers in your area may offer based on the type of car you want to buy and the financing you can afford.

If any of the offerings pique your interest, you can then finish the application and buy the car. It’s still a good idea to compare the offer with other new and used car loan rates.

LightStream vs. Carvana

Carvana works similarly to Capital One Auto Navigator in that you can prequalify for financing and browse real cars in your area that you may then be able to buy. It’s important to remember that Carvana only sells used cars and its financing is only available on Carvana cars. But it is possible to finance here with poor credit — Carvana requires borrowers to be 18 years old, have no active bankruptcies on their credit report and earn at least $4,000 per year.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Credit Cards, Reviews

CreditStacks Mastercard Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

Written By

The CreditStacks Mastercard offers a unique opportunity for individuals with little or no U.S. credit history – such as recent college graduates or professionals relocating to the U.S. for employment – to be approved for a credit card.

That’s because instead of requiring a Social Security number (SSN) or individual taxpayer identification number (ITIN) as most traditional credit cards do, the CreditStacks Mastercard allows applicants to apply using a valid passport or U.S. government-issued ID, a U.S. visa or a permanent resident “green” card (if applicable), as well as proof of income. The CreditStacks Mastercard also allows you to apply up to 60 days prior to starting your new job in the U.S.

We break down the pros and cons of the CreditStacks Mastercard, and show how it compares to the Capital One® Secured Mastercard®, which is also designed to help individuals establish or rebuild credit.

CreditStacks Mastercard pros

No credit history required. With the CreditStacks Mastercard, you can apply without a Social Security number and with little or no U.S. credit history. Once you obtain your Social Security number, you must provide it within 60 days of account opening. At that point, CreditStacks will begin reporting your credit activity to the Equifax and TransUnion credit bureaus.

Note, if you have been living in the U.S. for more than one year, you will be required to provide a Social Security number when applying for the card. A credit check may also be performed.

Decent credit limit. The CreditStacks Mastercard offers a credit line of up to $5,000 – which is a generous amount for an unsecured credit card that doesn’t require credit history.

Your credit limit will be determined by the proprietary underwriting procedures of CreditStacks, which will consider your current employment situation and additional factors, instead of your credit score.

No annual fee. The CreditStacks Mastercard comes with a $0 annual fee.

Additional CreditStacks Mastercard benefits:

  • Mastercard ID Theft Protection(™). Access free identity theft resolution services, as well as Mastercard ID Theft Alerts(™).
  • Extended warranty. Receive an extended warranty of up to one year past a manufacturer’s warranty of 12 months or less.
  • Purchase protection. If you are dissatisfied with a purchase, you may be eligible to receive a full refund for up to 60 days from the date of purchase.
  • Price protection. Get reimbursed for the difference if you find a lower price for an eligible new item within 60 days of purchase using your CreditStacks Mastercard.
  • Purchase assurance. Cardholders receive coverage if an item is lost, damaged or stolen within 90 days of purchase.
  • Travel protections. The CreditStacks Mastercard offers a MasterRental(R) collision damage waiver, lost or damaged luggage insurance, travel accident insurance, baggage delay insurance and trip cancellation and trip interruption insurance. Plus, receive access to exclusive experiences and offers through Priceless Cities and special travel offers through Mastercard’s online booking tool.
  • Cellphone insurance. If you use your CreditStacks Mastercard to pay your monthly cellphone bill, you can receive coverage against theft or damage of up to $600 per claim and up to $1,000 per 12-month period.

CreditStacks Mastercard cons

No rewards program. The CreditStacks Mastercard does not offer a sign-up bonus or rewards on the purchases you make using the credit card. That said, when trying to build or rebuild credit, it’s best to focus on paying your bill on time and in full (when possible) each month, rather than racking up rewards.

No intro APR on purchases. The CreditStacks Mastercard does not offer a 0% intro APR on purchases – meaning, if you don’t pay your balance in full each month, you will be subject to interest charges at a rate of 15.49% Variable APR.

That said, the card’s ongoing APR for purchases is reasonable – considering that some cards designed for individuals with little or no credit come with APRs upwards of 26.99% (variable).

Compare it to the Capital One® Secured Mastercard®

Similar to the CreditStacks Mastercard, the Capital One® Secured Mastercard® is designed for individuals with little or no credit. However, because it is a secured credit card, the Capital One® Secured Mastercard® requires a refundable security deposit of $49, $99 or $200, for an initial credit line of $200.

If you deposit more money before your account opens, you may be eligible for a higher credit line, up to $1,000. Additionally, you can be given access to a higher credit line after demonstrating responsible card usage by making your first five monthly payments on time.

While the Capital One® Secured Mastercard® does not require U.S. citizenship to apply, it does require a valid SSN or ITIN, as well as a residential address in the U.S. or a U.S. military location.

See how the cards compare side-by-side in the table below.

CreditStacks Mastercard vs. Capital One® Secured Mastercard®

 CreditStacks MastercardCapital One® Secured Mastercard®
Annual fee$0$0
Rewards rateN/AN/A
Credit lineUp to $5,000$200-$1,000
Deposit requiredNone$49, $99 or $200
Regular purchase APR15.49% Variable26.99% (Variable)

The Capital One® Secured Mastercard® also comes with a number of benefits, including auto rental collision damage waiver, travel accident insurance, extended warranty and 24-hour travel assistance services. As a Capital One member, you will also have access to virtual card numbers and account alerts from Eno, as well as access to your credit score and fraud monitoring through CreditWise.

But if you plan to carry a balance on your card, you’ll be better off with the CreditStacks Mastercard, since the Capital One® Secured Mastercard® comes with a substantially higher APR of 26.99% (Variable).

Read our: Capital One Secured Mastercard review

Which credit card is best for me?

If you haven’t yet established credit in the U.S., the CreditStacks Mastercard could be a good fit. In addition to not requiring a Social Security number for approval, the card helps build your credit by reporting to two major credit bureaus.

But if you’re in the market for a secured credit card and already have a SSN or ITIN, the Capital One® Secured Mastercard® is a good alternative. While the card offers a much lower credit line than the CreditStacks Mastercard, it does offer a variety of useful benefits that aren’t common for a secured credit card.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.