Radius Bank Review 2021

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Updated on Friday, October 1, 2021

Radius Bank

Founded in 1987, Radius Bank is a Boston-based institution that has maintained a small, physical footprint in its hometown while growing digitally to serve customers across the nation. In 2020, Radius Bank was acquired by LendingClub, an online peer-to-peer lending company.

Radius Bank offers a savings account, checking accounts and certificates of deposit (CDs) with a range of terms, and its accounts operate almost entirely online. The APYs currently offered across its deposit accounts aren’t very high, however, and in some cases are so low that they’re not particularly competitive.

Radius Bank savings accounts 4.5 out of 5

Radius Bank High-Yield Savings
  • APY:0.05%0.25%
  • Minimum opening balance: $100
  • Monthly fee: $0

You will need at least $100 to open a High-Yield Savings account with Radius Bank. There is no minimum balance required thereafter, but you will need to maintain a balance of at least $10 to earn the offered 0.05% APY. Balances between $2,500 and $24,999.99 earn 0.15% APY. If you have $25,000 or more in your account, you will earn 0.25% APY, making this account best for those with large balances in their savings account.

The Radius Bank High-Yield savings account comes with no monthly service fees. You will also get a free ATM card, which you can use at any in-network or out-of-network ATM free of charge. When you access your account through Radius Bank’s mobile app, you can use the Goalkeeper tool, which allows you to stash away money for specific savings goals.


on Radius Bank’s secure website

Member FDIC

Compare Radius Bank’s savings account to the best high-yield savings accounts on the market.

Radius Bank checking accounts 4 out of 5

Radius Bank Rewards Checking
  • APY:0.10%0.15%
  • Minimum opening balance: $100
  • Monthly fee: $0
  • ATM access: No fees charged by Radius Bank at in-network or out-of-network ATMs; any fees charged by out-of-network ATM owners refunded by Radius Bank

The minimum opening deposit required for Radius Bank’s Rewards Checking account is $100. While there is technically no minimum balance nor a monthly fee, you will need to keep a balance of at least $2,500 to earn any interest. You will need at least $100,000 in your account to earn the top rate of 0.15% APY. Accounts with balances between $2,500 and $99,999.99 will earn 0.10% APY, while accounts with less than $2,500 won’t earn interest.

As its name suggests, Rewards Checking also offers a cashback program, which somewhat lessens the blow of the hard-to-reach APY. The rewards program pays 1% cash back on all credit purchases made with your card. For a limited time, you can earn an extra 0.50% cash back when you spend at specific types of businesses.

Radius Bank is a member of MoneyPass® and SUM® ATM networks, offering access to a combined network of more than 20,000 ATMs. You won’t have to pay to use out-of-network ATMs though, and Radius Bank also will refund any fees charged by out-of-network ATM owners.


on Radius Bank’s secure website

Member FDIC

Radius Bank Essential Checking
  • APY: N/A
  • Minimum opening balance: $10
  • Monthly fee: $9
  • ATM access: No fees charged by Radius Bank at in-network and out-of-network ATMs; fees charged by out-of-network ATM owners will not be refunded

If you have a rocky banking history, Radius Bank’s Essential Checking account can give you a chance to rebuild. You can only qualify for this second chance account after you apply for and are denied access to Rewards Checking. After 12 months with a positive account history, you may qualify for Rewards Checking.

While there is no minimum balance requirement with this account, you will need an opening deposit of at least $10. There is no way to waive the account’s $9 monthly fee. While Radius Bank doesn’t charge ATM fees for this account either, the bank does not reimburse fees charged by out-of-network ATM owners like it does for the Rewards Checking Account. The Essential Checking account also comes with some limits that will impact your day-to-day spending, such as daily and monthly limits on debit purchases and check deposits.

See how Radius Bank stacks up whenever compared to the best checking accounts currently offered.

Radius Bank CDs 3 out of 5

TermAPYMinimum deposit
1 year0.10%$500
3 years0.10%$500
5 years0.10%$500

Radius Bank offers CDs in a variety of term lengths, ranging from three months to five years. The minimum deposit on one-to-five-year Radius Bank CDs is just $500, creating a lower barrier to entry than many other financial institutions. A higher minimum deposit of $1,000 is required on terms of nine months or less.

Interest compounds daily on CDs with terms of less than a year, monthly on terms of one to four years and quarterly on five-year terms. Early withdrawal fees are equal to 365 days of simple interest on terms that are a year or longer. CDs with terms of three and six months will incur a penalty of three months’ simple interest, while CDs with nine-month terms will owe 180 days of simple interest.

Radius Bank does not currently offer jumbo CDs or no-penalty CDs.


on Radius Bank’s secure website

Member FDIC

For more options, check out our roundup of the best CDs.

Customer experience at Radius Bank

While Radius Bank does have a single, cashless branch operating in Boston, it is best suited for those who are comfortable banking entirely online. If you need assistance with your account, customer service is available over the phone or via live chat. Radius Bank’s customer service hours extend well beyond traditional banking hours, available from 8:30 a.m. to 12:00 a.m. Eastern Time, Monday through Friday, and from 8:00 a.m. to 8:00 p.m. Eastern Time on weekends.

Most interactions with Radius Bank will take place online or through its mobile app. Radius Bank’s mobile app gets good reviews — it has 4.5 out of 5 stars on the Apple App store and 4 out of 5 stars on Google Play. The app offers a number of additional features outside of basic banking, including the ability to set up a budget, track your net worth, locate ATMs, deposit checks and explore recommended financial products like insurance.