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 may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Updated on Thursday, October 1, 2020

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

magnifying glass

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

magnifying glass

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

magnifying glass

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.

Do you have a question?