Review: High Yield Savings by Radius Bank

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 Monday, November 2, 2015


Updated November 17, 2015

Radius Bank is a national bank, which originally operated under the name First Trade Union Bank. The name was changed to Radius Bank in 2014. Radius currently offers a high-yield savings product with a 1.10% APY, but there’s a catch.

The Offer

The fairly new Radius Bank product is the Radius High-Yield Savings account. This account offers an interest rate of 1.10% APY, but only on balances of $2,500 and up. The interest rate is .05% APY if the balance is below $2,500. Once the account bumps over $2,500, the entire sum get the 1.10% APY.

Application Process

The most intriguing aspect of this account other than the high interest rate is that it can be set up in minutes. It’s largely due to image capture technology. You can simply take a photo of their driver’s license and have the app pre-fill the contact information. Live chat is available when applying from Monday through Friday 8:30 AM – 9:00 PM and Sat-Sun 9:00 AM – 1:00 PM ET. Telephone support and in-branch applications are available.


  • 1.10% APY on balances of $2,500 and up
  • FDIC-insured
  • Free online and mobile banking
  • Mobile check deposit
  • Easy account funding via debit card, credit card, transferring from an existing savings/checking account, cash or by mail
  • Free internal and external transfers
  • Live chat
  • Telephone support Monday – Friday, 8:30 AM – 5:00 PM ET
  • Free postage-paid mail envelopes for deposits
  • Unlimited free withdrawals from bank branches and Radius Bank ATMs
  • Surcharge-free withdrawals at ATMs displaying the SUM Program logo
  • PIN-based purchases online and in-store available with this savings account
  • Overdraft protection available
  • Minimum balance to open is $10
  • No monthly fees of any kind
  • No termination fee
  • No direct deposit requirement
  • A handy ‘Switching Checklist’ for consumers to show them how to leave their old bank and join Radius. Topics like switching direct deposit information are covered.


  • For every cleared check above 6 per month, there is a $13 activity fee. $13 is fairly high for this type of fee
  • Hard credit pull required
  • No signup bonus

[The 5 Best Online Savings Accounts in 2015]


  • ATM/ACH Overdraft – $33
  • Lost ATM Card – $5
  • Wire Transfer: Domestic, Incoming – $10
  • Wire Transfer: Domestic, Outgoing – $20
  • Wire Transfer: Outgoing, International – $40

Fine Print

There isn’t too much fine print associated with this account, but you should keep these two things in mind:

  • Interest rate is just .05% until the balance reaches $2,500
  • Interest accrues daily but is compounded and credited monthly

Who Should Apply

If you need to plan on keeping at least $2,500 in this savings account in order to secure the competitive interest rate. Anything below this and this savings account becomes less competitive. Because Radius Bank is not a household name; you should also be okay not having a plethora of physical branches to visit.

How to Open an Account

Three things are needed to open a new account: 1) The your Social Security Number or Individual Tax Identification number; 2) A U.S. government-issued photo ID (driver’s license, passport, state ID); 3) A credit card, debit card or US checking or savings account to fund the new account (at least $10).

Opening a Radius Bank high-yield savings account can be done online, at a branch or via the telephone. You’re taken through a process to check your eligibility, application, and verification. The Radius Bank website says an account can be opened online in minutes.

After approval, the bank sends out a welcome kit. That will arrive within 5 business days. If you opted for an ATM card, that should come within 5 business days as well. The PIN will be sent out separately at the same time.

High-Yield Savings from Radius Bank


on Radius Bank’s secure website

Member FDIC



Other Savings Accounts to Consider

Savings Account By The Palladian Private Bank

This account offers a promotional interest rate of 1.30% APY. The normal interest rate is still an impressive 1.10% APY. The minimum initial deposit is $1,000.



CIT Bank High Yield Savings

This is a 1.05% interest rate, which is slightly lower than the other accounts but there is no minimum balance requirement. The bank just requires a $100 initial deposit. There are two tiers for this account, tier 1 and tier 2. Tier 2 requires a minimum daily balance of $25,000 but this doesn’t matter because the interest rate for Tier 1 and Tier 2 are currently the same.

Final Thoughts

Getting anything above 1% for a savings account is phenomenal. Any of the above accounts do the trick. The difference in interest rates for the above is negligible. You needn’t worry about the interest rates too much. The difference between getting a 0% interest rate 1% interest isn’t life changing. Choose one of the above accounts based on which bank feels right.