The brand isn’t a household name, but Radius Bank earned the No. 1 spot among online banks for the combination of its mobile banking app, generous ATM fee rebates, its payout on checking and savings accounts and its accessibility — the minimums to open a checking or savings account are fairly low.
You can earn higher yields at other banks, but the Boston-based bank is competitive, especially for those with higher balances. If you have $2,500 to put into savings, Radius will pay 1.25 percent APY. Sock away more ($25,000 and up), and the Radius High-Yield Savings pays 1.65 percent APY. A $100 minimum deposit is required to open an account.
While most banks don’t pay perks on their checking accounts, Radius stands out for paying 1 percent cash back on certain debit purchases. Even better, if you have at least $2,500 in your checking account, the bank will pay you 1 percent APY, and more if your balance is $100,000 and up. If you often take out cash, you will benefit from the bank’s generous ATM policy: There are an unlimited amount of ATM fee rebates if you go out of the bank’s network.
The well-reviewed mobile app lets customers take care of the banking basics and more, like letting customers link other financial accounts to manage their money.