Radius Bank Review 2021

Published January 2021 by Mary Wisniewski

AT A GLANCE
4.3

Bankrate Score

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ATM fee refunds

Digital Leader

No monthly fees

Radius Bank is a great option for people looking for competitive yields, low fees and ample ATM access at a digital-first institution.

  • Checking
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    4.6
  • Savings
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    3.4
  • CDs
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    4.5
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    4.3

    Bankrate Score

    Radius Bank is an FDIC-insured online bank headquartered in Boston.

    What we like

    • The bank offers competitive yields on savings and CDs, as well as checking accounts.

    • There are no monthly fees on many of the bank’s products.

    • The minimum deposit required to open a CD is lower.

    What we don't

    • The savings account requires $25,000 to earn the top APY.

    • Overdraft fees on checking accounts are $25, which is lower than many.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Radius Bank offers several checking accounts. The Rewards Checking account is the premier checking account with Radius. You only need $100 to open this type of account. You will earn 1 percent cash back on signature-based purchases each month and you can earn some interest on your balance if you deposit at least $2,500.

    Radius Bank also offers access to thousands of ATMs in the bank’s partner ATM network. Radius charges no ATM fees and it refunds fees incurred at out-of-network ATMs.

    What we like

    • The Rewards Checking account pays interest and charges no fees.

    • The Rewards Checking account pays 1 percent cash back no signature-based purchases.

    • It lets you use all thousands of ATMs for free.

    What we don't

    • You will need to deposit at least $2,500 to earn some interest.

    Savings accounts

    3.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    You only need $100 to open the account, making it accessible for many. There are no monthly account fees either.

    The Radius High-Yield Savings account offers two APYs depending on the account balance. To earn the highest APY offered, you will need to deposit $25,000 or more.

    What we like

    • There are no monthly fees.

    • You only need $100 to open the account.

    What we don't

    • The APYs are lower compared to top-yielding banks.

    • You must have at least $25,000 to earn the top APY.

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Radius Bank offers nine different term CD lengths, ranging from three months to five years. The variety of term lengths makes Radius Bank ideal for someone looking to build a CD ladder at one institution.

    All carry competitive APYs and easy-to-reach minimum balance requirements. The one-year CD requires a $500 minimum deposit.

    What we like

    • The bank offers a variety of CD terms available.

    • Each CD pays a competitive APY.

    • The minimum deposit requirements are low.

    What we don't

    • While the APYs are competitive, you can still find higher yields if you shop around.

    Bank experience

    As a digital leader, Radius Bank offers lots of tools and features to help you manage your money, including a mobile app to deposit checks, access budgeting tools, pay bills and much more.

    Radius Bank also lets you link external accounts, create a budget and determine your net worth.

    Customer service representatives are available via phone or live chat Monday through Friday from 8:30 a.m. to midnight Eastern, as well as on Saturday and Sunday from 8 a.m. to 8 p.m.

    About Radius Bank

    Radius Bank is an online bank headquartered in Boston. Radius Bank offers lots of tools and features to help you manage your money, including budgeting tools. It is known as a digital leader.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates. She received her B.A. in journalism from Pepperdine University.