Radius Bank Review 2020

Published February 2020 by Lance Davis

AT A GLANCE
4.3
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Bankrate Score

bank-logo
Credit Card Cash

ATM fee refunds

Laptop Best

Digital Leader

Money

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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    4.4
  • Savings
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    3.9
  • CDs
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Overall

    4.3

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    Bankrate Score

    Radius Bank is an online bank headquartered in Boston. It’s an FDIC-insured institution with more than $1.3 billion in assets.

    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 bank offers top-notch digital tools, including bill pay, P2P payments and more.

    What we don't

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

    • Overdraft fees on checking accounts are $25.

    Checking accounts

    4.4

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Radius Bank offers four types of checking accounts: Free Checking, Essential Checking, Superhero Checking and Rewards Checking. All types are fee-free, with the exception of the Essential Checking account ($9 monthly fee).

    The Rewards Checking account is the premier checking account with Radius. It earns 1.2 percent APY on balances of $100,000 and up and 1 percent APY on balances between $2,500 and $99,999.99. You also need only $100 to open this type of account. You will also earn 1 percent cash back on signature-based purchases each month.

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

    What we like

    • The bank offers a range of checking accounts.

    • The Rewards Checking account pays a high yield and charges no fees.

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

    What we don't

    • The bank charges $25 for overdrafts.

    Savings accounts

    3.9

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Radius Bank offers its Radius High-Yield Savings account. It offers two APYs depending on the account balance:


    • $25,000 and up: 1.65 percent

    • $2,500-$24,999.99: 1.25 percent

    • $10-$2,499.99: 0.05 percent

    • $0.01-$9.99: 0 percent


    There’s a minimum $100 deposit required to open the account, making it very accessible.

    There is no minimum balance requirement, nor are there any monthly fees. You’ll receive a free ATM card with this account.

    What we like

    • The APY is competitive, though not among the highest-yielding banks.

    • There are no monthly fees and no minimum balance requirement.

    • You need only $100 to open the account.

    What we don't

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

    CD rates

    3.9

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    Bankrate Score

    Radius Bank CDs with nine different term 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 and at least a $1,000 balance to earn the 1.25 percent APY.

    What we like

    • The bank has 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. The bank offers a highly rated app for both Android and iOS devices. You can use the app to deposit checks, access budgeting tools, pay bills and much more.

    Radius Bank has what it calls a personal financial dashboard where you can 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. It’s an FDIC-insured institution with more than $1.3 billion in assets. As a digital leader, Radius Bank offers lots of tools and features to help you manage your money. The bank offers a highly rated app for both Android and iOS devices. You can use the app to deposit checks, access budgeting tools, pay bills and much more.

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the editorial director for Bankrate.com. Lance sets the vision and strategy for the editorial team to ensure Bankrate helps its readers make smarter personal finance decisions. Previously, he worked as the optimization editor, as well as the social media and newsletter editor. He joined Bankrate as a copy editor in November 2013. Lance is an Alabama native and graduated from Auburn University with a bachelor's degree in journalism.