Radius Bank Review

Is Radius Bank a good bank?

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Radius Bank

Radius Bank

Radius Bank is an online-only bank founded in 1987 and headquartered in Boston. With more than $1.4 billion in assets as of 2020, it offers a full complement of personal and commercial banking services, including checking, savings, lending, and more. Its policy of unlimited ATM fee reimbursements increases convenience for customers.

  • Pros and Cons
  • Company Overview
Pros and Cons
  • No ATM fees

  • Industry competitive interest rates

  • Cash back on debit card purchases

  • No physical branches

  • Multiple account choices can be confusing

  • $100,000 balance required to earn the best interest rates

Company Overview
  • Official Website www.radiusbank.com/
  • Bank Product Offerings Checking accounts, savings account, certificates of deposit
  • Customer Service Phone and live chat support is available Mondays through Fridays from 8:30 a.m. –midnight Eastern Standard Time and Saturdays and Sundays from 8 a.m.–8 p.m. EST at (800-242-0272)
  • Year Founded 1987

Who Is Radius Bank Best For?

Radius Bank should appeal to most consumers comfortable with online banking who do not need access to a physical branch but are looking for:

  • Free access to ATMs anywhere in the world
  • Cash back on debit card purchases
  • A low-fee online banking relationship

What Does Radius Bank Offer?

Radius Bank offers standard options for deposit accounts. These include:

  • Checking accounts
  • Savings account
  • Certificates of deposit
  • Credit Cards

Checking Accounts

Rewards Checking

A Rewards Checking account charges no fees, provides unlimited ATM fee rebates, interest on balances of at least $2,500, and cash back on eligible purchases. Opening an account requires a minimum deposit of $100, but no minimum balance thereafter.

ATM fee rebates are paid at the end of each statement cycle, and annual percentage yields on balances are 0.15% for balances between $2,500 and $99,999.99 and 0.15% for balances of $100,000 or greater, as of March 25, 2021.

Account-holders are eligible for 1% cash back on debit card purchases if they receive $2,500 in direct deposits during a statement cycle or if they maintain a minimum balance of $2,500. Other features include early direct deposits if supported by the payer, and no charge for the first order of checks.

Superhero Checking

Superhero Checking is the same as Rewards Checking except it pays interest at a different rate and donates a matching amount to the March of Dimes. Accounts of $2,500 or more earn 0.05% interest, as of March 25, 2021.

Essential Checking

Customers with an unfavorable banking history who may not qualify for a Rewards or Superhero checking account can attempt to repair their banking record with an Essential Checking account. It costs $9 per month and has several other limitations:

  • A daily debit card limit of $250 for the first 30 days
  • A daily debit card limit of $500 after 30 days
  • No more than $1,000 worth of mobile check deposits in a single day or $2,000 worth every 10 days

Account-holders who maintain a positive banking history for 12 months may be eligible to upgrade to a Rewards or Superhero account.

High-Yield Savings Account

A High-Yield Savings account has no monthly fees and no minimum balance requirement after an initial $100 deposit. Earn 0.15% APY on balances of $2,500 to $24,999, and 0.25% APY on balances of $25,000 or greater, as of March 25, 2021.

Accounts come with a free ATM card, and Radius Bank does not charge ATM fees regardless of who owns the ATM.


Radius Bank offers a range of CDs with a $500 or $1,000 minimum to open. Rates start at 0.25% APY for 3 months and go up to 0.5% APY for 5 years, as of March 25, 2021.

CD Rates
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%

Keep in mind that CD accounts are time-bound. You can’t withdraw funds at any time. If you withdraw before the maturity date, you’ll have to pay a penalty.

Credit Cards

Radius Bank offers several Visa Cards through Elan Financial Services with features best suited for rewards, low introductory rates, repairing credit, and for business. Here are some of the cards offered:

Cash Back Credit Card

  • Visa Real Rewards Card

Balance Transfer Credit Card

  • Visa Platinum Card

Secured Credit Card

  • Visa Secured Card

Business Credit Cards

  • Visa Business Cash Card
  • Visa Business Real Rewards Card
  • Visa Business Rewards PLUS Card

Other Financial Products From Radius Bank

Radius Bank also has a wide range of other offerings:

  • Car loans
  • Personal loans
  • Student loans
  • Mortgages
  • Insurance
  • Business loans

Radius Bank Customer Service

Customers can reach a service representative via phone or live chat seven days per week with varying hours. Phone and live chat support is available Mondays through Fridays from 8:30 a.m. –midnight Eastern Standard Time and Saturdays and Sundays from 8 a.m.–8 p.m. EST. Assistance is available via social media Mondays through Fridays from 8:30 a.m.–8 p.m. EST.

How to Bank With Radius Bank

To open an account with Radius Bank, visit RadiusBank.com or call 1-800-242-0272. As with any financial institution, you need to provide personal information when opening a bank account.

Final Verdict


Radius Bank is a good choice for someone looking for an online bank account with low fees and competitive interest rates. If you get paid via direct deposit and don’t use much cash, this bank could be perfect for your needs. And when you do need a few paper greenbacks in your hand, you can use any ATM in the world with no fees.


Those who are less comfortable with online and mobile banking may be best off sticking with a traditional brick and mortar bank. Radius Bank does offer several options for help and customer service, but you can’t walk into the bank and get in-person support.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Radius Bank. "Our Story." Accessed May 8, 2020.

  2. Radius Bank. "Compare Checking Accounts." Accessed August 20, 2020.

  3. Radius Bank. "Essential Checking." Accessed August 20, 2020.

  4. Radius Bank. "Radius High-Yield Savings." Accessed August 20, 2020.

  5. Radius Bank. "CD Rates." Accessed May 14, 2020.

  6. Radius Bank. "The Purchasing Power of Zero." Accessed August 20, 2020.