Radius Bank Review
Is Radius Bank a good 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.
What We Like
No ATM fees
Industry competitive interest rates
Cash back on debit card purchases
What We Don't Like
No physical branches
Multiple account choices can be confusing
$100,000 balance required to earn the best interest rates
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
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 0.10% for balances between $2,500 and $99,999.99 and 0.15% for balances of $100,000 or greater, as of May 14, 2020.
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 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 May 14, 2020.
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.
A High-Yield Savings account has no monthly fees and no minimum balance requirement after an initial $100 deposit. Balances of $2,500 to $24,999 pay 0.15% interest, and balances of $25,000 or greater pay 0.25% interest, as of May 14, 2020.
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 May 14, 2020.
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.
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:
- Visa Real Rewards Card
- Visa Platinum Card
- Visa Secured Card
- 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
- 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
The Bottom Line
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.
Radius Bank. "Our Story." Accessed May 8, 2020.
Radius Bank. "Compare Checking Accounts." Accessed May 10, 2020.
Radius Bank. "Essential Checking." Accessed May 14, 2020.
Radius Bank. "Radius High-Yield Savings." Accessed May 14, 2020.
Radius Bank. "CD Rates." Accessed May 14, 2020.
Radius Bank. "The Purchasing Power of Zero." Accessed May 14, 2020.