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Radius Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Radius Bank Savings
1.50% APY

Radius Bank offers competitive, high-earning interest rates across the board. Its savings account, certificates of deposit (CDs) and even one checking account carry rates well over the national average, enabling you to grow your savings pretty substantially. It also has depth in its variety of offerings. In particular, there are nine different CD terms available, each with one of the best CD rates, allowing you to safely grow your savings and benefit throughout the years. 

Radius Bank maintains one branch in Boston. It also has a few branded ATMs and provides access to the MoneyPass® and SUM ATM networks. Otherwise, you’re limited to managing your accounts online and on mobile. 

Products Offered

Product Key Details
Savings Account
  • No monthly fee
  • Earns interest according to balance tiers
Certificates of Deposit
  • Nine terms ranging from three months to five years
  • $500 or $1,000 minimum deposit, depending on term length
Checking Account
  • Three account options, with two interest-earning accounts
  • One account with a monthly fee

Radius Bank Interest Rate Comparison

Radius Bank Overview

Radius Bank began in 1987 and holds its headquarters in Boston, Massachusetts. This is also where Radius keeps a corporate office, Financial Center, Radius ATMs and a full-service Customer Service Department. Its one Financial Center is a cashless branch.

Radius Bank operates largely as a virtual bank with most of its capabilities found online. The bank also provides its own app so you can more easily access your accounts on the go. You can open personal and business accounts with Radius, with its personal account offerings detailed below. 

Radius Bank Account Features

When you bank with Radius, you’ll have pretty limited access to a full-service branch. Radius checking accounts do include a debit card. Plus, the Radius High-Yield Savings account includes an ATM card. You can use these cards fee-free at Radius ATMs as well as MoneyPass® and SUM ATMs. You can still use out-of-network ATMs without facing a fee from Radius, although the ATM may charge its own fee. 

The bank also offers thorough online and mobile banking features. This includes the ability to deposit checks with your mobile phone camera. The Radius Card app also allows you to turn your debit card on and off with just a finger swipe. You can customize account alerts, transaction restrictions, spending caps and more.

Compare Radius Bank to Other Competitive Offers

Radius High-Yield Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile, over the phone and ATMs.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly fee
Current Terms and Rates
  • Account balances $10 - $2,499: 0.05% APY 
  • Account balances of $2,500 – $24,999.99: 1.50% APY
  • Account balances of $25,000 and over: 2.05% APY

The Radius High-Yield Savings account offers some of the highest online savings interest rates in the industry and at no extra monthly fee. The account earns at different interest rates according to balance tiers. So higher balances can earn at much higher rates. You’ll need at least $10 to earn any interest at all, although the starting rate is pretty low. To take advantage of the bank’s great rates in full, you’ll want a balance of at least $2,500. 

This savings account also includes an ATM card along with easy online and mobile access. With your online account, you can make free internal and external online transfers between accounts.

Radius Bank CDs (Certificates of Deposit)

Key Features Details
Minimum Deposit
  • 3 Month, 6 Month, 9 Month: $1,000
  • All other terms: $500
Access to Your CD Account Online and mobile.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly fee, but early withdrawal penalties may apply. 
Current Terms and Rates
  • 3 Month: 0.85% APY
  • 6 Month: 0.95% APY
  • 9 Month: 1.25% APY
  • 1 Year: 1.55% APY
  • 18 Month: 1.60% APY
  • 2 Year: 1.70% APY
  • 3 Year: 1.85% APY
  • 4 Year: 1.95% APY
  • 5 Year: 2.20% APY

Certificates of Deposit, or CDs, offer a more structured way of saving and a more guaranteed return. They typically come in a variety of term lengths, as seen with Radius Bank’s CD offerings which range from three months to five years. Once you open and fund a CD, you cannot withdraw any of that amount without incurring a penalty or make additional deposits until the end of the term. At the CD’s maturity date, you can withdraw or deposit funds or make term changes to the account.

You can open only Radius Bank’s 12-month, 18-month and three-year CDs online. For all other terms, you can download the Personal Account Application online or contact Customer Service.

Radius Hybrid Checking Account

Key Features Details
Minimum Deposit $100
Access to Your CD Account Online, mobile, over the phone and debit card.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly fee. 
Current Terms and Rates
  • Account balances of $2,500 to $9,999: 1.00% APY
  • Account balances of $10,000 and over: 1.20% APY

The Radius Hybrid Checking account works best for customers with higher balances. You’ll need at least $100 to open the account and at least $2,500 to start earning interest at the lower level. An even higher balance of $10,000 and over can earn at an even higher rate. 

You must enroll in Online Banking, receive eStatements and receive a debit card from Radius in order to qualify for this account. You’ll need to meet these requirements within two months after opening the account. Otherwise, the account will revert to a Free Checking account.

Radius Checking Account

Key Features Details
Minimum Deposit $100
Access to Your CD Account Online, mobile, over the phone and debit card.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly fee. 
Current Terms and Rates Can earn cash back with specific debit card transactions

The Radius Checking account is a no-frills checking account. There are no multiple interest tiers. Rather, you just need to make a $100 deposit to open the account. You can earn cash back with your debit card on specific transactions. 

Again, you must enroll in Online Banking, receive eStatements and receive a debit card from Radius within the first two months after opening in order to qualify for this account. Without these requirements, your account will revert to a Free Checking account.

Radius Essential Checking Account

Key Features Details
Minimum Deposit $10
Access to Your CD Account Online, mobile, over the phone and debit card.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $9 monthly fee

Radius Bank’s Essential Checking account offers a stricter and more limited checking experience. While you do need a smaller amount to open at $10, there is a $9 monthly fee that you cannot waive. This account includes a mobile check deposit limit of $1,000 per day and $2,000 per 10 days. There is also a daily debit card limit of $250 for the first 30 days. This limit increases to $500 on day 31. The daily debit card limit includes all transactions like ATM withdrawals, mobile wallet payments and Pay a Friend. These limits may make the account ideal if you want to teach your child how to save and use their money responsibly or even if you yourself need a little more banking discipline. 

As with the other two Radius checking accounts, you must enroll in Online Banking, receive eStatements and get a debit card to qualify for this account. However, if you do not meet the requirements with this account within two months after opening, your account may be closed entirely. 

Where Can I Find Radius Bank?

You can find Radius Bank mostly online and through its mobile app. Physically, you can find Radius Bank in Boston at its corporate office, one Financial Center and at a handful of Radius ATMs.

What Can You Do Online With Radius Bank?

You can do just about all you need with Radius Bank. You can open most accounts online, fund accounts, make transfers, check on your balances and more. 

You can also perform many of these actions and transactions on mobile, whether in your mobile browser or on the Radius Bank app. 

How Do I Access My Money?

You can access your money in a few ways. If you live nearby, you can visit the bank’s one branch or few ATMs. To access cash, you can use any MoneyPass® and SUM ATMs for free. 

Otherwise, you can access your accounts easily and conveniently online and on mobile.

How Can I Save More Money With a Radius Bank Account?

While Radius Bank has incredibly high rates, you can save the most money with high account balances. Each account has some balance requirement to earn interest at all. However, the best rates are reserved for the highest balances. 

You’ll also be able to save money by sticking to in-network ATMs. This includes Radius, MoneyPass® and SUM ATMs throughout the country. That way, you can avoid any ATM surcharges. 

What’s the Process for Opening an Account With Radius Bank?

You can easily open most Radius Bank accounts online simply by clicking an “Apply Now” button. You’ll need to provide personal information like your email address and Social Security number. You will also have to make your initial minimum deposit at opening. The whole application process should take 10 or fewer minutes. 

You cannot open all Radius Bank CDs online. To open any CDs outside of the 12-month, 18-month and three-year terms, download the Personal Account Application online or contact Customer Service.

What’s the Catch? 

Perhaps the biggest catch for potential customers is the lack of physical branches. You’ll have to be comfortable banking almost entirely online to work with Radius. You’ll still have access to cash through its ATM networks, but customers won’t be able to visit a local branch unless you’re in Boston. 

Another catch to Radius Bank’s savings is the high balances required for the best rates. To earn substantial savings, you’ll need balances of at least $2,500 for the bank’s savings and checking accounts. The CDs do have lower minimums, which can offer a better alternative. 

Bottom Line

Radius Bank certainly has some compelling products with its sky-high interest rates. Just be careful of each account’s minimum balance requirements to open and to earn interest as these minimums can reach pretty high. Luckily, you won’t have to worry about a pesky monthly fee with any Radius accounts (except its Essential Checking account). 

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