Radius Bank Review: Many Financial Products at One Online Bank

When it comes to online banking, Radius Bank has been making a splash over the last few years. They have been focused on offering top-notch online checking options, and recently started offering really competitive online business banking products.However, Radius Bank is an online and app-based bank. This could work well for you, but it may not be suited for everyone.Radius Bank is continually named to our list of best free checking accounts, and they are also on our list of best business bank accounts. Learn more if Radius Bank is right for you in our Radius Bank review below!

Radius Bank is an online bank but does have one branch, which is located in Boston, MA. Radius Bank was founded in 1987 and is headquartered in Boston, MA. The bank has $1.3 billion in assets and is a member of the FDIC and is an Equal Housing Lender.

Radius Bank serves personal, business, and institutional clients. It has a full suite of financial products that include checking, savings, CDs, loans, mortgages, insurance, credit cards, and more. In this article, we’ll focus on their checking and savings products.They also have solid app-based checking accounts for both consumers and businesses.

Radius Bank offers two types of checking accounts: Rewards Checking and Superhero Checking. Both products earn interest, do not have a monthly fee, and require $100 to open. They also come with unlimited ATM rebates. Your first order of checks is free. Both accounts also come with early direct deposit, which makes funds available early, assuming the payer supports this feature.The two accounts differ in the interest rate you can get. Rewards Checking doesn’t earn interest until you have a balance of $2,500. At that point, the account will earn interest up to $99,999.99. Above $100,000, the account earns even more! For rewards, you earn 1.00% cash-back on signature-based purchases each month.The Superhero Checking earns less interest than Rewards Checking on balances of $2,500 and up. Also, all interest earned is matched by Radius Bank and donated to the March of Dimes. Rewards are 1.00% of signature-based debit card purchases and interest is also matched and donated to the March of Dimes.The main difference between these accounts is that one pays higher interest while the other donates to the March of Dimes.

There are also two savings account products: Radius High-Yield Savings and Rewards Checking. The Rewards Checking is basically the same as the Rewards Checking mentioned above. There are a few more differences between the savings accounts products than checking products. Both products require $100 to open and do not have a monthly fee.See how they compare to the top high yield savings accounts here.Radius High-Yield Savings has two interest tiers:You get six preauthorized transactions per statement period. ATM withdrawals are free at ATMs displaying the SUM logo.The Rewards Checking also has two tiers of interest earnings:Unlike Radius High-Yield Savings, there are no transaction limits with this account. You also earn 1.00% cash-back on signature-based purchases. ATMs worldwide are free.

Radius Bank offers several CDs that range from three-month to five-year terms.The three-, six-, and nine-month CDs require $1,000 to open. The one-year CD and up require $500 to open. Those numbers also coincide with the minimum balance required to earn the listed APY. 

Radius Bank offers one of the best online business checking accounts – the . This account is top notch in that it doesn’t have any monthly fees, and doesn’t have any minimum balance requirements. Also, unlike many business accounts, it doesn’t have any transaction limitations.Plus, to really make it a top-notch account, it pays interest on your checking account! You can earn interest on account balances over $5,000. That makes it competitive with even the best business savings accounts.The only drawback for the Tailored Checking account is that the business and personal products have to separate apps and you can’t connect your accounts easily. If you plan to do all your banking (both personal and business), it’s a little tedious to have two different apps and logins to manage.

Radius Bank allows you to link up to three accounts to pull funds from in the case of an overdraft. You can also apply for an overdraft line of credit.The overdraft feature is not enabled automatically. You must fill out a PDF form and send it to Radius Bank before the feature is available to you. Note that if an overdraft pulls from your savings account and causes its balance to fall below zero, the savings account can incur a maintenance fee.Radius Bank’s customer service is available by phone, chat, and email.

While there aren’t any monthly fees, the accounts do have certain service charges. Here are a few of the more common fees:

Visit https://radiusbank.com to open an account online.

Yes — Radius Bank uses 256-bit encryption and is FDIC-insured.

Radius Bank offers a large suite of financial products for a near purely online bank. It offers some of the best free online checking accounts, but it’s savings accounts aren’t that competitive.  If you are seeking the highest checking, savings, or CD APYs, you’ll want to look elsewhere.

Written by Investors Wallets

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