Radius High-Interest Savings is an online account exclusively for NerdWallet app users. Its APY and fees are competitive with other online accounts, and they’re much better than what you’d find at a typical brick-and-mortar bank.
Read on for more about Radius High-Interest Savings.
Radius High-Interest Savings
Interest on balances
Minimum opening deposit
$75 for a $5K balance
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How Radius High-Interest Savings compares
High-Interest Savings is a solid account from a solid bank. You’ll find slightly higher rates at other online banks, but this account's APY is still much better than those at your standard neighborhood bank branch. And the account doesn’t charge a monthly fee, so you won’t have to maintain a high minimum balance.
Solid APY: Radius High-Interest Savings pays 1.55% APY. Some online competitors offer higher rates — check out NerdWallet’s best high-yield online accounts for options — but it’s also much higher than the national average of 0.09%. And it’s higher than the rate Radius’ standard, High-Yield Savings account pays for lower balances. To earn 1.65% APY, deposit $25,000 or more in Radius High-Yield Savings.
Reasonable opening deposit requirement: Some online banks don’t require you to deposit any money to open an account; Radius asks $50. However, some competitors require more, and so does Radius’ High-Yield Savings account: $100 to open and $2,500 to earn much interest.
No monthly fee: High-Interest Savings doesn’t charge a monthly fee. Our favorite online savings accounts usually don’t, so Radius is typical of what you’d find elsewhere.
Decent sign-up bonus: The sign-up bonus on High-Interest Savings isn’t huge, and you’ll have to maintain an average balance of $5,000 for the first month to qualify. But it’s a nice perk if you were planning to deposit that amount anyway.
» Read more about NerdWallet’s best savings accounts
What you need to know about Radius Bank
Products: In addition to High-Interest Savings, Radius offers a standard High-Yield Savings account, multiple checking options (including an account that pays cash back and offers unlimited ATM fee reimbursements), CDs and other financial products, such as loans and insurance.
Checking: Radius offers three checking accounts: Rewards, Superhero and Essential Checking. Rewards and Superhero Checking both earn interest, but Rewards pays a little more. In Superhero’s case, users can also earn money toward donations to March of Dimes. And both offer unlimited rebates of the ATM fees other banks may charge, even internationally — although foreign transaction fees still apply. Radius doesn’t charge fees for using other banks’ ATMs. Neither account charges a monthly fee.
Essential Checking is primarily for those trying to rebuild their banking history. You can’t avoid its $9 monthly charge and it has fairly strict daily transaction limits.
CDs: Radius Bank offers CD terms from 3 months to five years, up to 2.20% APY. Its rates are competitive with the best in the industry, and the minimum to open is $500-$1,000, depending on the term. This is on the low side for many online banks.
Branch and ATM access: Radius is primarily an online bank, and it has only one branch, in Boston. But its ATM policies mean you’ll never pay to use a domestic ATM, and customer service agents are available via phone every day, including extended business hours on weekends. Social media assistance is available on weekdays.
Overdraft policies: Radius offers a couple of options for consumers wanting to avoid overdrafts. They can either link another Radius account for free transfers in case of overspending, or they can link a line of credit and pay only the interest on amounts borrowed.
» Compare your options with NerdWallet’s best checking accounts
Radius High-Interest Savings is worth considering
If you’re eligible for High-Interest Savings, it’s a great way to earn a higher rate on a Radius product without a massive minimum deposit. You might also look into Radius’ checking products, which pay interest and have other helpful perks.