The bottom line
- Radius Bank offers interest checking and savings accounts that don’t charge monthly fees
- It has checking accounts with unlimited ATM fee reimbursements
- You can get a certificate of deposit for as little as $500
|Savings and money market accounts|
|Certificates of deposit|
Read on for more details about Radius Bank’s checking and savings accounts, CDs, customer experience and fees.
4.5 / 5.0
The Radius Hybrid account requires just $10 to open and has no monthly fee. That’s a good deal, but what really stands out is the ATM fee policy. Radius is part of a network of more than 7,200 SUM-branded ATMs, and the bank doesn’t charge fees for using non-network ATMs.
On top of that, Radius Bank issues monthly refunds — with no cap — of fees charged by non-network ATM owners.
With the Radius Hybrid account, a 0.01% annual percentage yield kicks in at balances of $2,500, and the rate increases with higher balances, up to 0.90% APY. To get that rate, however, requires a lot of money. According to the bank’s online calculator, you’d have reach a balance of almost half a million dollars to earn the 0.90% APY.
Still, if you keep even a few thousand dollars in your account, you’ll beat the national average of 0.04% APY for interest checking.
5.0 / 5.0
The Radius High-Yield Savings account has an attractive 1.00% APY on balances of $2,500 or more; the rate is much lower on smaller balances. You need only $10 to open an account, and there are no monthly fees. Considering all the benefits, Radius High-Yield Savings earns NerdWallet’s top rating.
Certificates of deposit
4.0 / 5.0
Radius Bank’s CDs have competitive rates and terms that range from three months to five years, and you don’t need thousands of dollars to open an account. The minimum deposit is $500 for CDs with terms of one year or longer and $1,000 for shorter terms.
3.0 / 5.0
If you prefer face-to-face interaction with a bank teller, then Radius Bank — with its single location — probably isn’t the bank for you. For customers satisfied with online banking, Radius offers a mobile app with convenient features such as mobile check deposit, plus online chat support and an easy-to-understand website.
There’s room for improvement, though, as the mobile app has received many complaints about login problems and glitches. A recent update to the iOS version added Touch ID, so ratings on Apple devices may improve.
3.0 / 5.0
Radius Bank charges $25 for each overdraft or returned item. That’s lower than the national median of $35, but there’s no limit to the number of overdraft fees it can charge you each day. In addition, if your account stays negative longer than four days, there’s a daily overdraft charge of $5 that starts on the fifth day and continues for 30 days if the account stays negative.
Customers can link another deposit account or line of credit for overdraft protection. That’s a good idea, especially since there are no transfer fees. Some large banks charge more than $12 for overdraft transfers. If you choose to link a line of credit, you’ll pay interest charges on the balance.
If you need a branch
Updated June 1, 2017.
For banks and credit unions, NerdWallet’s overall rating is a weighted average of each subcategory: checking accounts, savings and money market accounts, CDs, customer experience and other fees. Factors we consider, depending on the subcategory, include rates and fees, ATM and branch access, account features and limits, user-facing tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.
What the ratings mean:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
or below — Best to avoid