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Radius Bank Review: Checking, Savings and CDs

Sept. 4, 2019
Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
Radius Bank Review: Checking, Savings and CDs
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Radius Bank

4.0 NerdWallet rating

Where Radius shines:

  • One checking option has cash back rewards and an interest rate.
  • Unlimited ATM fee reimbursements.
  • Free checking and savings accounts available.

Where Radius falls short:

  • Savings rates aren’t the highest available among online banks.
  • Extended overdraft fee of $5 per day, which not every bank charges.

Where Radius shines:

  • One checking option has cash back rewards and an interest rate.
  • Unlimited ATM fee reimbursements.
  • Free checking and savings accounts available.

Where Radius falls short:

  • Savings rates aren’t the highest available among online banks.
  • Extended overdraft fee of $5 per day, which not every bank charges.

Where Radius shines:

  • One checking option has cash back rewards and an interest rate.
  • Unlimited ATM fee reimbursements.
  • Free checking and savings accounts available.

Where Radius falls short:

  • Savings rates aren’t the highest available among online banks.
  • Extended overdraft fee of $5 per day, which not every bank charges.

The bottom line

Radius Bank

at Radius Bank,

Member, FDIC

Radius Bank is a full-service online bank, with one branch in Boston. People across the country can open an account and take advantage of features such as generous ATM fee reimbursements. Some accounts offer decent interest rates, but you’ll need to satisfy minimum balances to take advantage of them.

Best if: You prefer online banking and qualify for the highest available rates.


Read on for more details about Radius Bank’s checking and savings accounts, CDs, bank experience and fees.

» Want to explore other options? Browse through NerdWallet’s best banks and credit unions

Checking: 5.0 / 5.0

The upsides:

Cash back and competitive rate in one account: The new Rewards Checking, launched in September 2019, combines the features of two previous accounts, Hybrid and Rewards Checking. You can earn 1% cash back on signature-based purchases in stores and online (at store checkouts, you select “credit” instead of “debit”). If your balance hits $2,500, a 0.10% annual percentage yield kicks in. If you have $100,000 or more, the rate becomes 0.15% APY.

Fee free: Radius Rewards Checking has no monthly fee and no minimum balance requirement after the $100 to open an account.

Wide ATM network and unlimited ATM reimbursement: Radius is part of a network of thousands of MoneyPass and 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 — on fees charged by non-network ATM owners. That includes ATMs abroad, though you still might be subject to international exchange fees.

Early direct deposit. You can receive your paycheck up to two days early, depending on your employer.

Downside:

No interest below $2,500: Your interest will drop to zero if you don’t keep at least $2,500 in the account.

» See other options on our list of best online checking accounts

Savings: 4.0 / 5.0

Cheap to maintain: You need only $100 to open a Radius High-Yield Savings account, and there are no monthly fees.

APY is above average, but not the highest out there: Other online banks offer rates that are higher than those of Radius. The Radius High-Yield Savings account has an APY of 0.25% on balances of $25,000 or more, and 0.15% on balances of $2,500 to $24,999. It drops to 0.05% APY on balances under $2,500, and won’t earn interest at all if it falls below $10.

» Curious to see how Radius compares? Explore other high-yield online savings accounts

Certificates of deposit: 3.5/5.0

Low minimum deposit: Radius sets a low barrier to getting a CD at $500 on terms a year or longer. It’s $1,000 for terms shorter than a year.

Relatively low rates: The bank offers fairly low CD rates, including 0.50% on 3 year CDs and 0.50% on 5 year CDs.

» Want to compare rates? See our list of best CDs this month

Bank experience: 3.5/5.0

The upsides:

Many ways to reach them: Radius offers online chat support, a phone line that operates during the week and on weekends and support via Twitter.

Depositing cash is easy: Some online banks don’t have ways to deposit cash into your account. Radius lets you deposit cash at any ATM in the NYCE network.

Good app reviews: Both the Android and iOS app versions have solid user reviews.

The downsides:

No branches: Though the bank has one financial center in Boston, you should expect to do all your banking online.

Overdraft fees: 2.5 / 5.0

The upsides:

Free overdraft protection transfers: There’s no fee to have money transferred from a linked checking, savings or money market account if you overdraft. You can also link a personal line of credit, but you’ll have to pay some interest.

The downsides:

Overdrafts are expensive: Radius Bank charges $25 for each paid or returned item.

There’s a daily overdraft fee: After the fifth calendar day that you leave your account in the negative, you’ll be charged $5 a day.

Radius Bank

at Radius Bank,

Member, FDIC

» Ready to take the next step? Radius Bank can be a good choice for customers who want fee-free online accounts, decent rates, and prioritize avoiding ATM fees. Those who prefer in-person banking might be better off considering a local community bank, credit union or national bank.


Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, bank or credit union experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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