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Radius Bank Review: Checking, Savings and CDs

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Radius Bank Review: Checking, Savings and CDs

Radius Bank
NerdWallet’s rating: 4.0 / 5.0

4.0 stars out of 5

Radius+Bank
Learn more
at Radius Bank
Radius Bank has just one full-service branch, but that doesn’t mean the Boston bank restricts service to locals. Instead, it offers many features that help customers bank anywhere, such as mobile check deposit and generous ATM fee reimbursements. So people across the country can open an account and not miss a beat.

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

» MORE: NerdWallet’s best banks for mobile banking

Our ratings
Checking accounts4.5 stars out of 5
Savings and money market accounts5.0 stars out of 5
Certificates of deposit4.0 stars out of 5
Customer experience3.0 stars out of 5
Overdraft fees3.0 stars out of 5
Overall4.0 stars out of 5

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

Checking

4.5 stars out of 5
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.

ProsCons
  • No monthly fee for basic checking

  • Uncapped ATM fee reimbursements at the end of each statement period

  • Only $10 required to open account

  • Radius Hybrid requires at least $2,500 balance to earn interest
Account reviewed for rating: Radius Hybrid

» MORE: NerdWallet’s best checking accounts

Savings

5.0 stars out of 5
5.0 / 5.0

The Radius High-Yield Savings account has an attractive 1.20% 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.

ProsCons
  • Earns 1.20% APY for Radius High-Yield Savings accounts with balances of $2,500 or more, 0.05% APY on lower balances, with a $10 minimum to earn interest

  • Doesn't charge a monthly fee

  • Low minimum opening deposit of $10
  • None

Account reviewed for rating: Radius High-Yield Savings

Certificates of deposit

4.0 stars out of 5
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.

ProsCons
  • Earn from 0.25% APY for a one-year CD to 1.60% APY for a three-year CD

  • A reasonable $500 minimum balance to open a CD with a term length of one year or longer, $1,000 for shorter terms. Other banks have tougher requirements.
  • Four- and five-year CD APYs, at 0.75% and 1.00%, respectively, are lower than the three-year CD APY

Customer experience

3.0 stars out of 5
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.

Overdraft fees

3.0 stars out of 5
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

Radius+Bank
Learn more
at Radius Bank
Radius Bank can be a good choice for customers who want low-cost checking and decent savings rates and who do most of their banking online. If you prefer to visit traditional branches, a local community bank, credit union or national bank may better serve your needs.

Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @margarette.

Updated June 1, 2017.


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, customer 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.