Advertiser Disclosure

Radius Bank Review: Checking, Savings and CDs

June 29, 2018
Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
Radius Bank Review: Checking, Savings and CDs
At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from our partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

Radius Bank
NerdWallet’s rating: 4.0 / 5.0

Where Radius shines:

  • Unlimited ATM fee reimbursements
  • Free checking and savings accounts available
  • High rates on checking, savings and certificates of deposit

Where Radius falls short:

  • $2,500 minimum balance to earn high checking and savings rates
  • Extended overdraft fee of $5 per day, which not every bank charges

Where Radius shines:

  • Unlimited ATM fee reimbursements
  • Free checking and savings accounts available
  • High rates on checking, savings and certificates of deposit

Where Radius falls short:

  • $2,500 minimum balance to earn high checking and savings rates
  • Extended overdraft fee of $5 per day, which not every bank charges

Where Radius shines:

  • Unlimited ATM fee reimbursements
  • Free checking and savings accounts available
  • High rates on checking, savings and certificates of deposit

Where Radius falls short:

  • $2,500 minimum balance to earn high checking and savings rates
  • 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 Boston-based bank with one branch, but it offers robust online and mobile banking. People across the country can open an account and take advantage of features such as mobile check deposit and generous ATM fee reimbursements. Some accounts offer high interest rates, but you’ll need to satisfy minimum balances to take advantage of them.

Best if: You prefer online banking and can take advantage of the high 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: 4.5 / 5.0

The upsides:

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

Competitive interest rate: If your balance hits $2,500, a 0.85% annual percentage yield kicks in.

Wide ATM network and unlimited ATM reimbursement: Radius is part of a network of thousands of 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.

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: 5.0 / 5.0

The upsides:

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

APY is high: The Radius High-Yield Savings account has an attractive APY of 1.50% on balances of $2,500 or more, though it drops to 0.05% on balances under that, 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: 5.0/5.0

The upsides:

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.

High rates: The bank offers good terms on CD rates, including 1.85% on 3 year CDs and 2.20% 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 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.

The downsides:

Mixed app reviews: While the mobile app for Androids gets decent reviews, the iOS version has a low average rating.

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 overdraft 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, good 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.

About the author