Advertiser Disclosure

Radius Bank Review: Checking, Savings and CDs

Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here's how we make money.
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 only 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

  • The bank offers interest checking and savings accounts that don’t charge monthly fees.
  • You can open a checking or savings account for as little as $10.
  • 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 & money market accounts5.0 stars out of 5
Certificates of deposit (CDs)4.0 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. Though Radius is part of a network of about 7,500 SUM-branded ATMs, the bank doesn’t charge customers 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.

To earn interest on any checking account with Radius, you need at least $1,000. The Radius Checking account offers 0.01% APY on balances of at least $1,000. Nothing to write home about. With the Hybrid account, interest kicks in at the $2,500 level, and you can in theory earn up to 0.90%. According to the bank’s online calculator, you’d have to deposit almost half a million dollars to get the top rate. But if you tend to keep several thousand in your account, you quickly will beat the national average 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 % APY on balances of $2,500 or more, though the rate is much lower on smaller balances. But 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.

Radius Bank also offers a retail money market account and four other savings accounts, but the rates don’t beat those in the High-Yield Savings account.

ProsCons
  • Earns 1 % APY for Radius High-Yield Savings accounts with balances of $2,500 or more, 0.05% APY on balances below that.

  • Does not charge a monthly fee.

  • Requires a low minimum opening deposit of just $10.
  • None.

Account reviewed for rating: Radius High-Yield Savings

Certificates of deposit

4.0 stars out of 5
4.0 / 5.0

Radius’ 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
  • Earns from 0.25% APY for a one-year CD up to 1.60% APY for a three-year CD.

  • Requires 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. For example, Wells Fargo, a national bank with branches in the same area, requires a $2,500 minimum.
  • 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
Radius Bank probably isn’t the place for you if you prefer face-to-face interaction with a teller. The institution only has one branch location. But it makes up for the lack of branches by offering a mobile app with convenient features such as mobile check deposit. The bank also offers chat support and an easy-to-understand website.

There’s room for improvement, though, as the mobile app has average to low ratings in the iOS app store. A major complaint has been the lack of Touch ID, but a recent update added the feature, so ratings may improve in the future.

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 $34, but there’s no limit to the number of overdraft fees you can be charged each day. In addition, if your account stays negative longer than four days, there’s a daily overdraft charge of $5 that starts on Day 5 and lasts for the next 30 days if the account stays negative.

Customers have the option to 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 $12 for overdraft transfers. If you choose to link a line of credit, though, you’ll pay interest charges on the balance.

But if you need a branch …

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

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


Ratings methodology

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:
5 stars out of 5 — Among the very best
4.5 stars out of 5 — Very good; only minor caveats for most customers
4 stars out of 5 — Good; issues that might make a difference to some customers
3.5 stars out of 5 — Fair; make sure strengths and weaknesses are a good match for you
3 stars out of 5 — Poor; proceed with great caution
2.5 stars out of 5 (or below) — Best to avoid