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Radius Bank Review: Checking, Savings and CDs

Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
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Radius Bank Review: Checking, Savings and CDs

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 three-year certificates of deposit

Where Radius falls short:

  • $2,500 minimum balance to earn high checking and savings rates
  • Rates on certificates of deposit below or above three-year terms aren’t impressive
  • 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 three-year certificates of deposit

Where Radius falls short:

  • $2,500 minimum balance to earn high checking and savings rates
  • Rates on certificates of deposit below or above three-year terms aren’t impressive
  • 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 three-year certificates of deposit

Where Radius falls short:

  • $2,500 minimum balance to earn high checking and savings rates
  • Rates on certificates of deposit below or above three-year terms aren’t impressive
  • Extended overdraft fee of $5 per day, which not every bank charges

The bottom line

Radius Bank is a Boston-based bank with one full-service 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

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

Checking

4.5 / 5.0

The Radius Hybrid Checking ticks all the boxes for what makes a great checking account. There’s no monthly fee and no minimum balance requirement after the $10 to open an account. And the interest rate is competitive: If your balance hits $2,500, a 0.85% annual percentage yield kicks in.

The Radius ATM fee policy also stands out. 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, of fees charged by non-network ATM owners.

ProsCons
  • Competitive interest rate on balances of $2,500 or more
  • No monthly fee for basic or interest checking options
  • Unlimited ATM fee reimbursements at the end of each statement period
  • You have to have at least $2,500 to earn interest
Account reviewed for rating: Radius Hybrid Checking

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

Savings

5.0 / 5.0

The Radius High-Yield Savings account has an attractive 1.30% APY on balances of $2,500 or more, but 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 1.30% APY for balances of $2,500 or more
  • No monthly fee
  • Low minimum opening deposit of $10
  • Balances below $2,500 earn 0.05% APY
Account reviewed for rating: Radius High-Yield Savings

Certificates of deposit

2.5 / 5.0

Radius Bank’s CD rates generally aren’t as competitive as those at other online-focused banks. Three-year CDs do earn a stellar rate of 1.60% APY, but one-year and five-year CDs don’t stand out. Although you need only a minimum of $500 to open a Radius CD with a term of one year or more, you can earn more interest from CDs elsewhere.

ProsCons
  • 1.60% APY for a three-year CD
  • $500 minimum to open a CD with a term length of one year or longer, $1,000 for shorter terms. Other banks have tougher requirements.
  • 0.25% APY for one-year CDs, while some online banks have one-year rates above 1% APY
  • Four- and five-year CD APYs, at 0.75% and 1.00%, respectively, are lower than the three-year CD APY

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

Bank experience

3.5 / 5.0

If you’re satisfied with banking online or on the go, Radius offers a mobile app with convenient features such as mobile check deposit, in addition to online chat support and an easy-to-understand website. Cash deposits aren’t as big a problem as they are at some online banks, since Radius is part of the NYCE ATM network, which has ATMs that accept cash.

Despite recently adding Touch ID log-in capability, the mobile app receives average ratings on Apple devices. And as you’d expect with an online bank, face-to-face interaction with a teller isn’t an option for customers outside the Boston area.

Overdraft fees

2.5 / 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 it can charge per 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.

To avoid going negative, customers can link another deposit account or line of credit for overdraft protection. That can be 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.

Solid online bank

Radius+Bank
Learn more
at Radius Bank
Radius Bank could be a good choice for customers who do most of their banking online and who want low-cost checking and decent savings rates. Those who prefer in-person banking might want to consider a local community bank, credit union or national bank, though.

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

Updated Dec. 7, 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, 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.