Radius Review: Checking, Savings and CDs
Radius has solid deposit accounts and generous ATM fee reimbursements.
Overall bank rating
4.0
The bottom line:
Radius has an excellent checking account, with perks including ATM fee rebates and cash back. It also offers deposit-taking ATMs for easy cash deposits. However, its rates on savings aren't competitive with other online banks.
Best for: Online banking customers who use a debit card often at stores and ATMs and are comfortable with getting support online or by phone.
Pros
One checking option has cash back rewards and pays interest.
Unlimited ATM fee reimbursements.
Free checking and savings accounts available.
Cons
Savings rates aren't the highest available among online banks.
Extended overdraft fee of $5 per day, which not every bank charges.
Full review
Best Bank or Credit Union for Online Experience
at Radius, Member FDIC
5.0
NerdWallet ratingat Radius, Member FDIC
Monthly Fee
$0
APY
0.10%
With $2,500 minimum balance
With the Rewards Checking account, you can earn 1.5% cash back on three spending categories: dining out such as for meal delivery services, health such as athletic store or healthcare costs, and subscriptions for streaming services. You can also get 1% cash back on all other 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.
Radius Rewards Checking has no monthly fee and no minimum balance requirement after the $100 to open an account.
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 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.
» Looking for a business checking account? See our review of Radius Tailored Checking.
Radius Savings Account
4.0
NerdWallet ratingAPY
0.15%
With $2,500 minimum balance
You need only $100 to open a Radius High-Yield Savings account, and there are no monthly fees.
The APY is slightly above the national average, but other online banks offer much higher rates. 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.
Radius CD
3.5
NerdWallet rating1-year APY
0.50%
3-year APY
0.50%
5-year APY
0.50%
Minimum Deposit
$500
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.
The bank, however, offers fairly low CD rates, including 0.50% on 3 year CDs and 0.50% on 5 year CDs.
Banking experience
4.5
NerdWallet ratingRadius offers online chat support and a phone line that operates with extended hours during the week and on weekends, as well as and support via Twitter. Some online banks don’t have ways to deposit cash into your account, but Radius lets you deposit cash at any ATM in the NYCE network.
Though the banking provider has one financial center in Boston, you should expect to do all your banking online. Both the Radius Android and iOS app versions have good user reviews.
Overdraft fees
3.5
NerdWallet ratingThere’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.
Overdrafts are expensive, however. Radius charges $25 for each paid or returned item. There’s also a daily overdraft fee. After the fifth calendar day that you leave your account in the negative, you’ll be charged $5 a day.
Best Bank or Credit Union for Online Experience
at Radius, Member FDIC
5.0
NerdWallet ratingat Radius, Member FDIC
Monthly Fee
$0
APY
0.10%
With $2,500 minimum balance
With the Rewards Checking account, you can earn 1.5% cash back on three spending categories: dining out such as for meal delivery services, health such as athletic store or healthcare costs, and subscriptions for streaming services. You can also get 1% cash back on all other 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.
Radius Rewards Checking has no monthly fee and no minimum balance requirement after the $100 to open an account.
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 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.
» Looking for a business checking account? See our review of Radius Tailored Checking.
Radius Savings Account
4.0
NerdWallet ratingAPY
0.15%
With $2,500 minimum balance
You need only $100 to open a Radius High-Yield Savings account, and there are no monthly fees.
The APY is slightly above the national average, but other online banks offer much higher rates. 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.
Radius CD
3.5
NerdWallet rating1-year APY
0.50%
3-year APY
0.50%
5-year APY
0.50%
Minimum Deposit
$500
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.
The bank, however, offers fairly low CD rates, including 0.50% on 3 year CDs and 0.50% on 5 year CDs.
4.5
NerdWallet ratingRadius offers online chat support and a phone line that operates with extended hours during the week and on weekends, as well as and support via Twitter. Some online banks don’t have ways to deposit cash into your account, but Radius lets you deposit cash at any ATM in the NYCE network.
Though the banking provider has one financial center in Boston, you should expect to do all your banking online. Both the Radius Android and iOS app versions have good user reviews.
3.5
NerdWallet ratingThere’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.
Overdrafts are expensive, however. Radius charges $25 for each paid or returned item. There’s also a daily overdraft fee. After the fifth calendar day that you leave your account in the negative, you’ll be charged $5 a day.
How does Radius compare?
Member FDIC | Member FDIC | |
|---|---|---|
APY0.50% With $0 minimum balance | APY0.40% With $0 minimum balance | APY0.61% With $0 minimum balance |
BonusN/A | BonusN/A | BonusN/A |
RATING 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, banking 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.
