Radius Bank Review: Personalized Service and Perks You Might Not Expect
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Mobile App
4.5
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Rates
4.5
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Fees
4.5
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Accessibility
4.5
Pros
- Accounts with no monthly maintenance fees
- Rewards debit card
- Unlimited ATM-fee rebates available
Cons
- Only one branch, meaning most, if not all, of your banking will be online
- Only one type of checking and one type of savings account offered
About Radius Bank
Radius Bank, headquartered in Boston, was founded in 1987. Today, the bank has assets of more than $1.4 billion and offers various deposit accounts and services to meet both business and consumer banking needs.
The bank prides itself on its breadth of products, banking technology and a commitment to personalized attention for its customers that rivals any local bank. Additionally, GOBankingRates has ranked it as one of the Best Online Banks of 2021, as well as one of the Best Checking Accounts and CD Accounts of 2021.
Radius Bank Products
Radius Bank offers a full suite of products and services, including checking, savings and trust accounts, as well as certificates of deposit, loans and insurance. Here’s more.
| Product | Details |
|---|---|
| Checking Account |
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| Savings Account |
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| CD Accounts |
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| Trust Accounts |
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| Credit Cards |
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| Insurance |
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| Loans |
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Even though Radius Bank offers popular deposit accounts like other banks, don’t expect them to be ordinary. No fees and a cash-back debit card are just part of the reason the bank’s Rewards Checking account ranked by GOBankingRates as one of the Best Checking Accounts of 2021. Plus, Radius’ savings and CD products have their perks, too.
Radius Bank Checking Account
Radius Bank’s checking account offers a combination of features that’s hard to find at other banks, such as cash back, interest and ATM fee rebates.
Features
- $100 minimum opening deposit
- 0.10% APY for balances of $2,500 to $99,999.99
- 0.15% APY applies to balances of $100,000 or more
- No minimum balance or monthly fees
Pros
- Interest-bearing checking
- No monthly fees or maintenance fees
- Unlimited ATM fee rebates
- Unlimited cash back
- Early direct deposit
Cons
- Much lower opening deposits can be found elsewhere.
- Interest not available on account balances of less than $2,500.
Radius Bank Savings Account
Radius bank only offers one savings account in its lineup. However, you might find that this fee-free account is perfect for your finances. Here are the details.
Features
- $100 minimum opening deposit
- 0.05% APY on balances of $10-$2,499.99
- 0.60% APY on balances of $2,500 to $24,999.99
- 0.25% APY applies to balances of $25,000 or more
- No monthly maintenance fee
- Fee-free withdrawals at ATMs with SUM logo
Pros
- No monthly maintenance fee
- Tiered interest APY between 0.05% and 0.25%, depending on balance
- ATM card available, which is not the case at all financial institutions
Cons
- Much lower opening deposits can be found elsewhere.
- Higher savings rates for balances below $25,000 can be found at other online banks.
Radius Bank CD Accounts
Radius Bank offers certificates of deposit in a variety of terms — from three months to five years. CDs with terms between three to nine months earn interest daily, which is paid at maturity. CDs with terms of 18 months to four years compound and credit interest monthly. Five-year CDs compound and credit interest quarterly. GOBankingRates named Radius Bank as having one of the best CD accounts for 2021. Here’s more.
Features
- $500-$1,000 minimum opening balance, depending on term
- 0.25%-0.10% APY, depending on term
- Early withdrawal fees of three months’ to one year’s worth of simple interest, depending on term
Pros
- Minimum opening deposit of $500
- Variety of CD terms from three months to five years
- Opportunity to earn higher rates with longer terms
- No fees apply unless you decide to make an early withdrawal
Cons
- Higher CD rates can be found at other online banks.
- Some CDs cannot be opened online, depending on the terms.
Banking Experience
Not only are a bank’s products and services important, but so is the experience it offers its customers. Here’s what Radius Bank can offer you.
Customer Service
Radius Bank offers customer service by phone at 800-242-0272 and via live chat. Hours for both services are Monday-Friday, 8:30 a.m. to midnight EST, and Saturday-Sunday, 8 a.m. to 8 p.m. You also can reach the bank on its social media channels, Monday-Friday from 8:30 a.m. to 8 p.m. EST.
Additionally, automated telephone banking is available 24/7 by calling 800-434-0330.
Branch Availability
Radius Bank is largely an online bank, so, for the most part, you won’t be able to do any banking in person at a branch. If you do want to visit a branch, the only one available is the Seaport branch in Boston. Appointments are required; call 617-439-3118 to set an appointment.
Mobile and Digital Experience
Radius Bank offers a fully functional mobile app that allows you to complete various banking tasks from anywhere, such as depositing checks, paying friends, managing accounts, setting alerts and making transfers. The app has a rating of 4.5 out of five stars on the App Store and 4.1 on Google Play.
You also can use the Radius card app, which is separate from the mobile banking app, to turn your debit card on and off, set spending caps and limit transaction types. Plus, Radius Bank uses 256-bit encryption to make sure your data is protected at the highest level of security.
Convenience and Ease of Use
Banking with Radius is quite convenient. All of your banking can be completed online or through an ATM. Plus, automated telephone banking is available. Customer service agents also are available by phone or live chat every day of the week and offer extended hours to help when you need it.
How To Open a Radius Bank Account
Opening an account is simple and only takes about five minutes. Here are the qualifications you must meet:
- Be a citizen or a legal permanent resident of the U.S.
- Have a Social Security number
- Be at least 18 years old
- Have a U.S. street address
- Have a U.S.-based checking or savings account or debit card to fund your new account
Here are the steps to open the account:
- Click the “Apply Online” button on the bank’s website.
- Choose “Open a new personal account” from the drop-down menu.
- Select “Continue.”
- Select from Rewards Checking, Radius High-Yield Savings or Certificates of Deposit.
- Click “Apply Now.”
- Fill out the online application and submit it.
- Wait for an email to inform you if your application has been approved; the email will contain information about the final steps to open your account.
Key Information
Customer Service Number: 800-242-0272
Routing Number: 211075086
Radius Bank Fees
When it comes to banking, knowing what fees you might incur is important. And like other online banks, Radius has fewer fees than a typical brick-and-mortar bank. Here’s a look at what you can expect.
| Type | Amount |
|---|---|
| Monthly maintenance fees | $0 |
| Non-sufficient funds fee | $25 |
| Daily overdraft fee | $5 per day, after fifth calendar day that the first ongoing overdraft occurred |
| Domestic wire transfer fees | Incoming, $10; outgoing, $20 |
| International wire transfer fees | Incoming, $10; outgoing, $40 |
Radius Bank vs. Competitors
To get a good idea of how Radius Bank compares to other online banks, here’s what you need to know.
| Bank | Best For |
|---|---|
| Radius Bank | Fee-free accounts and debit rewards card |
| Ally Bank | Money market and savings rates |
| Chime Bank | Automatic savings round-ups |
| Azlo | Free business banking |
Radius Bank vs. Ally Bank
Ally Bank offers more competitive rates on its savings than Radius Bank does, with 0.50% on all balance tiers. However, Radius bank offers unlimited ATM-fee reimbursements for checking account holders, and Ally only offers up to $10 per statement cycle.
Radius Bank vs. Chime Bank
Chime Bank offers an automatic savings feature by rounding up your debit card purchases, while Radius doesn’t offer this feature. However, Radius Bank’s debit card is a rewards card that offers 1% cash back.
Radius Bank vs. Azlo
Azlo offers a fee-free business account, which Radius does not. But Radius offers a much broader array of banking products and services than Azlo does because Azlo only offers the one account.
Final Take
Radius Bank offers checking and savings accounts, as well as CDs. You might be able to find higher interest rates elsewhere, but fee-free accounts with unexpected perks such as unlimited ATM fee reimbursements and debit card rewards can help you keep your money where it belongs.
If you’re comfortable with banking online and don’t require an in-person banking experience, Radius Bank may be just what you’re looking for. You even can open an account online today — right from where you’re sitting.
More Banks With Great Perks
Bank Branches
Credit Unions
- American Airlines Federal Credit Union
- Bethpage Federal Credit Union
- Delta Community Credit Union
- Digital Federal Credit Union
- ESL Federal Credit Union
- Mountain America Credit Union
- Patelco Credit Union
- United Nations Federal Credit Union
Editor’s Favorite
Radius Bank’s Rewards Checking Account has much to offer. It’s interest-bearing, has a cash-back debit card and the bank will reimburse you for any out-of-network ATM fees. Plus, the account also offers early direct deposit, so you could get your paycheck sooner.
Radius Bank FAQ
Here are answers to some of the more commonly asked questions about Radius Bank.- Where is Radius Bank located?
- Radius Bank is largely an online bank. Its headquarters are in Boston, and it does have one branch, located in the Seaport area of Boston, that's available to visit by appointment.
- How do I deposit cash into my Radius Bank account?
- You can deposit cash via an ATM that takes deposits, such as a MoneyPass Deposit-Taking ATM.
- Does Radius Bank offer Zelle?
- No, Radius Bank is not one of Zelle's bank partners.
- Is Radius Bank open on the weekends?
- Radius Bank has customer service hours on Saturday and Sunday, 8 a.m. to 8 p.m. EST.
- Does Radius Bank offer free money for signing up for an account?
- Currently, the bank is offering a Refer a Friend reward of $50 for each friend you refer to the bank who opens a Rewards Checking account using a valid promo code. As long as the friend you refer has an account in good standing with at least a $500 balance on the 60th day after account opening, both you and your friend will earn a $50 reward.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 4, 2021.
This content is not provided by Radius Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Radius Bank.
