Radius Bank Review: Personalized Service and Perks You Might Not Expect

Our Take: Radius Bank is a real online-only bank that offers fee-free checking and savings accounts, which will help you to save money. On top of that, checking account holders receive unexpected perks, such as unlimited ATM fee rebates.
  • Mobile App
  • Rates
  • Fees
  • Accessibility
How did we calculate this?


  • Accounts with no monthly maintenance fees 
  • Rewards debit card
  • Unlimited ATM-fee rebates available


  • 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
  • 1% cash-back rewards with debit card
  • Free interest-bearing account that earns up to 0.15% APY
Savings Account
  • No fees
  • Up to 0.25% APY
CD Accounts
  • Terms from 3 months to 5 years
  • 0.25% to 1.30% APY
Trust Accounts
  • Open or convert a high-yield savings, checking account or CD to a trust
Credit Cards
  • Cash-back card
  • Rewards points card
  • 0% introductory rate on Real Rewards and Platinum cards
  • Life insurance, insurance for homeowners and renters via the Radius Marketplace
  • Mortgage loans
  • Student loans
  • Personal loans
  • Yacht loans

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.


  • $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


  • Interest-bearing checking
  • No monthly fees or maintenance fees
  • Unlimited ATM fee rebates
  • Unlimited cash back
  • Early direct deposit


  • 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.


  • $100 minimum opening deposit
  • 0.05% APY on balances of $10-$2,499.99
  • 0.70% 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


  • 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


  • 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.


  • $500-$1,000 minimum opening balance, depending on term
  • 0.25%-1.30% APY, depending on term
  • Early withdrawal fees of three months’ to one year’s worth of simple interest, depending on term


  • 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


  • 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:

    1. Click the “Apply Online” button on the bank’s website.
    2. Choose “Open a new personal account” from the drop-down menu.
    3. Select “Continue.”
    4. Select from Rewards Checking, Radius High-Yield Savings or Certificates of Deposit.
    5. Click “Apply Now.”
    6. Fill out the online application and submit it.
    7. 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

        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?
        • 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.

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        About the Author

        Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. Her articles have been featured in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English.

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