Radius Bank Review

Michael Dinich

In a Nutshell

Radius Bank is a full-feature online bank that matches the big banks for products and beats them on rates. It offers a range of checking accounts, savings accounts and CDs for individuals and businesses. It also provides a host of lending products like credit cards, personal loans, and student loans.

pros

  • Very high checking APY
  • Full suite of banking products
  • 100% online and mobile bank

cons

  • No cash deposits
  • High minimum balance to get best APY

Radius Bank Radius Bank Visit Site

Radius Bank at a Glance

Fees: $0–10/m

Personal loans available: Yes

Credit card available: Yes

SMS/Mail alerts: Yes

24-hour customer service: No

Money transfers: Yes

Check scanning: Yes

Average APY: 0.15%

Minimum for APY: $0 - $100,000

Advantages Over Regular Bank

As a full-fledged virtual bank, Radius Bank offers a stack of advantages over traditional brick-and-mortar banks.

These advantages include:

  • Being able to open and manage your bank account without ever having to leave home.
  • Relatively low maintenance fees compared to big bricks-and-mortar banks.
  • Above-average interest rates on checking accounts, savings accounts, and CDs.
  • Mobile app that lets you do a lot of convenient things from your smartphone or tablet.

Cutting-Edge Banking Services

Radius Bank has a selection of products and features. When you look at the Radius Bank platform, it’s easy to see why this online bank has won awards like the 2018 Best of FinXTech Award and 2017 Celent Model Bank Product Innovation Award.

Here are some of the highlights:

  • Get your paycheck up to 2 days early with direct deposit, which makes the funds available to you as soon as your employer submits their payroll.
  • 1% cash back with Rewards Checking every time you use your Radius debit card.
  • Turn your debit card on/off, set up customer transaction alerts, and enable location-based restrictions in seconds with the Radius Card app.
  • Open a Superhero Checking account to earn money for yourself and earn donations for March of Dimes, a non-profit that fights for the health of moms and babies, every time you spend.
  • Manage your money, create a budget, track your spending, and analyze trends with integrated finance tools.
  • Add your Radius debit card to Apple Pay, Google Pay, and Samsung Pay.
  • Get access to a wide range of third-party financial products through the Radius Marketplace.
  • $50 cash bonus each time you refer a friend.

Traditional Banking Services

Choosing an online bank doesn’t mean having to give up on those basic banking services you’ve been used to all your life. Thankfully, Radius offers everything you would expect of a brick-and-mortar institution.

Here are some of the traditional banking services on offer:

  • Free ATM withdrawals worldwide, plus rebates on all third-party ATM fees for all Rewards Checking and Superhero Checking customers.
  • A range of personal credit cards to suit your lifestyle.
  • Range of borrowing options, including mortgages, personal loans, and student loans.
  • Two types of overdraft protection: linked overdraft protection and overdraft protection line of credit.
  • Tailored small business and commercial accounts.

Interest Rates and Fees

We’ve seen a lot of online banks and Radius Bank’s checking account is competitive when measured by APY. The savings and CD rates are also highly competitive and include close to the highest APYs seen in the industry. Note that a minimum balance is required to collect interest. Read on for a breakdown of interest rates and fees.

Account type
APY
Minimum balance to qualify
Monthly fee
Rewards Checking
0.10%-0.15%
$2,500-$100,000
$0
Superhero Checking
0.05%
$2,500
$0
Free Checking
0
0
$0
Savings (various)
0.15%
$2,500 to $24,999
$2.50
Retail Money Market
0.05% - 0.10%
$10 - $100,000
$0
High-Yield Savings
0.05%-0.25%
$10-$25,000
$0
CDs (various)
0.25%-0.50%
$500 - $1,000
$0

Customer Service

Although primarily an online bank, Radius Bank offers customer service during extended business hours. Its customer service reps are available to take your call or speak on live chat (on desktop or mobile app) from Monday to Friday, 8:30am – 1am ET and Saturday to Sunday, 8am – 8pm ET. It also offers support through its various social media channels (Facebook, Twitter, LinkedIn) during the week, which we think is a nice touch.

Mobile Apps

The Radius Bank mobile app allows customers to access and manage their account from anywhere at any time. The app is available for download on iOS and Android devices and includes an impressive range of features.

Here are some of the things you can do with the Radius mobile app:

  • Securely deposit checks into your Radius account(s).
  • Access finance tools that help you create a budget and track trends.
  • View your account balance and recent transactions in real time.
  • Transfer funds between accounts.
  • Make and schedule payments to businesses or individuals.
  • Add your debit card to your mobile wallet.
  • Search third-party deals, including: lower utility bills with Billshark, home and renters insurance with Lemonade, life insurance with Ladder, and personal and student loans with Credible.
  • Chat directly with Radius Bank’s customer service team.

Radius Bank Radius Bank Visit Site

Security

We’re happy to say Radius Bank checks all the right boxes when it comes to protecting your data and savings. Its website uses 256-bit encryption to protect your sensitive information from hackers and other malicious actors. Additionally, Radius Bank is FDIC-insured, which means your deposits are covered for up to $250,000 per account.

Conclusion

Radius Bank started out as a regular bank in 1987 and migrated online in recent years. These days it presents the best of both worlds, with a full-feature, fully online banking experience. Radius Bank offers all the products and services you would expect of a big bank, but does it with added convenience, lower fees, and far superior savings rates. Overall, Radius Bank is a good choice for anyone looking for an online/mobile bank where you can manage your money.

Michael has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, pay down debt and save for retirement. Michael is passionate about personal finance, saving money, and all things geeky.

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26 Oct 2020

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