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The Bottom Line: Radius Bank is a full-service online bank built around your needs. It offers the product depth of a national brand and the personalized attention of a community bank. Plus, it comes with a rewards focused checking account.

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AT A GLANCE

  • Earn cash back with rewards
  • High-yield savings accounts
  • Free ATM's worldwide
  • Early direct deposits on payments

Overall Rating

4.0/5

A+ BBB Rating

Best Online Bank for Rewards

Pros & Cons

Pros

  • No monthly checking fees
  • Cash back and rewards checking
  • Daily customer service
  • Competitive APY's

Cons

  • Can't deposit cash
  • Lack of physical bank branches

The banking world looked totally different 15 years ago than it does now.

Back then, if you wanted to open a checking or savings account, you were limited to the few institutions in your area.

That meant that if the accounts were subpar or didn’t have features you wanted, you were mostly out of luck.

But that’s no longer the case. Thanks to the fin tech boom, digital banks are popping up left and right.

While our choices used to be limited back in the day, now we can bank virtually anywhere.

That means more choice and more freedom to choose a bank that truly aligns with your wants and needs. 

But what happens when there are too many options?

Analysis paralysis kicks in. We get overwhelmed by all our choices, so we end up doing nothing.

As a result, our money sits in that same account we’ve had since high school earning next to nothing in interest. 

Until now.

Today we’re going to talk all about Radius Bank—a digital bank designed to make your money work harder for you. 

Radius Bank icon

Quick Summary

Minimum Deposit: $100

Fees: $0

Promotion: No current promos

What Is Radius Bank?

Radius Bank is a digital bank that manages approximately $1.4 billion in assets. It was founded in 1987 and is headquartered in Boston, Massachusetts. 

Although it’s primarily online, you can visit its headquarters in Boston for in-person banking.   

Radius Bank was named the Best Online Bank of 2020 by Bankrate—and for good reason! 


It has a laundry list of drool-worthy features that anyone would want in a bank account. 

What Products Do They Offer?

As a full-service financial institution, Radius Bank serves individuals, businesses, and institutions.

It has a suite of banking products that include checking accounts, savings accounts, CDs, credit cards, loans, and more. 

Radius Bank Account Types

Checking accounts

Radius Bank offers three consumer checking accounts and one business checking account.

Let’s take a look at the features, pros, and cons of each. 

Rewards Checking

The Rewards Checking account is Radius’ most popular account.

It has no monthly service fees, a low $100 minimum deposit, and free ATMs worldwide. 

Plus, you earn up to 1.20% interest depending on your account balance and you get 1% cash back on debit card purchases. (Need we say more?)

Rewards Checking Snapshot Information

APY:

Up to 1.20%

Monthly fee:

$0

Minimum deposit:

$100

Special features:

1% cash back on debit card purchases


Direct deposits up to 2 days early


Unlimited ATM reimbursements


First check order is free


Refer a Friend rewards 

Where it falls short:

These account features are unheard of. But there’s one major drawback... You’re required to keep a $2,500 average daily balance to earn interest.

Here’s the breakdown: 

  • Earn 0% APY on balances of $0.01 to $2,499.99
  • Earn 1% APY on balances of $2,500 to $99,999.99
  • Earn 1.2% APY on balances $100,000 or more

While it’s not the end of the world, you’ll want to make sure you can comfortably keep at least $2,500 in the account to earn interest.

Superhero Checking

This Superhero Checking account has plenty of features to make you ooh and aah.

It earns 0.50% interest, has absolutely no monthly fees, and unlimited ATM reimbursements worldwide.

But here’s where Radius sweetens the deal:

Everyone who opens this account is a superhero in disguise.

Why? Because 1% of all your debit card purchases are donated to March of Dimes each month. 

Plus, Radius matches the interest earned on your account dollar-for-dollar and donates it to March of Dimes. 

So, if your account earns $20 in interest and you make $1,000 in debit card purchases, the bank donates $30 on your behalf ($20 for interest + $10 for debit card spending).

Rewards Checking Snapshot Information

APY:

.50%

Monthly fee:

$0

Minimum deposit:

$100

Special features:

1% of debit card purchases are donated to March of Dimes


Radius matches your account interest dollar-for-dollar and donates it to March of Dimes


Direct deposits up to 2 days early


Unlimited ATM reimbursements


First check order is free

Where it falls short:

There’s one caveat with this account—you must keep a minimum $2,500 daily balance to earn interest and have 1% of your purchases donated to charity. 

If your balance falls below $2,500, you’ll earn 0% interest and 0% of your debit card purchases will go toward March of Dimes.

Essential Checking

The Essential Checking account is a second-chance checking account that helps you rebuild your financial record. 

It’s specifically for those who apply for a Rewards Checking or Superhero Checking account and get denied (this is usually because of negative marks on their Chex systems report).

Rewards Checking Snapshot Information

APY:

None

Monthly fee:

$9

Minimum deposit:

$10

Special features:

Can’t overdraft because debit card purchases that would bring your balance below $0 are automatically denied


Free upgrade to a free Rewards Checking account after 12 months of good history

Where it falls short:

Second-chance checking accounts are designed to help you get back on track after you’ve had a financial blunder.

Because of this, they’re often stripped-down versions of traditional checking accounts. 

Here are a few restrictions to be aware of if you open an Essential Checking account:

  • You can’t spend or withdraw more than $500 a day with your debit card
  • There’s an unavoidable $9 monthly fee
  • You can’t mobile deposit more than $1,000 a day and $2,000 every 10 days
  • Non-network ATM fees aren’t reimbursed by Radius Bank

As we said, this account is restrictive. But you can request a free upgrade to a Rewards Checking account once you’ve built up 12 months of good banking history.

Tailored Checking

Radius only offers one business bank account—the Tailored Checking account.

It’s ideal for businesses on the rise that want a flexible account that grows with them over time. It earns interest, has unlimited ATM reimbursements, and comes with free bill pay. 

The best part? It has unlimited transactions. That’s right.

You’re not capped at 100 or 300 free transactions a month like most banks. 

Open this account with confidence knowing you won’t be penalized for running your business.

Rewards Checking Snapshot Information

APY:

0.75%

Monthly fee:

$0

Minimum deposit:

$100

Special features:

Free ATMs worldwide


Free business debit card


Free bill pay 


Unlimited transactions (no per-transaction fees)

Where it falls short:

There’s one drawback you should be aware of with this account—you must keep a $5,000 minimum daily balance to earn 0.75% APY and avoid the $10 monthly fee.

Savings

Radius Bank offers one personal savings account. (It doesn’t have any business savings accounts at the moment.)

Radius High-Yield Savings

This high-yield account has every feature you could possibly want. Your money grows fast with a strong interest rate. There are no fees. 

Plus, you get an optional ATM card that lets you withdraw cash on the go. 

Rewards Checking Snapshot Information

APY:

Up to 1.65%

Monthly fee:

$0

Minimum deposit:

$100

Special features:

Free ATM card for cash withdrawals and PIN-based purchases

Where it falls short:

Due to federal regulation, you can’t make more than six outgoing transactions a month. (This is a rule for all savings accounts, not just those at Radius Bank.)

If you want to earn interest, you’ll need to keep at least $2,500 in this account at all times.

The more you save, the more you’ll earn:

  • Earn 0% APY on balances of $0.01 to $2,499.99
  • Earn 1.25% APY on balances of $2,500 to $24,999.99
  • Earn 1.65% APY on balances $25,000 or more

CD's

Want to lock your money away for a set period of time and get a guaranteed interest rate in return?

That’s where a Radius Bank CD comes in. 

These CDs have flexible terms and absolutely no fees (unless you need an early withdrawal).

The longer your CD term, the higher your interest rate will be. 

Rewards Checking Snapshot Information

APY:

0.85% to 2.20%

Terms

3-months to 60-months

Monthly fee:

$0

Minimum deposit:

$1,000 for 3-, 6-, & 9-month CDs


$500 for all other terms

Early withdrawal penalty:

90 days of simple interest for 3- and 6-month CDs


180 days of simple interest for 9-month CDs


365 days of simple interest for all other CDs

Where it falls short:

You can open some Radius Bank CDs online, but others have to be opened by phone or in-person.

Here’s the rundown: 

  • CDs you can open online: 12-, 18-, or 36-month terms
  • CDs you can open by phone or in-person: 3-, 6-, 9-, 24-, 48-, or 60-month terms.

You’ll also pay a penalty if you need to access your money before your CD matures, but this is a standard rule at all banks.

Radius Bank Noteworthy Accounts

Trusts

If you talk with a financial professional or estate attorney and decide a formal trust is right for you, you can establish that trust through Radius Bank.

Here are the steps you need to take: 

  • Work with a financial professional to flesh out the details of your trust.
  • Gather your bank trust application along with a copy of your title, signature, and the notary pages from your trust document.
  • Open a high-yield savings, checking, or CD account with your Tax ID or Social Security number (depending on your trust type). 

Loans

Radius Bank offers a wide variety of loans for personal and business use. Get prequalified for most loans in less than 2 minutes. 

Personal loans. Rates start at 4.99% APR and loan amounts range from $1,000 to $100,000.

Mortgages. As of February 2020, Radius Bank isn’t originating new mortgages. Although this may change in the future.

Yacht loans. Choose from fixed, adjustable, and interest-only financing options for yachts less than 20 years old. 

SBA loans. Radius offers several different loans including 7(a)s, 504s, veteran loans, commercial real estate loans, refinancing options, business acquisitions, franchise financing, and more.

Credit cards

Radius Bank has three consumer credit card options and three business credit card options.

Most have 0% introductory rates and award you with bonus points after you make your first purchase. 

Radius Bank Fees

Radius Bank doesn’t charge most of the common fees charged by bigger banks, but there are still a few fees to be aware of: 

Radius Bank Fees

Expedited ATM or debit card

$35

Daily overdraft fee

$5

Non-sufficient funds (NSF) fee

$25

Stop payment request

$25

Incoming domestic wire transfer

$10

Outgoing domestic wire transfer

$20 for consumers; $18 for businesses

Incoming international wire transfer

$10

Outgoing international wire transfer

$40

Note: You’re charged $5 a day for overdrafts. This fee starts on the 5th day of your account being overdrawn and lasts up to 30 days. 

Who Is Radius Bank Best For?

Radius Bank is built for tech-savvy consumers who want to bank with a transparent institution that won’t nickel and dime them for using their accounts. 

It’s a great option for those who want access to account perks like: 

  • Free ATMs worldwide
  • Cash back on debit card purchases
  • Competitive interest rates on checking, savings accounts, and CDs  

Online banking & lending built around you!

What You'll Love About Radius Bank

On top of the unlimited ATM fee rebates, early direct deposits, and competitive interest rates, there are a few more reasons why we love Radius Bank:

Quick, Online Applications

It takes less than ten minutes to open and fund an account with Radius Bank.

Multiple Overdraft Protection Options

Radius Bank gives you two ways to protect yourself from pesky overdrafts: 

  1. Linked overdraft protection. Connect up to three checking accounts and have money transferred automatically when your balance dips below $0.
  2. Overdraft protection line of credit. Cover your negative balance with a line of credit up to your available limit.

Financial Dashboard

Radius Bank offers integrated money management tools built to help you take control of your finances. 

Link external accounts, create your budget and start tracking your spending and savings trends.

You’ll be surprised by how this information empowers you to pay off your debt and reach your financial goals.

Radius Bank Marketplace

This bank partners with several financial institutions to help you better manage your money.

Here’s a brief summary of each one and how they help you get on track financially:

  • Billshark. This bill-negotiating service helps lower your monthly bills by reaching out to your service providers on your behalf. 
  • Lemonade. Get a 30-second quote for renters and home insurance and start protecting the things you love today. 
  • Credible. This app gives you access to prequalified rates for student loans and personal loans. 
  • Booking.com. Get up to 6% back on travel when you use your Radius debit card to book a trip on Booking.com. 
  • Ladder. This life-insurance app allows you to shop and apply for life insurance in 10 minutes or less.

Easy-To-Use Mobile App

Radius Bank’s mobile app has everything you need to stay up-to-date on your entire financial picture. 

You can deposit checks, view your transactions, freeze and unfreeze your debit card, transfer funds, and add your debit card to your mobile wallet. 

Your financial dashboard is also located in the mobile app.

For this feature, you can create and manage your budget, make a plan to get out debt, track your spending habits, and more. 

Last but not least, the bank’s marketplace is located within the app, so you can shop for insurance, get your bills negotiated for you, and save up to 6% on your travels. 

What Could Be Improved

We don’t have many negative things to say about Radius Bank, but there are two things that could be improved: 

  • Most accounts require a $2,500 minimum balance to earn interest. Other banks let you earn interest regardless of your account balance. 
  • Radius Bank is almost entirely digital, which means it doesn’t accept cash deposits. But this is quite common for online banks

Radius Bank vs. Competitors

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BEST FOR REWARDS

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BEST BANKING APP

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How Do I Get Started With Radius Bank?

Open any Radius Bank account in minutes by following these steps: 

Step 1:

Go to the official Radius Bank website and click Apply Now

Step 2:

Select whether you’re opening a Personal or Business account.


Then, use the dropdown menu to select one of the following options: Open a new personal account, Resume a personal account application, or Apply for a credit card.

Step 3.

Choose which account you wish to open and click Apply Now. 

Step 4:

Follow the prompts to enter your personal and financial information, verify your identity, and fund your account.

Final Verdict

If you’re looking to switch over to a bank that won’t charge you an arm and a leg for using your accounts, look no further than Radius Bank

It offers an impressive suite of bank accounts with high-interest rates and low fees across the board. 

Plus, its checking accounts have unique features like cash back debit card rewards, free ATMs worldwide and early direct deposits.

What more could you want? 

Radius Bank

Radius Bank is a full-service online bank built around your needs. It offers the product depth of a national brand and the personalized attention of a community bank

Radius Bank icon

Have questions about Radius Bank we didn’t answer? Drop them in the comments below. 

  • Editor Rating
  • Rated 4 stars
  • 80%

  • Radius Bank
  • Reviewed by:
  • Published on:
  • Last modified: May 21, 2021


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