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LAST UPDATED: April 22nd, 2021

With assets over $790 million, Radius Bank is a well-capitalized bank that offers the product depth of a national brand, the online and mobile capabilities of a virtual bank and the personalized attention that only a community bank can provide. Radius Bank has an ongoing commitment to adopting the most advanced and secure technologies to provide its clients with greater flexibility and convenience. Radius Bank is an innovative, full-service online-only bank with clients nationwide. Radius Bank offers both checking and savings accounts that carry great APYs that help you make some extra cash while your money sits in the account. 

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The Good

  • Hybrid Checking Account
  • Services and Features
  • Free Transfers
  • Limited Fees

Hybrid Checking Account

With the Radius Hybrid Checking Account you can earn up to 1.00% APY (annual percentage yield) on account balances over $2,500 and 1.20% APY on balances over $100,000. Very few checking accounts offer any interest at all, so Radius's high-yield checking account rate is very competitive. This account comes with a free debit card and no ATM fees. Radius says this account has the earnings of a savings account with the flexibility of a checking account. The hybrid account gets rid of the need to transfer money back and forth between two accounts in an attempt to maximize earnings. This account can be used with a Radius Bank credit card or third-party credit cards. 

High-Yield Savings Account

Radius customers can also boost their savings with the Radius High-Yield Savings account option.

  • Earn 1.50% APY on balances of $2,500 and up and 2.05% APY on balances of $25,000 and up
  • Interest accrues daily and is compounded and credited monthly
  • Free online and mobile banking
  • No monthly service fees or minimum balance requirements (after $100.00 opening)
  • ATM card available 
  • Limit of six transactions per month

Services and Features

Radius Bank offers online banking solutions for both personal and business uses. Radius Bank users will enjoy relatively high interest rates, fast and easy transfers, no monthly fees, and a number of account options. Prospective clients can open an account through Radius Bank online securely and with little personal information. Here are some more perks from a Radius bank account:

  • Radius High-Yield Savings Account: earn premium 2.05% interest on savings account balances of $25,000 or more
  • Access Money: use any ATM and get unlimited ATM fee rebates with Radius Hybrid or Radius Checking
  • Send Money: send money instantly to anyone via text or email using a phone, tablet or computer
  • Free chip-enabled debit card
  • Apple Pay available with debit card
  • Free online and mobile banking
  • Free first order of checks
  • $100.00 minimum to open
  • FDIC-insured
  • No monthly maintenance fee
  • Easy to open an account

Free Transfers

With all Radius Bank accounts, free internal and external online transfers between all Radius accounts, accounts with other financial institutions, and other online accounts can take place. Unlimited, fee-free withdrawals at Radius Bank ATMs and Financial Center locations also apply. Radius Bank customers can also make PIN-based purchases in stores or online using the Radius ATM card.

Limited Fees

Radius bank accounts have few fees, and those they do have it's transparent about. These accounts have no monthly maintenance fees. Radius charges $5.00 per day for overdraft fees. Though transfers between other bank accounts are free, a domestic and international wire transfer will be accompanied by fees. 


The Bad

  • Minimum Balance Requirement
  • Minimum Deposit
  • Customer Service

Minimum Balance Requirement

Radius Bank boasts of high interest rates for their clients which is compounded monthly. However, while these high interest rates may seem appealing, there are balance requirements to reach those high interest yielding interest rates. The restrictions and tiers are broken down as follows:

  • $0-$2,499.99 = 0.00% APY (for either account)
  • $2,500.00+ = 1.5% APY (for savings account), 1.00% APY (for checking account)
  • Accounts will earn stated APY only for the portion of the balance within the specified tier

Minimum Deposit

Each account with Radius Bank requires a minimum opening deposit of at least $100. While this is relatively standards within the online banking world, it is a higher minimum deposit than most other platforms require. However, after this initial deposit the accounts have no minimum balance. 

Customer Service

Several customers have left reviews on our website about Radius Bank's poor customer service. This caused problems when trying to access their money and accounts. 


The Bottom Line

Unlike traditional banks or credit unions, an online bank can offer high APYs and flexible mobile banking. Though Radius Bank offers great interest rates, it seems that its customer service isn't so great. Those that use Radius Bank for their online banking usage can expect the following from their services:

  1. High interest rates on both checking and savings accounts
  2. Free ATM network
  3. Send and receive money instantly
  4. Unlimited withdrawals
  5. "Pay A Friend" ability

For more information, see the Radius Bank reviews below. 

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4 Reviews

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Vicki Burgess Deer Park, NY

This bank is a scam & rip off. I've tried for over 2 years to connect my bank account to my radius account so that I could transfer monies. And nothing happened. I also added my son to the account and he was able to talk & take care of business until he tried to transfer monies. Today we spoke to someone named Derrick & he verified my son was not on the account, so we ask to close the account & Derrick stated he didn't know how long it would take to close my account. What kind of foolishness is this?

5 years ago

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Sarah Troy, ME

After being a customer for several years, I noticed several fraudulent charges on my accounts. I reported them and after taking a long time to do so, Radius Bank finally sent me new cards and posted the refund for the fraudulent charges. Two days after this, for some reason, I could not access my account online. When I contacted them to let them know the website was not working they said my accounts had been closed and would not give me any reason whatsoever. I had to frantically open another bank account and change my direct deposits and am hoping everything transitions successfully.

5 years ago

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Paula Milliken San Clemente, CA

Horrible experience. Wired $4000 to open a checking account 3 months ago. Closed the account a few days later and still can’t get my money back in spite of numerous complaints and phone calls. Reported them to the FDIC in an attempt to get my money back. Terrible customer service . Representatives are rude and unhelpful.

5 years ago

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Ashley Cameron, NC

Up untill oct 24 when they updated it was a great bank. Now the updates new change is worst than any Bank by far. Moving my accounts. Lost one account with money and system update cant find it. Avoid them at all costs.

5 years ago