Radius Bank

The products of a big name, innovation of fintech and flexibility of a credit union.

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Radius Bank

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Radius Bank Bank is a digital bank founded out of a Boston carpenters’ union way back in 1987. Its range of banking products rivals those of big banks, but with rates, fees and features that set it apart from the competition. But with only one branch, you’ll need to be comfortable with banking online.

What banking products does Radius Bank offer?

Calling itself an online-focused community bank, Radius offers personal and business accounts that include credit cards and CDs, contributing to its success as one of the fastest-growing banks in Massachusetts as of 2017.

Personal banking

Business

  • Tailored Checking. A no-fee account built for small businesses that offers unlimited transactions and 0.75% APY on balances of $5,000 or more.
  • Credit cards. Select from rewards, cashback, consolidation and secured cards to separate your business expenses, manage your cash flow and track spending.
  • SBA loans. A preferred SBA lender, Radius can help with approval for six SBA loans that can finance acquisitions, wealth transfers, equipment costs, commercial real estate and more.
  • Deposit accounts. Work with a representative to narrow down the best operating, savings or CD accounts fit for your business needs.
  • Cash management. Integrated deposit services, disbursement services, sweep accounts and other online services can help you manage your business’s cash flow.
  • Escrow services. Mitigate risk with a trusted escrow team specializing in real estate, mergers and acquisitions, litigation, insurance and capital markets.

How does Radius Bank compare to other banks?

Radius Bank is a digital bank founded out of a Boston carpenters union in 1987. It’s since cut union ties, but many aspects of its “community” feel remain a part of its business: a focus on low fees, strong rates, free nationwide ATMs and a wide range of banking products suited for personal and business use.

If you don’t mind banking online or through an app, you might find it’s a better fit than many big-name competitors. Holding more than $1.3 billion in assets, Radius is a certified equal housing lender and FDIC insured.

Why should I open an account at Radius Bank?

Radius is a digital bank with online and mobile banking platforms that make it easy to manage your money, send money to friends and family and pay for goods and services on the go. Other benefits include:

  • Free ATMs nationwide. Access your money from more than 20,000 ATMs with reimbursement for fees accrued at out-of-network machines.
  • Focus on low fees. You won’t pay monthly fees for most accounts, and other service charges tend to be lower than many competitors.
  • Many banking options. Despite its size, this bank offers a wide range of personal and business accounts, cards, loans and more.
  • Fast approval. Snap a picture of your government-issued ID to autofill your application and speed up the process.

What should I look out for?

Like other digital-only banks, Radius won’t offer the in-person support you might be used to at a local branch. It supports only one brick-and-mortar location in Boston, among other potential drawbacks:

  • Balance requirements. The highest advertised APYs require meeting balance requirements that are higher than other accounts in the industry.
  • Minimum deposits. It’s not much, but most accounts require at least $100 at opening, and you’ll need at least $500 to open a CD.
  • Difficult cash deposits. Not all ATMs accept cash deposits, and neither does the Boston branch, leaving only transfers to fund your accounts.

Radius Bank customer service

Get help from Radius Bank‘s support team online or by phone:

  • Phone. Call 800-242-0272 weekdays from 8:30 a.m. to 1:00 a.m. ET or weekends 8 a.m. to 8 p.m. ET.
  • Live chat. Chat with a rep in real time most anytime during the week.
  • Secure email. Complete an online form for a response within a day.
  • Social media. Reps stand ready to help through Facebook or Twitter weekdays from 8:30 a.m. to 8:00 p.m. ET.
  • FAQ. Access online resources on accounts, loans, credit cards, ATM locations and more.

Bottom line

The digital-only Radius Bank offers a wide selection of personal and business banking products with low fees and competitive rates that often beat competitors. But many accounts require high balance requirements to land advertised APYs.

Keep more of your money in your own pockets by learning more about banking and investing to find the best fit for your goals and lifestyle.

Common questions about banking at Radius Bank

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