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If you’re looking to increase your interest earnings, but don’t have a lot to invest, Radius Bank lets you buy into a CD term for a year or more with as little as $500. But while 0.5% APY for a 12-month CD is higher than what you’d get from most traditional banks, other online banks often offer better rates.
0.5%
1-year APY
0.5%
3-year APY
0.5%
5-year APY
Minimum deposit to open | $500 |
---|---|
Interest compounding | Varies |
1-year APY | 0.5% |
18-month APY | 0.5% |
2-year APY | 0.5% |
3-year APY | 0.5% |
4-year APY | 0.5% |
5-year APY | 0.5% |
Early withdrawal penalty | 60 days interest for terms of 3 to 6 months 180 days interest for terms of 7 to 9 months 365 days interest for terms of 10 + months |
Review by
Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
Radius Bank is best for anyone looking to invest without a lot of money. Taking advantage of the term-based interest rate, an investor can get the highest interest rate with as little as $500 invested.
But if you’re comfortable using a digital bank like Radius for your investments, other online-only banks have more competitive rates.
You can only apply online for a 1-year, 18-month, or 3-year CD.
For all other CD terms, fill in the Personal Account Application form and mail it in or call customer service.
You must meet the following requirements to apply for a CD:
When you’re ready to apply, have the following information on hand:
When you’re ready to fund your CD, you have the following options:
In addition to automatic renewals, a Radius CD offers the following benefits:
In addition to early withdrawal penalty fees, you’ll want to keep the following in mind before you apply for a CD with Radius Bank.
If you want an account offering higher rates, you’ll want to keep looking. As always, compare your options when considering a CD.
When your Radius Bank CD matures, you have a seven-day grace period to withdraw or transfer funds and change the term without paying a fee. If at the end of the grace period you don’t make changes, the money is rolled over into a new CD with the same term.
The only other savings product at Radius is the High-Yield savings account, which offers up to 0.25% APY on high balances, and still allows you to earn interest on as little as $10 in your account.