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Radius Bank High-Yield Savings account review

Earn up to 0.25% interest with this account.

finder.com’s rating: 3.7 / 5.0

★★★★★

The Radius Bank High-Yield Savings account offers no monthly maintenance fees and you’ll earn a higher interest rate the more you keep in your savings account. But with only one Boston-area bank branch, expect to do all of your banking online and over the phone.

Up to 0.25%

APY

$0

Fee

$100

Minimum deposit to open

Details

Annual percentage yield (APY)0.25% on balances of $25,000+
0.15% on balances of $2,500 to $24,999.99
0.05% on balances of $10 to $2,499.99
Fee$0
Minimum deposit to open$100
Minimum balance to earn interest$2,500
Interest compoundingDaily
More infoGo to site

More Info

Review by


Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

If you’re comfortable with online-only banking for your savings account, the Radius Bank High-Yield Savings account offers minimal fees and limitations that you may find at other banks.

But its highest rate is at 0.25%, which is not as high as what you’ll find at other banks. Plus, you’ll need to keep a balance of $25,000 or more to earn the rate.

How do I open a Radius Bank High-Yield Savings account?

Open a Radius Bank High-Yield Savings account in six steps:

  1. Click Apply now.
  2. From Radius Bank’s website, enter your name, email and phone number and select whether or not this will be a joint account. Click Continue.
  3. Enter your address. Click Continue.
  4. Enter your birth date, Social Security number and any special promotional code. Create a security phrase and confirm you’re a US citizen or resident. Click Continue.
  5. Select your current bank and then sign in so that you can transfer at least $100 into your new Radius account. Optionally, you can choose to use your debit card to transfer funds.
  6. Submit your information to open the account.

Eligibility

You must meet the following requirements to sign up for a Tailored Checking account:

  • US citizen or resident
  • Valid Social Security number
  • Valid bank account
  • At least 18 years old

Required information

When you’re ready to apply, have the following information on hand:

  • Full name
  • Email address
  • Phone number
  • Residential and mailing addresses
  • Date of birth
  • Social Security number
  • Bank information or debit card to fund the account

Compare Radius Bank High-Yield Savings to similar accounts

We gathered a quick comparison of similar accounts to help you decide if Radius Bank High-Yield Savings is right for you. For more options, select “Compare accounts” to compare even more savings accounts.

Radius Bank High-Yield Savings

★★★★★

Finder Rating: 3.7 / 5

Go to site

Fee

$0

APY


0.25% on $25,000+
0.15% on $2,500 to $24,999.99
0.05% on $10 to $2,499.99

Minimum deposit to open

$100

Minimum balance to earn interest

$2,500

What are the benefits of a savings account with Radius Bank?

The Radius Bank High-Yield Savings account offers a mobile app with custom alerts along with the following perks:

  • Minimal fees. You won’t pay monthly service, ATM and transfer fees.
  • Free ATM card. Every savings account comes with a free ATM card and no withdrawal limits.

What should I look out for?

Before you apply for an account with Radius Bank, keep the following in mind:

  • Low interest. You’ll need to have $25,000 or more to earn 0.25% APY — a rate lower than the competition.
  • Limited branches. Radius only has one branch office in Boston, so anyone outside that area is forced to do all of their banking online.
  • Required deposit. While there is no minimum balance requirement, you’ll need to deposit at least $100 to open the account.

If you want a high-yield savings account that doesn’t require a high balance, you’ll want to keep looking. As always, compare your options when considering a savings account.

How do I deposit or withdraw my money?

You have several options to deposit and withdraw your money with Radius Bank:

Deposit

  • Mobile check deposit
  • Direct deposit
  • Transfer from another bank account
  • Wire transfer
  • By cash or check at an ATM

Withdrawal

  • ATMs
  • Check addressed to yourself
  • Transfers to other bank accounts
  • Mobile wallet
  • Mobile bill pay
  • Mobile payments to individuals
  • Wire transfer

What other account options does Radius offer?

High-Yield Savings is currently the only savings account offered by Radius, but the following personal checking options are available:

  • Rewards checking. A free checking account that allows you to earn interest on your standing balance and cashback rewards on everyday purchases.
  • Superhero checking. Earn 0.5% APY on balances of $2,500 or more and donate your monthly matched interest amount and 1% of your total debit card purchases to the March of Dimes.
  • Essential account checking. A second-chance account with built-in deposit and spending limits to help you rebuild your financial record.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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