Radius Bank High-Yield Savings account review
Earn up to 1.65% interest with this account.
The Radius Bank High-Yield Savings account offers relatively high interest earning with no monthly maintenance fee. As with any savings account, the more you have in savings, the more interest you’ll earn, but with the Radius no-minimum-balance policy, you can earn interest on as little as $10. But with only one Boston-area bank branch, expect to do all of your banking online and over the phone.
Minimum deposit to open
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If you’re comfortable with online-only banking for your savings account, the Radius Bank High-Yield Savings account offers competitive rates without any of the fees and limitations you may find at other banks.
But to earn the 1.65% APY you’ll need to keep a balance of $25,000 or more.
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:
- Competitive interest. Earn interest as low as 0.05% and as high as 1.65% APY.
- 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:
- 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.
Compare with other savings accounts
How do I open a Radius Bank High-Yield Savings account?
Open a Radius Bank High-Yield Savings account in five steps:
- Visit the Radius Bank website and select Savings Accounts from under the Personal tab.
- Click on More under the High-Yield Savings section, and then click Apply Online.
- Enter your name, email and phone number and select whether or not this will be a joint account. Click Continue.
- Enter your address. Click Continue.
- 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.
- 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.
- Submit your information to open the account.
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
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
How do I deposit or withdraw my money?
You have several options to deposit and withdraw your money with Radius Bank:
- Mobile check deposit
- Direct deposit
- Transfer from another bank account
- Wire transfer
- By cash or check at an ATM
- 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.