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Radius Bank High-Yield Savings account review

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Earn up to 0.25% interest with this account.

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

APY0.25% 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
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More Info

Expert review

Heather Petty

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.

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.

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.

Compare with other savings accounts

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
1.00%
$0
$0
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Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
Axos Bank High Yield Savings
0.90%
$0
$250
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No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
CIT Bank Savings Builder High Yield Savings Account

0.95% on $25,000+ or set up a direct deposit of $100+ each month
0.79% on $0 to $24,999
$0
$100
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No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Chase Savings
0.01%
$5 per month
(can be waived)
$0
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A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
Citibank® Account Package
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
(can be waived)
$0
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Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
BBVA Money Market

0.45% on $1,000,000+
0.33% on $100,000 to $999,999.99 for 3 months (0.30% after)
0.21% on $10,000 to $49,999 for 3 months (0.15% after)
$15 per month
(can be waived)
$25
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View details
Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
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Compare up to 4 providers

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

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

  1. Visit the Radius Bank website and select Savings Accounts from under the Personal tab.
  2. Click on More under the High-Yield Savings section, and then click Apply Online.
  3. Enter your name, email and phone number and select whether or not this will be a joint account. Click Continue.
  4. Enter your address. Click Continue.
  5. 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.
  6. 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.
  7. 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

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

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