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%
Minimum deposit to open
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.
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:
- Click Apply now.
- 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.
- 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
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.
Aspiration Spend & Save Account
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$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
Minimum deposit to open
Minimum balance to earn interest
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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:
- 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.
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