Radius Bank Rewards Checking review
Earn interest and cashback rewards with this online-only checking account.
The Radius Bank Rewards Checking account gives you the opportunity to earn cashback on everyday purchases and interest on balances. The account also offers tools to help you keep your budget and financial growth on track. But you’ll need to meet monthly income qualifications or keep an average monthly balance to earn rewards.
Minimum deposit to open
|APY||1.20% on balances of $100,000+ |
1.00% on balances of $2,500 to $99,999.99
|Minimum deposit to open||$100|
|ATMs||More than 20,000 ATMs + unlimited ATM surcharge rebates|
|ATM transaction fee||$0|
|ATM fee rebates||Unlimited automatic ATM surcharge rebates for ATM fees other banks charge you|
|Out-of-network ATM fee||$0|
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.
If you meet the income qualifications and are comfortable with online-only checking, the Radius Bank Rewards Checking account can be a great way to earn money on the purchases you’d make anyway.
What are the benefits of a Radius Bank Rewards Checking account?
In addition to its online and mobile banking access, you’ll receive your first check order for free and the following perks:
- Cashback on debit card purchases. Receive 1% cashback on all online or signature-based debit card transactions.
- Interest bearing. Earn 1% interest on balances from $2,500 to $99,999.99 and 1.2% on balances over $100,000.
- No hidden fees. You won’t pay ATM, monthly service or minimum balance fees.
- Early direct deposit. If you sign up for direct deposit, you’ll get your paycheck as soon as your employer submits payroll.
- Financial management tools. Set a budget and track your spending, debts and net worth through the mobile app’s financial dashboard.
What should I look out for?
The Radius Bank Rewards Checking account comes with several benefits, but it also has its drawbacks:
- Limited branches. Radius only has one branch office in Boston, so anyone outside the area relies on its online banking options.
- Cashback qualification. You must either maintain a $2,500 average balance in the account or receive a total monthly deposit of $2,500 to qualify for cashback rewards.
- Overdraft fees. You’ll pay $25 and $5 for every day you are overdraft after the first five days.
If you’re interested in a more personal banking experience, compare your options using our checking account finder.
Radius Rewards Checking ATM network and fees
Radius Bank ATMs are limited to the Boston Area. But its relationship with NYCE, MoneyPass and SUM networks gets customers access to about 325,000 ATM around the US for no fees.
If you use any ATMs out of its network, it offers unlimited reimbursements at the end of the month for any fees worldwide. However, it doesn’t cover international exchange fees.
Compare with other checking accounts
How do I open a Radius Rewards Checking account?
- Enter your name, email and phone number, then click Continue.
- Enter your address. Click Continue.
- Enter your birth date, Social Security number and any special promotional code. Then create a security phrase and confirm you’re a US citizen or resident.
- Select your bank and then sign in so that you can transfer at least $100 into your new Radius account. Or use your debit card to transfer funds.
- Submit your information to open the account.
You must meet the following requirements to open a Radius Bank Rewards Checking account:
- At least 18 years old
- Valid Social Security number
- Valid bank account
- US citizen or resident
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?
- 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 checking options does Radius offer?
In addition to the Rewards Checking account, Radius offers the following checking options:
- Superhero Checking. Earn 0.5% APY on balances of $2,500 or more and donate 1% of your total debit card purchases to the March of Dimes each month.
- Essential Checking. A second-chance account with built-in deposit and spending limits to help you rebuild your financial record.
- Tailored Checking. A small business account that offers 0.75% APY and unlimited transactions.