Radius Bank Superhero Checking review
An interest-bearing account that donates 1% of everyday purchases to the March of Dimes.
The Radius Bank Superhero Checking account makes you the hero simply for earning interest and using your debit card to make everyday purchases. Each month, 1% of your total debit card purchases are donated to the March of Dimes.
In addition, your monthly earned interest is matched and that money donated. But while you only need $100 to open the account and there is no minimum balance, you must maintain a set average balance to donate.
Minimum deposit to open
|APY||0.50% on balances of $2,500+|
|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.
The Radius Bank Superhero Checking account is best for those looking for an online-only checking account and a way to give back to the community. If you’re able to maintain a monthly average of $2,500 Radius will donate a percentage to the March of Dimes.
But the account has limited branch locations.
What are the benefits of a Radius Bank Superhero Checking account?
In addition to receiving your first check order for free and its charitable donations, the Superhero Checking account offers:
- Interest. Earn 0.5% interest on balances $2,500 or more.
- No hidden fees. Radius doesn’t charge some of the fees other banks do, including bank-paid rebates on ATM fees worldwide, minimum balance requirement and monthly service fees.
- Early direct deposit. If you sign up for direct deposit, Radius makes your paycheck available up to two days early.
- Financial management tools. The mobile app has an integrated financial dashboard where you can set a budget and track your spending, debts and net worth.
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.
- Interest and donation qualification. You must maintain a $2,500 average balance in the account to earn interest and have 1% of your purchases donated.
- Overdraft fees. While it’s not the highest fee we’ve seen, you’ll pay $25, and then $5 for every day you are overdraft after the first five days.
If you want a more personal banking experience or one where you keep the rewards you earn, you’ll want to keep looking. As always, compare your options when considering a checking account.
Radius Superhero Checking ATM network and fees
Radius Bank ATMs are limited to the Boston area. But its relationship with NYCE, MoneyPass and SUM networks gives customers free access to about 325,000 ATMs in the US.
For out-of-network ATMs, Radius 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 Superhero Checking account?
Follow these five easy steps to open an account with Radius Bank:
- Enter your name, email and phone number. Then click Continue.
- Enter your physical address. Click Continue.
- Enter your birth date, Social Security number and any special promotional code. Then create a security phrase and confirm you are a US citizen or resident.
- Select your current bank and then sign in so that you can transfer money into your new Radius account. Optionally, you can choose to use your debit card to transfer funds instead. The minimum amount to open the account is $100.
- Submit your information to open the account.
You must meet the following requirements to open a Radius Superhero Checking account:
- US citizen or resident
- Valid Social Security number
- Valid bank account
- At least 18 years or older
When you’re ready to open your account, have the following information ready:
- 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
- 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 Superhero Checking account, Radius offers the following checking options:
- Rewards checking. A free checking account that allows you to earn interest on your standing balance and cashback rewards on everyday purchases.
- Essential account 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% interest and unlimited transactions.