Radius Bank is an online bank that is located in Boston, Massachusetts. They have many different financial products to offer their clients. These products range from: checking, savings, trusts, CDs, loans, credit cards, business checking, and business loans.
Founded in 1987, Radius Bank has about $1.4 billion in assets as of today, they are one of the leading online banks. They were acquired by LendingClub which is a P2P lending platform for borrowers and lenders. I’ll go over all of what Radius Bank has to offer below.
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Advantages of Radius Bank
With Radius Bank, there are many pros that comes with opening an account with them. Plus, with online banks, they are normally easier to use than your traditional bank. One of the perks is that you’ll get paid early. You will get your paycheck no later than Wednesday on a pay week when your employer gives all the payroll files to the Federal Reserve.
Additionally, there are also no minimum deposit requirements (excluding CD accounts). There are also no ATM fees for Radius Bank either. Normally, they even offer cash back rewards and bears interest for their checking accounts. Not to mention, their personal finance utensils can be used to manage how much you spend.
Disadvantages of Radius Bank
Even with their many advantages, it comes with some downsides as well. For example, their balance requirements to earn interest are higher than other online banks. Plus, their Essential Checking account comes with a monthly fee of $9 that cannot be waived.
Normally, there are many banks that offer many different CD account options to choose from. With Radius Bank, they only offer 3 CD account choices. In other words, if you want a CD account, it’s better to look at a different financial institute for better CD offers.
Checking Accounts
Radius Bank has several checking accounts to choose from. One of these accounts is the Rewards Checking Account. With this account, you’ll be able to earn interest and get cash back on your transactions. However, you’ll need $100 to open an account online. Plus, you can get your direct deposit no more than two days earlier.
Their Superhero Checking Account also earns interest and donates to March of Dimes. You’ll need $100 to open an account. All of the interest you earn is matched and donated to the organization to help with funds.
Essential Checking is for people that aren’t eligible for the other checking accounts they have. In other words, if you have any negative marks on your report this is the account for you. It gives you a second chance to rebuild or improve your bank record. Once you’ve gone 12 months with a positive bank history, you can upgrade to their Rewards Checking account.
Lastly, their Business Tailored Checking account will allow you to earn 4x the industrial average for balances more than $5k. It also comes with a $10 monthly fee as well, and you’ll need $100 t0 open an account. You won’t have to pay penalties, upcharges, or other fees with this business account.
Savings Accounts
One of their popular products in this category is their High-Yield Savings Account. It has no monthly charges and needs $100 to open. It can also gain interest if your balance meets the minimum requirement. Plus, it’s super easy to sign up for this account.
All of their CD accounts are FDIC insured for your security. There are different accounts that range from 3 months to 5 years. These accounts will need a $500 balance to earn their benefits. However, if you withdraw money from these accounts before the term is over, fees equivalent to 365 days of simple interest must be paid.
Conclusion
Overall, Radius Bank is an amazing online bank to choose from. With their many different financial products and services, it makes them one of the leading online banks. Plus, their checking accounts bear interest and allows you to earn cash back, which is not common with online banks. Their most popular product will be their High-Yield Savings account.
