Friday, 5 June 2020

Radius Bank Review of Checking, Savings and CD Accounts

Radius Bank Review of Checking, Savings and CD Accounts
22 Aug
9:09

Radius Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Radius Bank Radius High-Yield Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

1.55%

CD Rates

Radius Bank 1 Year CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

1.85%

CD Rates

Radius Bank 3 Year CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.20%

CD Rates

Radius Bank 5 Year CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Radius Bank’s checking account options

magnifying glass

How Radius Bank’s checking accounts compare

The Essential Checking account is essentially a starter account for those who might not otherwise qualify for a traditional checking account. If you’re not in this situation, there’s no reason to get the Essential account over other options at the bank, as it’s the only account that charges a non-waivable monthly account fee and it doesn’t provide all of the perks of the other Radius Bank checking accounts, such as the ATM fee waiver.

The bank’s full-service checking account offerings — Radius Checking and Radius Hybrid Checking — are both exceptional on the fee front. Both have low minimum opening deposit requirements and charge no monthly maintenance fees. Additionally, both accounts carry no ATM fees of any kind worldwide, and they will reimburse any ATM fees charged by non-network terminals with no transaction limits. This type of fee reduction is uncommon at many banks nationwide and helps Radius Bank stand out. Overdraft fees are fairly high, but the bank offers outstanding no-fee overdraft protection, as long as customers sign up.

Interest rates on the Radius Checking account are essentially nonexistent, which makes that offering much less attractive. The Hybrid account offers rates that while above national averages, can’t compete with the top checking account rates available nationwide.

Radius Bank’s savings account options

magnifying glass

How Radius Bank’s savings accounts compare

At the lowest tier, Radius Bank doesn’t pay much by way of interest, but at the $2,500 deposit level, the APY jumps dramatically. At that level and higher, the Radius High-Yield Savings account pays far above the national average savings rate. At the top tier, for deposits of $25,000 and more, the account pays among the very best savings account rate you can find, even when compared with some of the nation’s top-paying online savings accounts. The bank doesn’t charge for any ATM withdrawals from the High-Yield Savings account, although there isn’t a fee refund in place for fees levied by out-of-network ATM providers.

magnifying glass

How Radius Bank’s CD rates compare

CD rates at Radius Bank start out reasonably high, and they remain above national averages across all maturities. However, as the maturity term extends, it can’t keep up with the rates paid by the bank’s competitors, who offer much higher CD rates. Unlike many other banks, Radius Bank doesn’t offer manager or promotional specials, which often pay higher rates for select maturities.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Source: https://www.magnifymoney.com/blog/reviews/radius-bank/

« »

Szemere

Related Articles