Radius Bank Review

How does your bank stack up?

  • Financial Rates: 1.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon


  • High interest rates on accounts
  • Business accounts offered
  • Most accounts do not have fees
  • Low opening required amounts


  • Cannot open all accounts online
  • Limited CD term lengths opened online
  • Only one savings account offered
  • Highest interest rate requires a large sum

What You Need to Know

The Radius Hybrid checking account offers competitive interest rates. You earn the competitive interest rate on any balance over $2,500. The savings account offers competitive interest rates as well. You earn higher interest rates on balances over $25,000. The interest rate under $25,000 is still competitive, just a slightly lower rate.

Radius Bank offers a variety of business accounts. Four different checking accounts are available. The accounts vary in benefits. This allows you to find the best fit for your business. A money market account and CDs are available for businesses also.

Most Radius accounts do not have monthly fees. The only account that has a monthly fee is the Essential checking account. That fee is $9 a month. After you make the opening required deposit, there is no required amount to keep in Radius Bank accounts.

The Radius savings account and two checking accounts only require $100 to open. The basic checking account only requires $10 to open. There are three CDs you can open online, the one-year, 18-month, and the three-year. Each of those CDs only require $500 to open. Open different CD term lengths at branch locations. Those CDs require either $500 or $1,000 depending on the term.

At this time, only a few Radius accounts are available to open online. Three Radius checking accounts can be opened online. The Radius High-Yield savings account and CDs can also be opened online. To open a business account, visit their financial center in Boston, Massachusetts.

Only three Radius Bank CD terms are available to open online. The CDs include a 12-month, 18-month, and three-year CD. Each CD only requires $500 to open. The interest rate on the CDs are competitive with other online-only accounts.

Only one savings account is available through Radius Bank. They do not offer a money market account. There is no monthly fee for the savings account. The opening amount required is $100. You can request an ATM card for this savings account. Federal regulations only allow six transactions per statement cycle.

To earn the highest interest rates for the Radius savings account, you must have $25,000 in the account. Any amount over $10 earns interest. Those rates are low; similar to typical bank rates. Having $2,500 in the account will earn much higher rates. Rates for balances over $2,500 are good but still less than the interest you earn if you have over $25,000. To earn interest on your Radius checking account balance, you must have $2,500 in the account. Any amount less does not earn interest.

Cool Things

ATM Fee Reimbursement

Two Radius checking accounts offer ATM fee reimbursement. This means you will not be charged a fee for using non-Radius ATMs. If you are charged a fee, Radius Bank reimburses the charged amount to your account. Rebates will credit to your account at the end of each billing cycle.

Cash Back Rewards

With a qualifying Radius checking account, you can earn cash back rewards on purchases. You earn 1.00% cash back in online and in-store purchases. When making the purchase, choose credit instead of debit from your checking account. There are balance requirements and limits, depending on which account you qualify for.


Radius Bank opened in 1987, in Boston, Massachusetts. It first opened as First Trade Union Bank. Radius Bank is one of the fastest growing banks in the state of Massachusetts. Radius Bank is the 39th largest bank with headquarters in Massachusetts.

Radius Bank offers a variety of different accounts. Personal deposit accounts are available. Business accounts and financing options are available for small businesses. Their assets are around $1.2 billion.

Awards and Recognition

  • "Startup Innovation Winner" by FinXTech in 2018
  • "Celent Model Bank 2017 Product Innovation Award" by Celent
  • Named one of the "Best Checking Accounts" in 2017 by GetRichSlowly.org

Giving Back

Radius Bank donated money to help those affected by Hurricane Sandy. The bank raised money around Christmas. They donated the money to The River Fund – New York. This charity helps those fighting hunger, homelessness, and poverty in New York City. The money helped those hardest hit by the hurricane.

Radius Bank employees volunteered at a food bank in Boston. The group of employees sorted and packed food for families in need. Together they were able to sort over 14,000 pounds of food for families in need in those areas. The meals employees helped sort will serve over 8,600 meals to families. Radius Bank employees volunteer at the Greater Boston Food Bank often.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. Radius Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By checks, ATM or debit card, electronic transfers, or mobile wallet. You can also visit a branch location.

Does this bank offer mobile banking?

Yes. With the Radius mobile app, you can deposit checks and check account balances. You can transfer money, pay bills, and send money with Radius Pay to a Friend. You can find a location, set up alerts, and view your account history.

Is this bank free?

Only the most basic checking account has a monthly fee. Two other Radius checking accounts and the Radius savings account do not have a monthly fee.

Is this a good bank?

Radius Bank offers competitive interest rates. There are personal accounts and business accounts. Most personal accounts do not have a monthly fee. The accounts are mostly online. There are a few branch locations in Massachusetts. Not all Radius accounts are available to open online.

Is this bank secure online?

Yes. Radius Bank offers SSL technology. Their accounts are password protected. There are firewalls to prevent unauthorized access to your account. You will be logged out of your account after a period of inactivity.

Does this bank offer competitive interest rates?

Yes. Their checking accounts and saving account offer competitive interest rates. They are competitive with other online-only accounts. Their rates are much higher than your typical brick and mortar bank rates.

Can I use this bank for my business accounts?

Yes. Radius Bank offers checking, savings, and money market account for businesses. CDs, loans, and cash management options are available as well. Business accounts include online and mobile banking.

How is the online bank different from the online banking my bank offers?

The interest rates are much higher than your typical brick and mortar bank. Everything for your account is online. Not all Radius accounts can be opened online.

Do their checking accounts pay interest?

Yes. Two of the Radius checking accounts earn interest. The Radius Hybrid checking account earns much higher rates than the Radius checking. To earn the highest interest rate, you must have a balance over $2,500 in the account. To open a checking account only requires $100.

How do I reach customer service?

By phone, email, mail, fax, or by live chat. You can sign onto your account and send a secure message through online or mobile banking.

Does this bank offer bill pay?

Yes. Radius Bank offers free bill pay for their personal banking customers. You must register for bill pay once you open an account.

Can I deposit cash?

Yes, at a branch location. Deposit money at any Radius Bank’s full-service ATMs. Locate those ATMs through the Radius Bank website.

How long do transfers take?

You can send money instantly to friends with Radius Pay a Friend. You can transfer money to other Radius accounts or external accounts.

Can I sign up for direct deposit to this account?

Yes. You can have money directly deposited into Radius Bank accounts. You can divide the check balance between a checking and a savings account. The money will then be directly deposited into each account.

Bank Contact Information

Find a local branch
PO Box 55063
Boston, MA 02205-5063

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Savings (Rate as of 7/18/2024)
APY 4.25%
Rate 4.16%
For APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
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Savings (Rate as of 7/18/2024)
APY 4.50%
Rate 4.50%
For APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >