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Bank of the West VS Radius Bank

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.0 Star Icon
0.01%APY
Savings/MMA
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Pros:

  • Business accounts are available
  • Direct deposit is not required
  • A variety of different lengths of CDs
  • Transfer money to others with PopMoney

Cons:

  • Low-interest rates on accounts
  • High initial required amounts for CDs
  • High required amounts for accounts
  • Products change based on states
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.05%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

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

Cons:

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

Bank of the West offers checking, savings, CDs, and money market accounts for your business. Credit cards, loans, and lines of credit are also available. Bank of the West offers payroll services and payment processing options. Foreign exchange services for business accounts are also available. Interest rates for their different business accounts are not listed on the website.

Bank of the West does not require you to have direct deposit into their checking account. There is a monthly maintenance fee, but you can waive that fee by depositing money into your account each month. You can deposit any amount by an ATM, in-branch, direct, or mobile deposit to waive the fee.

Bank of the West offers Flexible-Term CDs, Premium Money Market CD, and a Relationship CD. Within these different CD types are a variety of term lengths, except the Relationship CD. That only has a 12-month term option. To apply for a CD and get the specific term lengths and rates you have to visit a branch. You cannot apply online.

With Popmoney you can send or receive money with only an email, text, or account number. You decide where the money is deposited. You will receive an alert when the transaction is complete. There is a fee to send money overnight, and not all customers qualify to use Popmoney.

Personal banking accounts of Bank of the West do not have competitive interest rates. The rates are much less than online-only banks but similar to typical bank interest rates.

To open a CD, you must have an opening balance of $1,000 for the Flexible-Term CDs and Premier Money Market CDs. To open a Relationship CD, you must have $2,500 and a checking account with Bank of the West.

To waive the Premier Checking account fee, you must have $25,000 in qualifying accounts. The Choice Money Market account requires $5,000. CD accounts require $1,000 to $2,500 to open. The Classic Savings account requires $300. There are other options for ways to have monthly fees waived. Know the options if you cannot keep the required amounts of money in the accounts.

Bank of the West accounts are not available in all states. To apply for an account, you must have an address in one of the states listed. Interest rates and products differ between states. The name of the bank may be slightly different as well depending on the area.

Read the full Bank of the West review.

Radius Bank Review

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.

Read the full Radius Bank review.

Favorite Rates

CIBC Bank USA
Savings 08/21/2019
APY 2.20%
Rate 2.18%
For APY $1
Monthly Fee $0.00
Checkbook No
Grow your savings with a rate you can rely on.
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