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Radius Bank review: Cash-back checking, no monthly fees - Business Insider

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If you can maintain a $2,500 balance in checking and savings, then Radius could be a good fit

$1,000 minimum deposit for terms under 1 year, $500 minimum deposit for terms of 1 year or moreOnly open 1-year, 18-month, and 3-year CDs online; others must be in person

Early withdrawal penalties are as follows: 3 months simple interest for 3-month and 6-month terms, 180 days interest for 9 month terms, 365 days interest for terms of 1 year or more$500 minimum deposit for longer terms$1,000 minimum deposit for shorter termsStandard-to-high early withdrawal penalties

You can open 1-year, 18-month, and 3-year CDs online, but you must open CDs with other term lengths at Radius' one branch in Boston, Massachussetts.Radius pays higher rates on CDs than many brick-and-mortar banks, but you can still find higher rates at other online banks. Radius also compounds interest monthly for most CDs, and only quarterly for 5-year terms. Most online banks will compound your interest daily.

The bank's mobile app has received mostly positive reviews. It has 4.5 out of 5 stars in the Apple store, and 4.3 out of 5 stars in the Google Play store. You can speak with a live representative either on the phone or via online chat. Both options are available Monday through Friday, 8:30 a.m. to 12:00 a.m. ET, or weekends from 8:00 a.m. to 8:00 p.m. ET.Because its cash-back checking account is Radius' best product, we've compared the bank to two other banks with cash-back debit accounts: Discover and Axos.

 

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