Ben Todd | Jun 2, 2017 | 1
Radius Bank Review: Checking, Savings and CDs
Our Radius Bank review found that the Radius Bank doesn’t really excel in any special way, but we were very pleased with their ATM policy, and their CDs are not bad either. If you looking for a new bank, then there is very little wrong with this bank. The bank is not perfect, as no bank is, but it is a fine bank for savers and for people who need a reasonably good checking account.
Radius Bank Review – Benefits And Features
- Some of their savings accounts do not charge fees
- They have interest checking accounts that do not have fees
- Open a CD for as little as $500
- Free use of ATMs around the world
- Most of their accounts have no minimum balance requirements
- Link your debit card to one of three online wallets
- There is a mobile app you can use
- They have a mobile check deposit function
- There are no fees for linked accounts with overdraft protection
Get a Radius checking account and they allow the free use of ATMs around the world. There are no fees for using one of the 7500 ATMs in their network, and they will rebate any fees you pay for using out-of-network ATMs, which includes ATMs in other countries. In addition, as with all US banks, your money is FDIC insured.
Open your account with as little as $10, and after that point there are no more minimum balance requirements. There are no maintenance fees, which means you are not charged a monthly fee for having your checking account. Online banking is free, which it should be, and you can opt into their e-statements to avoid you paying for paper statements.
There is a Radius Bank mobile app that allows you to deposit paper checks, you can transfer money to and from other Radius accounts for free, and you can set up customized alerts. You may use their BillPay features, and they allow direct deposits, both of which are usual banking functions that most banks have/allow. You may also link your Radius debit cards to Android Pay, Apple Pay or Samsung Pay.
Sign up for a Radius High-Yield savings account and you may earn an APY of 1.0% on your money if you maintain a balance of $2500 or more. Your savings are FDIC insured, and there are no monthly service fees. Just $10 is all you need to open your account, and you get free online and mobile banking (which is typical for a bank). They have a mobile app that allows you to deposit checks, and you are allowed to transfer money to and from your savings account so long as the sender or recipient is from/to a Radius bank account.
There is no minimum balance requirement after your initial $10 deposit. The rate tiers are 0.00% APY for balances of $0.01 to 9.99. You get 0.05% APY for balances between $10.00 and $2,499.99. You get 1.00% APY for a balance of $2,500 or more. As with all savings accounts, you are only allowed to make withdrawals up to six times per statement cycle (month). If you make more, the withdrawal may be declined, or you will be charged a fee.
Certificates Of Deposit
Open a CD with the Radius Bank and you may pick terms that run from three months to five years. They also have retirement IRA CDs that have terms for between one year and five years.
If you opt for a 3, 5, 6 and 9 month CD, then there is a $1000 minimum balance requirement. There is a minimum balance requirement of $500 for CDs with terms of 13 and 18 months. There is also a $500 minimum balance requirement for CDs with terms of 1, 2, 2.5, 3, 4, and 5 years.
If you pick a CD for 3, 5, 6 or 9 months, your CD will earn interest daily. CDs that run for 13 months, 18 months, 1, 2, 2.5, 3, and 4 years will earn interest monthly.
If you opt for a five-year CD, then interest is compounded and credited on a quarterly basis.
Radius Bank Review – Biggest Selling Point
Brava to the Radius Bank. They are a member of a very small minority of online and offline banks because of their free ATM policy. They offer completely free ATM use, and they offer it globally. There are very few reasons why the Radius Bank will refuse to rebate your ATM fees.
They only have 7500 ATMs in their network, but it doesn’t matter because they will rebate every fee you receive. Radius will rebate every penny; they don’t have a fee-rebate cap. Say what you like about the bank, there are very few banks that offer to pay all your ATM fees without limit. People in Europe and the UK are allowed to use ATMs for free, and now, US citizens with a Radius Bank account are able to enjoy the same privilege.
Radius Bank Review – Fees And Charges
$50.00 per account for abandoned property
$7.00 for Canadian item collection
$5.00 per day for overdrawing
$8.00 per deposited item that is revered
$5.00 per month as a dormant service charge
$35.00 for an expedited ATM card
$35.00 for an expedited debit card
$25.00 per hour for research
$25.00 per item as an overdraft fee
$30.00 for foreign item collection
$75.00 levy cost
$3.00 for a money order
$25.00 returned item fee per item
$25.00 to stop payment
$8.00 for a treasurer’s check
$10.00 domestic wire in
$20.00 domestic wire out
$10.00 international wire in
$40.00 international wire out
The $5 per day fee for overdrawing is fair enough, but also charging $25 per overdrawn item is a little steep and a little unfair. The dormant service charge only applies if your account has been inactive for 12 months, which is three months longer than most other banks allow. However, after 12 months, could they not suspend an account or maybe close it because clearly the customer cannot get to his or her account, has forgotten about it, become ill, died or has been incarcerated? Do such people need another $60 per year expense?
Most banks have overdraft protection and many of them sign you up for overdraft protection without you knowing. Overdraft protection means that your account can be overdrawn. For example, if you have a direct debit take money out of your account and you do not have enough in your account, then overdraft protection means the bank may overdraw your account rather than decline the direct debit.
You are going to be charged $25 per overdraw item, and you will be charged $5 per day for every day you are overdrawn. You can avoid these fees by linking other bank accounts to your account. In that case, the Radius Bank will draw money from your other accounts rather than overdrawing your account. There are no fees for linked-account transfers.
User Comments And Reviews
[+] Some people complain about the customer support, and others say it is great. Some online users are saying that you get a personalized customer service experience.
[+] There are people who say the customer service department is very good at walking you through different technical aspects and routines.
[+] The Radius Bank doesn’t hit you with fee after fee. Their most unfair fees are ones for overdrawing, and it is easy enough to avoid them. Even the accounts that ask for monthly fees are still cheap.
[+] Use any ATM you like. There are people online who claim they have used ATMs around the globe and have always received their ATM fee rebates. If you like using ATMs for free, then the Radius Bank may be for you.
[-] Why are there still broken links on the Radius website? One would have thought they would have fixed the broken links by now. It doesn’t appear to be a temporary problem
[-] There is no second-level support. If the phone support cannot fix your problem the first time you complain, then there is little they can do the subsequent times. They will not escalate your case in any way.
[-] The website makes it difficult to verify your account. The website and online services seem to break down and stay that way for days without any explanation.
[-] Be careful about transferring money out of your account. For example, some people say that the Radius Bank will not accept their Trust as a viable beneficiary.
Conclusion – Radius Bank Review
When we used the Radius Bank, the website was broken. We had to Google information and then navigate to their pages via the Google search engine results. We couldn’t click on a link on the homepage and see things such as their checking and savings account information because the links wouldn’t work.
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While working on this Radius Bank Review, I did have a few technical problems. The customer service department was okay, but their response was usually that some sort of maintenance is going on. However, most good banks will conduct maintenance in the middle of the night, and they will give you advanced noticed. I get the feeling that Radius were simply having technical trouble and were claiming it was maintenance. The Radius Bank is a reasonably good bank, and if you are looking for a new bank account, then you should consider putting the Radius Bank on your shortlist.