Radius High-Yield Savings Account Review [2021]: Digital Banking Made More Human?

Skimping on the fees — but not on the rates. A Radius Bank savings account might be what you need to grow your wealth.
Last updated Jul 18, 2021 | By Matt Miczulski
Radius High-Yield Savings Account Review

FinanceBuzz is reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

The best online banks offer competitive interest rates, fewer fees, and the convenience of mobile banking. And as the online banking space becomes more competitive, online banks are stepping up their game to deliver a worthwhile banking experience. This includes providing everything from good customer service and high rates to a valuable lineup of products.

As you look for the best place to grow your savings, Radius Bank (which was acquired by LendingClub in 2020) is hoping its product depth, fintech capabilities, and personalized attention will put a stop to your search.

Can you end your hunt for the best savings account right now — or should you keep looking? We’re here to help you make this decision in this Radius Bank savings account review.

Quick Summary

Earn interest with this online savings account, without paying monthly fees.

  • Unlimited cash back on debit card purchases
  • Free ATMs worldwide
  • Get your direct deposit up to two days faster
In this Radius Bank review:

Radius High-Yield Savings account basics

APY (as of July 18, 2021) 0.25% on balances of $25,000.00 or more
0.15% on balances of $2,500.00-$24,999.99
0.05% on balances of $10.00-$2,499.99 
0.00% on balances of $0.01-$9.99
Minimum deposit to open account $100
Monthly maintenance fees None
ATM access Yes, free of fees at ATMs displaying the SUM logo
Transactions per month Up to six transfers per month; no limitations on ATM withdrawals
FDIC insured Yes

What we like about the Radius Bank High-Yield Savings account

  • Fees are minimal: The Radius savings account isn’t fee-less, but it doesn’t charge you any of the fees that usually come with a traditional savings account, such as monthly service, minimum balance, and ATM fees. In fact, Radius will give you ATM fee reimbursements if you use an ATM from another bank and do get charged a fee. 
  • Integrated financial dashboard: Radius Bank customers will be able to take control of their money through personal financial management tools. You’ll be able to create a budget, track your spending, develop plans to pay off debt, and always know your net worth. These are just some of the features you’ll find with this tool.
  • Interest-bearing checking accounts: Savings accounts are great and all, but they’re meant for parking cash, not for spending. Luckily, with a Radius Bank Rewards Checking account, you don’t have to sacrifice earning interest to be able to use your money for everyday spending. Pair your savings account with a Radius interest-bearing checking account, you’ll enjoy additional perks like free ATMs, ATM fee rebates, no monthly fees, free checks, and the opportunity to earn cash back rewards on your debit card purchases.
  • Get your paycheck early: Radius Bank customers who set up direct deposit to their Radius checking account automatically eligible to receive their money up to two days early. How’s that possible? Employers often submit the money for payroll days before your actual payday. Radius makes it available to you as soon as your employer does this.
  • Certificates of Deposit (CDs): Radius Bank customers can receive a very competitive APY (annual percentage yield) with the Radius High-Yield Savings account, but that isn't the only type of deposit account that Radius offers. In fact they offer even higher CD rates. Putting your money in a Radius Bank five-year CD will earn you 0.10% APY (as of July 18, 2021). If you need to save for something a few years down the road, this might be a great option.
  • Credit cards: Radius offers a handful of different credit cards that come with essential features and valuable perks tailored to your needs. Whether it’s a rewards credit card or one with an extended introductory APR (annual percentage rate) offer, Radius has you covered.
  • Personal loans: As a Radius Bank customer, you’ll have access to fixed, low-rate personal loans to fit your financial needs. You can borrow up to $40,000 at a competitive fixed rate.
  • Marketplace: Radius Bank has partnered with a variety of financial products to give you more options to “spend, save and protect your money.” It calls this the Radius Marketplace, and companies like Billshark, Ladder, and Lemonade are all on board. Whether you’re looking for a service to help lower your monthly bills to service providers or a simpler approach to life, renters, or homeowners insurance, the Radius Marketplace might be a good place to start.

What Radius Bank could improve

  • High minimum balance to earn highest APY: The APY you’ll receive with your Radius Bank High-Yield Savings account depends on your balance, and this might be limiting to some people. 
  • Overdraft and extended overdraft fees: Radius Bank charges $25 for each overdraft or returned item. In addition, after the fifth calendar day your account remains in the negative, you’ll be charged $5 a day. Some other online banks don’t charge these fees at all. That said, if you like what Radius has to offer, these fees can be easily avoided by always practicing proper money management.

Compare earnings with Radius Bank vs. a traditional savings account

Assuming you maintain a minimum balance of at least $2,500, Radius Bank offers customers a very competitive interest rate on its high-yield savings account. The earning potential of a typical brick-and-mortar bank savings account doesn’t even come close — Radius is the clear winner.

Take the following scenario as an example. We’ll assume a $5,000 initial deposit, and you can see how Radius quickly pulls ahead.

Traditional Savings Account

0.06% APY

(as of July 18, 2021)

Radius Bank Savings Account

0.15% APY

(as of July 18, 2021)

Starting balance $5,000.00 $5,000.00
After one year $5,003.00 $5,007.51
After three years $5,009.01 $5,022.55
After 10 years $5,030.09 $5,075.56

While the Radius Bank High-Yield Savings account earns you a respectable APY on balances of at least $2,500, this isn’t the only interest-bearing account Radius offers. Its checking account also earns interest. So if you're looking to open both a checking and savings account, Radius could be a good fit for you. 

How to open a Radius High-Yield Savings account

If you want to open a savings account with Radius Bank, it can be done in just a few minutes, and the process is as simple and straightforward as you could imagine. You’ll need to provide the usual personal information, such as your name, email, phone number, date of birth, Social Security number, and a password to set up your account. You can also choose whether you want to make it a joint account (which isn’t a feature all online banks offer, by the way).

To fund your new account, you can use a debit card or transfer from an existing bank account; this only takes a few minutes to complete. Once your bank is linked up, go ahead and submit your application. You’re now a Radius Bank customer.

How to withdraw money from a Radius High-Yield Savings account

Radius Bank customers receive a free ATM card with their savings account, giving you more flexibility in how you access your money. You can also make free internal and external transfers with online and mobile banking. While transfers are free, you’re limited to six withdrawals each month, per federal regulations.

Other Radius High-Yield Savings account fees

Overdraft fee $25 per item, then $5 a day beginning on the fifth calendar day after first overdraft item
Stop payment fee $25
ACH transfers $0
Incoming wire $10
Outgoing wire $20

Radius Bank customer service

The best way to reach Radius Bank's customer service is either online or by phone. Support hours for phone and live chat on radiusbank.com are Monday through Friday from 8:30 a.m. to 1:00 a.m. ET and Saturday through Sunday from 8:00 a.m. to 8:00 p.m ET.

You can also reach out to Radius Bank through social media Monday through Friday from 8:30 a.m. to 8:00 p.m. ET.

FAQs about Radius Bank

Is Radius Bank safe?

According to Radius Bank, it utilizes “advanced security technologies and processes to safeguard your information,” including things like fraud monitoring, anti-virus protection, and advanced firewalls. Radius uses 256-bit encryption to ensure data is protected with the highest level of security. Additionally, your deposits are insured by the FDIC (Federal Deposit Insurance Corporation).

How do I deposit money in my Radius Bank savings account?

There are a few ways you can make a deposit into your Radius Bank savings account. Aside from transferring money online from another bank, you deposit a check through the Radius mobile app, mail deposits to Radius Bank, or — if you’ve got cash you want to sock away — make a deposit surcharge-free at a MoneyPass or SUM network ATM.

If you’re mailing a deposit, send it here:

P.O. Box 55063

Boston, MA

02205-506

How much money do I need to open a Radius Bank savings account?

To open a Radius Bank savings account, you’ll need a minimum opening deposit of $100. After that, there’s no minimum balance requirement — except when it comes to getting one of the specified APYs.

What is the routing number for Radius Bank?

The routing number for Radius Bank is 211075086.

Is Radius Bank FDIC-insured?

Radius Bank is an FDIC-insured financial institution. That means your deposits are covered by FDIC insurance for up to the highest possible amount allowed — $250,000.

Final thoughts

If you prefer to bank online and can take advantage of the high interest rates, then opening an online savings account with Radius Bank might be beneficial. With no monthly service or minimum balance fees, convenient features like mobile check deposit and free bill pay, and a variety of other account options, a Radius Bank savings account could be one of the best places to park your cash. 

If Radius doesn't seem like a good fit for your needs, then be sure to check out our list of the best savings accounts and also our list of the best banks.

Disclaimer: All rates and fees are accurate as of July 18, 2021.

Radius Bank Benefits

  • Unlimited 1% cash back on purchases
  • Get your direct deposit up to two days faster
  • No ATM fees
  • Earn .15% interest on your balance

Author Details

Matt Miczulski Matt Miczulski is a personal finance writer specializing in financial news, budget travel, banking, and debt. His interest in personal finance took off after eliminating $30,000 in debt in just over a year, and his goal is to help others learn how to get ahead with better money management strategies. A lover of history, Matt hopes to use his passion for storytelling to shine a new light on how people think about money. His work has also been featured on MoneyDoneRight and Recruiter.com.