Radius Bank High-Yield Savings Account Review

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In this review of the Radius Bank high-yield savings account, we discuss the pros and cons of the account and whether it will be the right fit for your financial needs.

Radius Bank is a full-service online bank that aims to meet all of your banking needs. Among the many services that the bank offers is a high-yield savings account.

This account is designed for people with large account balances, offering elevated interest rates if you meet a minimum deposit requirement.

Radius Bank Review at a Glance


  • Higher rate than brick-and-mortar banks
  • Full-service online bank, so you can keep all your accounts in one place
  • No monthly fees
  • Easy withdrawals with free ATM card


  • $25,000 minimum deposit to earn the best available interest rate
  • $100 minimum deposit to earn the base interest rate

The Bottom Line: The Radius Bank high-yield savings account is better than your average savings account, but falls short of other online banks. The $25,000 minimum balance to net the highest available rate is not easy to reach. If you want to use Radius as your main bank, their high-yield savings account is a good choice. But if you’re just looking for an online savings account, there are better options out there.

Radius Bank High-Yield Savings Account

Online banks are known for their low fees and high interest rates, making them perfect for the money-conscious and those who want to build their savings over time.

Radius Bank offers all of the banking services that you’d expect at a brick-and-mortar bank. After you open a high-yield savings account with Radius Bank, you can open a checking account, get a credit card, and apply for a loan.

Fees and minimums

One major advantage of Radius Bank’s high-yield savings account is its fee structure.

There is no monthly fee to keep the account open. The only requirement to open a high-yield savings account with Radius Bank is that you have $100 to deposit to the account. Once the account is open, you can allow your balance to fall below $100 without penalty.

Related: Best Online Savings Accounts in 2020

Interest rates

The Radius Bank high-yield savings account offers a higher rate of interest than brick-and-mortar banks, which makes it an appealing alternative if you’re looking to grow your savings.

However, here is a small catch to be aware of. You’ll only earn the highest rate if you keep your account balance at $25,000 or more.

If your balance falls below $25,000, you’ll earn less interest. While the lower rate is still decent, it’s much less than the rates offered by other online savings accounts.

If your primary goal is to earn interest, you’ll want to make sure you have $25,000 to keep in the account. Otherwise, you should consider another bank.

AccountBalanceInterest Rate APY
Radius Bank High-Yield Savings Account$0 to $24,999.991.50%
Radius Bank High-Yield Savings Account$25,000 or more2.05%

Withdrawal limits

Savings accounts are designed for long-term savings rather than daily deposits and withdrawals. To that end, federal regulations limit savings account withdrawals to six per statement period. Each additional transfer will incur a fee.

The good news is that certain types of withdrawals do not count toward this limit. While you can’t make an in-person withdrawal from an online bank, you can request a free ATM card.

You can then use the card to make withdrawals from your Radius Bank high-yield savings account at any ATM in the country. ATM withdrawals don’t count towards the six withdrawal limit, making it easy for you to access your money without paying fees.

Other Things to Know About Radius Bank

If you’re thinking about opening a high-yield savings account with Radius Bank, here are some things that you should know first.

Customer service

Getting help from a brick-and-mortar bank is typically easy. You can call the customer service line or send a message to the bank’s support e-mail address.

If you can’t get help remotely, you can always walk into your local branch and speak with someone face to face. When you meet with someone in person, it usually doesn’t take long to get your issues sorted out.

Given that walking into a branch isn’t an option with an online bank, people are often concerned with the availability of customer service.

Radius Bank makes it easy to get help when you need it, offering live online chat, e-mail, and phone support. You can even mail in a physical letter if that’s more your style.

Phone and live chat support are available seven days a week.

  • Weekdays: 8:30 AM – 1:00 AM EST
  • Weekends: 8 AM – 8 PM EST

You can also get help by tweeting at the bank or messaging them on Facebook. Social media support is available from 8:30 AM to 8 PM EST on weekdays.

Other Radius services

Unlike some online banks that only offer one financial service, such as savings products, Radius Bank is a full-service online bank.

Their services include:

  • Personal checking
  • Personal savings
  • Certificates of deposit (CD)
  • Personal loans
  • Credit cards
  • Mortgages
  • Yacht loans
  • Business checking
  • Business loans

Radius Bank High-Yield Savings Account FAQs

Here are some common questions that people have about the Radius Bank’s high-yield savings account.

Is Radius Bank safe?

One common concern that people have about online banks is whether or not they’re safe. With online fraud becoming so prevalent, it is an understandable concern.

Radius Bank and most other online banks are perfectly safe to use. They use the latest in online security and encryption technology to protect your account information as well as passwords to prevent anyone else from accessing your account.

Is the Radius Bank high-yield savings account FDIC-insured?

Yes, the Radius Bank high-yield savings account is insured by the Federal Deposit Insurance Corporation (FDIC).

FDIC insurance offers protection against the chance that a bank could go bankrupt or otherwise be unable to return the money that you deposit. If you deposit money to your Radius Bank high-yield savings account and the bank is later unable to give your money back, the FDIC will reimburse you for the losses (up to the $250,000 insurance limit).

Should I open a Radius Bank CD or Radius Bank high-yield savings account?

CDs, like savings accounts, are designed for long-term savings. The idea behind CDs is that you commit to keeping your money in the account for a set period of time and receive a higher rate of interest in return.

With Radius Bank, you’ll need to commit to at least a one-year CD in order to earn a higher rate than you would from a savings account. If you’re able to meet the $25,000 minimum balance to get the highest savings rate available, you’d need to commit to a five-year CD.

In that case, unless you’re saving for a specific goal that’s five or more years in the future, opening a Radius Bank high-yield savings account is probably the best choice.

Is Radius Bank Right for You?

In the end, the Radius Bank high-yield savings account is a perfectly serviceable account if you’re looking to move your banking online and like the services that Radius Bank offers.

If you’re looking for the highest interest rate on the market, or just want to get an online savings account and keep your other accounts at your current bank, it’s not the best choice. The $25,000 balance requirement to earn the highest possible rate keeps it from competing with other online savings accounts.

TJ Porter

TJ Porter has in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions. He has also contributed to publications and companies such as My Bank Tracker, CardCruncher, and Echo Fox. He aims to provide actionable advice that can help readers better their financial lives. In his spare time, TJ enjoys thinking up new ways to optimize my own finances, in addition to cooking, reading, playing games (of the board and video variety), soccer, ultimate frisbee, and hockey.

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