Radius Bank Rewards Checking Account Review


Radius Bank has retired its Hybrid Checking Account. It has been replaced with a new account called their Rewards Checking Account.

The two accounts are similar but the Rewards Checking earns cash back on purchases made with the debit card. This is an amazing feature you won’t find on most checking accounts. That’s definitely an upgrade from the Hybrid Checking.

Radius Bank’s Rewards Checking Account earns 1% interest plus 1% cash back on purchases made on the debit card. To qualify for both of these perks you must maintain an average balance of at least $2,500. However, there are also no ATM fees, no monthly fees, and you can open an account for as little as $100.

A Review of Radius Banks’ Rewards Checking

From Radius Bank comes Rewards Checking. It’s a free, high-yield online checking account that also earns cash back perks on debit card purchases.

Get Cash Back on Purchases

One of the coolest features is that Rewards Checking earns 1% cash back for online and signature-based transactions made with your debit card.

What does “signature-based transactions” mean? It means when you have the choice of “debit or credit” at checkout you must choose credit. Credit transactions require a signature. If you choose “debit” you will be asked for PIN rather than a signature, which means the cash back will not apply.
If you are curious to learn more about the differences between choosing debit or credit check out this article from Credit Karma.

Besides making sure the transaction either online or signature-based you’ll also need to meet one of the following requirements:

  1. Receive $2,500 worth of direct deposits into your Rewards Checking account from an employer (or another source of income), or
  2. Keep an average balance of $2,500 in your Rewards Checking account.

Start getting cash back on your debit purchases today.

Earn Interest on Your Balance

The Rewards Checking also earns 1% interest on the balance in your account. This is a neat feature in a checking account that will allow you to keep parts of your savings available in checking without forgoing interest. Very convenient when you are saving up for a large purchase.

Rewards Checking earns high APY, depending on your account balance. For balances of $2,500 to $99,999.99, you’ll earn 1% APY. Account balances over $100,000 earn 1.2% APY.

rewards checking review interest

Radius Rewards Checking Pros

Like any bank account, Radius Rewards has its highs and lows when it comes to its structure. What makes this high-yield account a great option for consumers?

Unlimited ATM rebates: If you ever use an out-of-network ATM, you’ll be reimbursed for any fees incurred. This happens automatically at the end of every month. There’s nothing to track and no need to apply for a rebate.

No monthly maintenance fees: You’ll never face any monthly maintenance fees with Radius Rewards Checking

No minimum balance requirements: To open an account, you’ll need to make a $100 deposit, but after that, there are no minimum balance requirements.

Paychecks: Once your employer submits their payroll files to the Federal Reserve, you can access your payroll funds. This could be up to 2 days early.

Mobile banking: Use Radius Bank’s mobile app (available for iOS and Android) to manage your finances on the go.

Radius Rewards Checking Cons

There are a couple of aspects of Rewards Checking that could cause you to pause a bit before opening an account.

High minimum for earning: This checking account requires a $2,500 minimum balance before it will earn any APY or cash back rewards. Many other online checking accounts have much lower minimum balance requirements.

Extended overdraft fee: There is a $5 daily fee for extended overdraft. This is not typical of all banks.

Who is Radius Bank’s Rewards Checking For?

Rewards Checking from Radius Bank was designed for people who love online banking and are looking for high rate account options. If you’re looking for a checking account from a bank with local branches you can visit, Radius can’t help. They only have one branch and its cashless.

If you only need ATM access, you’re in luck. With your Radius debit card, you can access over 325,000 fee-free ATMS across the US because of partnerships with the ATM networks like NYCE, SUMSM, and MoneyPass. ATM

Radius Rewards Checking is perfect for people who typically keep more than $2,500 in their checking account. That’s the only way to earn APY and one of the ways to earn cash back rewards. If you don’t plan on depositing that much into your checking account, checking accounts with lower minimums may be a better way to go.

Check out our list of free online checking accounts.

If you are curious, you can still view details on the now-defunct Hybrid Checking Account. See here for more info…show

How to Open A Rewards Checking Account?

Opening an account with Radius Bank only takes a few minutes. It can be done online, through Radius Bank’s website. The application process takes less than five minutes to complete.

You’ll need some personal information handy when opening a new account, including your social security number and U.S. street address. New customers also need another checking or savings account to fund your new account.

To open an account with Radius Bank, you need to be at least 18 years old and a citizen or legal permanent resident of the United States.

Once approved, you’ll receive an email from Radius Bank, which will include the final steps to get your account started.

It’s really that simple to get started with Radius Bank.

How Can I Contact Radius Bank?

When logged into their online account, Radius customers can chat with customer service. If you want to speak to customer service, you can reach them on the phone at 800-242-0272. Phone and live chat hours are: Mon – Fri, 8:30 AM-12:00 AM ET, and Sat-Sun: 8:00 AM-8:00 PM ET. There is also email support available to Radius customers.

Is Radius Bank a Real Bank?

Yes, Radius Bank is a full-service online bank, offering savings and checking accounts as well as CDs. Other services available through Radius Bank include business accounts, cash management services, business escrow services, credit cards, loans, and more. Radius Bank has been around since 1987 and has been a leader in online banking since its inception.

Where is Radius Bank Located?

Radius Bank’s corporate headquarters is located in Boston, Massachusetts. They also operate one cashless branch location in Boston, a finance office in Boston, and a lending office in Chicago.

Is Radius Bank FDIC insured?

Radius Bank is FDIC insured (FDIC # 32551). Any deposits made into Radius checking accounts, savings accounts, or CD accounts are insured up to $250,000 per depositor. Your money is safe with Radius Bank no matter what happens.

The Bottom Line

Radius Bank could be the perfect checking account solution for you if you can easily keep at least $2,500 in your checking account. If not, it’s just another online checking account.

Have you used Radius Bank? What has been your experience?

Radius Bank Rewards Checking Account Review

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  1. Adam @ AdamChudy.com says

    I’ve never heard of Radius Bank. I like the idea though. I’ll have to check that out.