Radius Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.20% | Savings | Radius High-Yield Savings |
| 0.90% | Checking | Radius Hybrid |
| 1.00% | 5-year CD | 5 Year CD 2.35% - Synchrony Bank 60 Month CD |
Radius Bank, a leader in community banking, was founded in 1987 by the Massachusetts Carpenters Combined Pension and Annuity Funds (The Funds). In 2006, the Empire State Carpenters’ Pension Fund invested in the Bank as an equity partner. They are a growing institution that currently serves as the trusted advisor to a broad range of clients.
Related Posts
2/28 - Radius Bank Hybrid Checking Account Offering 0.90% APY
9/30 - High Yield Savings Rate Raised To 1.10% APY
1/30 - Get $50 With Radius Bank Checking With DD
7/8 - First Trade Union Bank Login Restriction = No E-Mail!
6/28 - First Trade Union Bank Launches Mobile Payment, Updates Checking Bonus
4/10 - First Trade Union Bank Updates Checking Account and Bonus
1/3 - New $100 Checking Account Bonus at First Trade Union Bank
10/17/11 - Checking Bonus & Other Deals at First Trade Union Savings
12/12/09 - 3.00% 18-Month CD & 3.25% Internet Savings Account at First Trade Union Bank - Nationally Available
8/8/09 - 3.25% 4-Year CD at First Trade Union Bank - Available Nationwide
3/26/09 - 2.75% 12-Month CD and Other Competitive CD Rates at First Trade Union Bank - Available Nationwide
Opening My Radius Account Was EASY PEASY!
As opposed to poor Richard, my experience setting up my on-line account with Radius was delightful and easy! I provided the personal information that Radius required and the banking information for the transfer of funds to my new HIGH YIELD account. I think it took about 10 minutes to enter all the information and I was approved approximately 90 minutes later. The funds were transferred from my 'old' bank to Radius within 48 hours. The transfer would have been practically instantaneous if I had used my debit card, but my 'old' bank would not allow me transfer an excessive amount $$ via my debit card. Re: your comment concerning compounding interest daily vs. monthly... ONLY if you are funding an account in EXCESS of 6 figures, the DIFFERENCE in interest amount earned over the course of 365 days or 12 months would not buy you a cheeseburger. I am thrilled with the interest I will be earning on my deposit(s) with Radius since my 'old' big bank was paying me 3 tenths of 1% or on average 19 cents per month. And yes, I maintain in excess of $2500...
Radius Bank
I've been a customer of radius online bank for a couple of years now. The best thing about it is the high interest compared to brick and mortar banks. The interest rate is a little higher then other online banks. I believe it is near the top of interest earned of banks. I do not have a lot of experience with the customer service as I have never had any problem that would warrant contact. I guess saying that is a good thing. All my bank transfers have been done in the normally expected time. The one thing I did not like is there seems to be a wait period before you can transfer much money. I understand this is for security reasons but if you want to transfer from a lower interest savings it can take quite a while. Also, the withdrawals are limited which can be a problem if you need to make a big purchase as it is slower to get your money out.
Rating of Radius Online Bank
I have had an account at Radius online bank for a couple of years. The interest rate is much better then retail banks and a bit better then the big online banks like Capital One. I signed up for my account through the Aspiration website which also offers banking through radius. I did notice a couple of downsides, but I am accessing through the Aspiration site, not the radius web site. The web site is a bit bare bones, and not as sleek as the big banks. There is a waiting period before you can make a larger deposit into your savings account. This makes switching over your account in entirety right away difficult. Afterwards there are still limits to how much you can send and withdraw in one day. So if you need to take alot out quick for a big purchase you have been saving for this could be a problem. You can withdraw money at ATMs everywhere though as they have a network where you will get reimbursed with no fees. I do not use this feature as my main motivation for using it is the savings rate.
Unsatisfactory
The interest rate that's offered initially looks great. But once you get through the cumbersome registration process, aspects become not so great.
First, interest is compounded monthly, not daily as other competitive online banks do. The registration process isn't instantaneous.The bank makes you wait a few days as it processes your external initial deposit before you can get your account. It then never remembers the external bank you used to fund your account and you have to setup and reverify that external bank a second time all over again.
Once registered online, you find out the maximum daily external transfer amount in or out for the first 90 days is only $5,000. After that period of time it's not much more. When calling them to complain about this limit, they tell you it's for security purposes and to use wire transfer (at additional fee) if you want to fund your account with more money, or use your external bank's transfer process assuming they can transfer in higher amounts.
Totally ridiculous, as this severely limits easy access to your money, both in transferring in and out. No thanks. I'm closing this account as fast as possible.
p.s. If you want to close your account, you can't do it online or immediately over the phone. You have to request closure over the phone where they'll instruct you to write a letter making this request with your signature. Then they might close the account and cut a check by mail for the remaining balance. If that doesn't take the cake, I don't know what does.
Data as of Q1 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 32551 |
| Year Established | 1987 |
| Employees | 136 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.34% |
| Return on Equity - YTD | 3.55% |
| Annual Interest Income | $9.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2017vs Q1 2016 | $973.0MM$790.1MM |
| Loans | Q1 2017vs Q1 2016 | $824.9MM$640.9MM |
| Deposits | Q1 2017vs Q1 2016 | $784.2MM$655.4MM |
| Equity Capital | Q1 2017vs Q1 2016 | $91.8MM$63.7MM |
| Loan Loss Allowance | Q1 2017vs Q1 2016 | $3.3MM$7.1MM |
| Unbacked Noncurrent Loans | Q1 2017vs Q1 2016 | $15.9MM$7.3MM |
| Real Estate Owned | Q1 2017vs Q1 2016 | $223.00K$0 |
Always verify rates and promotions with the bank or credit union. We are not Radius Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Radius Bank Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.20%* | $2,500* | - | Radius High-Yield Savings | ||
| OTHER TIERS: 0.05% → $10 - $2,500 | |||||
| 0.05% | $50 | - | Union Advantage Savings | ||
| 0.05% | $50 | - | Statement Savings | ||
| 0.05% | $50 | - | Passbook Savings | ||
| 0.05% | $50 | - | Holiday Club | ||
Radius Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.10%* | $10k* | - | Retail Money Market | ||
| OTHER TIERS: 0.05% → $10 - $10k | |||||
Radius Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.90%* | $2,500* | - | Radius Hybrid | ||
| OTHER TIERS: 0.00% → Up to $2,500 | |||||
| 0.01% | $1k | - | Radius Checking | ||
Radius Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.60% | $500 | - | 3 Year CD | |
| 1.00% | $500 | - | 5 Year CD | |
| 0.75% | $500 | - | 4 Year CD | |
| 0.50% | $500 | - | 2 1/2 Year CD | |
| 0.40% | $500 | - | 2 Year CD | |
| 0.35% | $500 | - | 18 Month CD | |
| 0.25% | $500 | - | 1 Year CD | |
| 0.25% | $500 | - | 13 Month CD | |
| 0.20% | $1k | - | 6 Month CD | |
| 0.20% | $1k | - | 9 Month CD | |
| 0.15% | $1k | - | 3 Month CD | |
| 0.15% | $1k | - | 5 Month CD |
Radius Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.60% | $500 | - | 3 Year IRA | |
| 1.00% | $500 | - | 5 Year IRA | |
| 0.75% | $500 | - | 4 Year IRA | |
| 0.50% | $500 | - | 2 1/2 Year IRA | |
| 0.40% | $500 | - | 2 Year IRA | |
| 0.35% | $500 | - | 18 Month IRA | |
| 0.25% | $500 | - | 1 Year IRA | |
| 0.20% | $1k | - | 6 Month IRA |
| Radius Bank Locations | ||
|---|---|---|
| First Trade Union Bank | 1 Harbor St, Ste 102 | Boston, MA 02210 |
| Lakeville Rd Branch | 2020 Lakeville Rd | New Hyde Park, NY 11040 |