Radius Bank Raises High Yield Savings Rate

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UPDATE: 8/10/17 - Rate raised to 1.20% APY.

Deal Summary: High Yield Savings, 1.15% 1.20% APY, $2.5k minimum

Availability: Nationally available

Last week, Radius Bank (Radius) became the latest bank to raise the rate on a nationally available liquid account. Radius’ High Yield Savings now earns 1.15% 1.20% APY on balances of $2.5k, with balances below $2.5k earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.20*%$2,500-Radius BankRadius High-Yield Savings
OTHER TIERS: 0.05% $10 - $2,500
Accounts mentioned in this post. Rates as of October 23, 2017.

In September 2015, Radius raised the High Yield Savings rate to 1.10% APY, and in doing so, became the rate leader for savings accounts. That didn’t last long. The rate fell back to 1.00% APY in 2016 where it has remained until last week. This latest rate increase didn’t bring the High Yield Savings rate close to the new rate leaders which now have rates as high as 1.40% APY.

The fee-free High Yield Savings account can be opened with a minimum $10 deposit and can be funded by debit card, credit card, or from an external bank account. Internal and external online transfers between Radius Bank accounts and accounts at other financial institutions are free. Complete details can be found on Radius’s High Yield Savings page.

Availability

Headquartered in Boston, Radius Bank offer its services and product line to all U.S. residents, 18 years or older, who have a valid Social Security number or Individual Tax Identification number.

Accounts can be opened online or at the Seaport Financial Center in Boston.

Bank Overview

Radius Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 16.93% (above average) based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $22.49 million, an excellent annual growth rate of 3.68%. Please refer to our financial overview of Radius Bank (FDIC Certificate # 32551) for more details.

Radius Bank was originally established in 1987 as First Trade Union Savings Bank, FSB. In October 2014, the Bank rebranded, as did its holding company, now known as Radius Bancorp.

The new Radius Bank name is reflective of the evolution taking place within the financial services industry, as consumers and businesses alike are increasingly seeking a banking partner that provides access to their accounts anytime, anywhere.

Radius Bank is currently the 39th largest bank headquartered in Massachusetts, with assets in excess of $972 million. Radius Bank was also recognized as the ninth fastest growing bank in Massachusetts by the Boston Business Journal in an October 2016 article.

How the High Yield Savings Compares

When compared to the 208 Savings Accounts tracked by DepositAccounts.com that are available nationwide, Radius Bank’s High Yield Savings APY currently ranks eighth.

The above rates are accurate as of 7/17/2017.

To search for the best Savings account rates, both nationwide and state specific, please refer to our Savings account rates table or our Rates Map page.

Related Pages: New York savings accounts, Boston savings accounts, savings accounts, nationwide deals, Internet banks

Comments
gregk
gregk   |     |   Comment #1
An also-ran.

Someone name one good reason to
choose this account given the (better) alternatives.
rhutnik
rhutnik   |     |   Comment #2
I have an Aspiration Summit Checking account and the deposits are stored at Radius Bank, currently at 1.00% APY. Main benefits are totally free ATM withdrawals worldwide (all fees reimbursed). These accounts directly from Radius were at or lower than the Aspiration account. I hope the Aspiration account goes up too or the money will move out of there probably.