Massachusetts-based Radius Bank (Radius) ended the week by adding 10 bps to the top rate of its Radius High-Yield Savings account: 1.96% APY ($25k+), 1.50% APY ($2.5k+), and 0.05% APY ($10+).
In the past year, Radius has added a total of 76 bps to the High-Yield Savings top APY in five rate increases. In May, the High-Yield Savings APY was near the top of nationally available savings rates, but that rate has been out-paced by the increases at several other financial institutions in the past three months. This week’s modest addition of 10 bps is encouraging, but the APY is 29 bps lower that the current top rate.
Radius also raised the minimum opening deposit in May from $10 to $100. The account can be funded by an “U.S. checking or savings account or a debit card.” More details can be found on Radius’s High Yield Savings page.
The FAQs answers that all-important question, “Can I make External Transfers online?”
As a Radius Bank customer enrolled in Online Banking, you can make free internal and external transfers. This includes transferring money between your Radius Bank accounts, transferring money to other Radius Bank Online Banking account holders, transferring money from your Radius Bank account to accounts at other financial institutions, and transferring money from accounts at other financial institutions into your Radius Bank account. The standard daily limit for online external transfers is $5,000 incoming and $5,000 outgoing.
In a Live Chat, CSR stated that ACH transfers initiated from an outside bank are allowed, “as long as you are the owner of both accounts.” When ACH limits are low (like those at Radius), it’s always good to have another way to move funds in and out.
Headquartered in Boston, Radius Bank offer its services and product line to all U.S. citizens and resident aliens, 18 years or older, who have a valid Social Security number or Individual Tax Identification number.
Radius Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.57% (excellent) based on March 31, 2018 data. In the past year, Radius Bank has increased its total non-brokered deposits by $22.43 million, an excellent annual growth rate of 3.38%. Please refer to our financial overview of Radius Bank (FDIC Certificate # 32551) for more details.
Originally established in 1987 as First Trade Union Savings Bank, FSB, Radius Bank is currently the 34th largest bank headquartered in Massachusetts, with assets in excess of $1.23 billion and nearly 158,000 customer accounts. In October 2014, the Bank rebranded, as did its holding company, which is 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.
How the Radius High-Yield Savings Compares
When compared to the 222 Savings Accounts tracked by DepositAccounts.com that are available nationwide, Radius Bank’s Radius High-Yield Savings APY currently ranks fifth, regardless of minimum balance requirement.
The above rates are accurate as of 9/1/2018.
To search for the best Savings account rates, both nationwide and state specific, please refer to our Savings Accounts Rates Table page.