Radius Bank Boost The Rate On High Yield Savings
Radius Bank (formerly First Trade Union Bank) started the week off by raising the rate on its High Yield Savings (1.10% APY). I last wrote about this High Yield Savings account in December 2013, when the rate rose to 1.00% APY from 0.70% APY. The 0.70% APY had been in effect for almost 20 months before the 2013 increase.
The 1.10% APY applies to balances of $2.5K+, with balances below $2.5K earning 0.05% APY. The High Yield Savings account can be opened with a minimum $10 deposit and has no monthly fees. Complete details can be found on Radius Bank’s High Yield Savings page.
Please be aware there is no rate guarantee for this account and the 1.10% APY can change at any time.
Radius Hybrid Checking
Radius Bank also offers its Radius Hybrid checking that earns up to 1.00% APY on balances over $2.5K (only the portion of the balance above $2.5K earns 1%); balances below $2.5K do not earn any interest.
- Open a Radius Hybrid with a minimum $10 deposit
- Enroll in free Online Banking
- Opt to receive eStatements
- Opt to receive a free Debit Card
Radius Hybrid is a revolutionary account that combines high interest earning with the utility of a checking account.
Current Radius Bank clients who already have a Radius Bank checking account can convert that account into a Radius Hybrid by completing the Account Conversion Form.
Thanks to DA member, Carpline, for his Forum post on this latest rate increase.
Headquartered in Boston, Radius Bank offer its services and product line to U.S. residents, 18 years or older, with a valid Social Security Number or Individual Tax Identification.
Accounts can be opened online or at the Seaport Financial Center in Boston.
Radius Bank is making opening an account online even easier.
Applying from a phone or tablet is now easier than ever!
Just take a picture of your Driver's License and we'll pre-fill your contact information for you.
Radius Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 5.29% (excellent) as of June 30, 2015. Radius Bank has an average capitalization level of 9.06%, a result of holding $744.14 Million in assest, with $67.42 Million in equity. Please refer to our financial overview of Radius Bank for more details.
Radius Bank (FDIC Certificate # 32551) was established in 1987 as First Trade Union Savings Bank, FSB. The Bank’s name was changed in October 2014, and in a news release dated September 26, 2014, it was stated that,
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 High Yield Savings Compares
When compared to the 135 savings accounts tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationwide, Radius Bank’s High Yield Savings currently shares the top spot with MySavingsDirect’s MySavings Account.
The above rates are accurate as of 10/1/2015.
To search for nationwide savings account rates and saving accounts rates in your state, please refer to the Savings Account rates section of DepositAccounts.com.
High Yield Savings can be opened with minimum of just $10.....not 10K as stated above.