Radius Bank Hybrid Checking Account Review - MyBankTracker

With this account, you can: Make purchases with your Radius debit card; Write checks from your account; Send money to anyone with the Radius Pay ... 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AdvertiserDisclosure RadiusBankHybridCheckingAccountReview FindoutallthedetailoftheRadiusBankHybridCheckingAccountandcomparethefeesandinterestrateswiththebestonlinecheckingaccounts. ByRebeccaLake Updated:Oct26,2021 (5outof5)MyBankTrackerEditor'sRating RadiusBankApp Checkingaccountsandsavingsaccountsmeettwoverydifferentneeds. You’duseacheckingaccounttopaybillsormakepurchaseswithalinkeddebitcard. Asavingsaccountisaplacetoparkcashyoudon’tneedrightaway,andearnsomeinterestinthebargain. Aninterest-bearingcheckingaccountgivesyouthebestofbothworlds. Theseaccountsofferthesameflexibilityasatraditionalcheckingaccountbutyou’llearninterestonyourbalance. Althoughnotascommonasothercheckingaccounts,thereareseveralbanksthatofferinterestchecking. Ifyouwanttoearnthebestannualpercentageyield,however,anonlinebankmaybethewaytogo. Onlinebankslackthebranchlocationsofabrick-and-mortarbankbuttheyoffersomethingelse--betteryieldsondepositsandfewerfees. RadiusBankisanonlinebankwithafullrangeofbankingproducts,includinganinterest-bearinghybridcheckingaccount. Inthisreview,Learnmoreabouthowthisaccountworksandwhetheritmaybeagoodfitforyourbankingneeds. InterestRatesReview TheRadiusHybridcheckingaccounthaslotsoffeaturesbuttheonethatmakesitastandoutistheAPYyoucanearnonbalances. Thisaccountfeaturesatieredrate.Themoreyoukeepinyourcheckingaccount,themoreinterestyoucanearn. RadiusBankHybridCheckingAccountPros&Cons Pros Cons Highinterestrate Mobileappavailable Nomaintenancefee NoATMfees Nophysicalbranches MinimumbalancerequiredtoearnAPY Minimumopeningdeposit You’llneedaminimumbalanceof$2,500tostartearninginterest.Comparedtointerestcheckingaccountsfromtraditionalbanks,themaximumAPYyoucanearnismuchhigher. It’salsobetterthanwhatyou’dgetwiththeRadiusCheckingaccount.Theadvantageofthisaccount,however,isthatyouonlyneeda$1,000balancetoearninterest. Ifyouwanttogetevenmorebangforyourbuck,youcanpairyourHybridcheckingaccountwithaRadiusHighYieldSavingsaccount. ThisaccountfeaturesanAPYthat’sonparwithwhatotheronlinebanksoffer. Hassle-FreeAccountOpening Somebanksrequirealargeminimumbalancetoopenanaccount. AtRadiusBank,youcansetupaHybridcheckingaccountwithaslittleas$10. Youcanmakeyourinitialdepositviacreditcard,debitcardoratransferfromanotherbank. Theaccountopeningprocessiscompletedonlineandittakesjustafewminutes. Allyouneedtogetstartedisagovernment-issuedID,yourSocialSecuritynumberandyourinitialdeposit. ManagingYourHybridCheckingAccount Managinganonlinecheckingaccountisalotlikemanagingaregularcheckingaccount,withonedifference--youcan’tpopintoabranch. WiththeRadiusHybridaccount,you’vegotseveralwaystokeeptabsonyouraccount. Depositingandwithdrawingmoney Ifyouneedtoaddmoneytoyouraccount,youcandoitby: Fundingyouraccountwithadebitcard,creditcardortransferfromanotherbankaccount DepositingchecksviatheRadiusMobileapp Settingupdirectdepositforyourpaychecks MakingdepositsatRadiusBankATMsandatATMswiththeNYCESharedDepositProgramlogo Makingdepositsbymailwithpostage-paidenvelopesfromRadiusBank Mobilecheckdepositoffersconveniencebuttherearelimitsonhowmuchyoucandeposit.Youcandepositupto$1,000perday,withatotalcapof$2,000indepositsina10-dayperiod. That’simportanttorememberifyousometimeshavelargecheckstodeposit. Tostayunderthelimit,youmayhavetodepositthecheckintoanaccountatadifferentbank,thentransferthemoneytoyourRadiusHybridaccount. Makingpurchasesandpayingbills Acheckingaccountshouldn’tmakepayingbillsorspendingdifficult.Withthisaccount,youcan: MakepurchaseswithyourRadiusdebitcard Writechecksfromyouraccount SendmoneytoanyonewiththeRadiusPayaFriendfeature LinkyourdebitcardtoApplePay,SamsungPayorAndroidPay UsetheRadiusPayapptomakepaymentsandearnrewards UsethestandardBillPayfeaturetopaybillsonlineorfromyourmobiledevice Whenyouopenanewaccount,yourfirstorderofchecksisfree. Afterthat,you’llpayafeetobuynewchecksfromRadius.Or,youcanbuychecksfromathird-partycompany. You’lljustneedyouraccountnumberandroutingnumbertodothat. Similartomobilecheckdeposit,there’salimitondebitcardpurchasesandwithdrawals.Forthefirst30days,thedailylimitis$250. Afterthat,itincreasesto$500.Thislimitcoversalltransactions,includingATMwithdrawals,mobilewalletpayments,andPayaFriendtransfers. Otherservicesandfeatures Besidesthesetools,thereareafewotherthingsyoucandowithaRadiusHybridaccount. TheyincludelinkingyouraccounttoaRadiussavingsaccountforoverdraftprotection,makingwiretransfersandsettingupcustomizedalertstotrackyouraccountactivity. Youcanalsostoppaymentsifyouneedto. ThewiderangeoffeaturesmeansyourHybridaccounthasallthebellsandwhistlesofatraditionalcheckingaccount. AccessingYourAccountattheATM TheRadiusHybridcheckingaccountcomeswithafreedebitcardthatyoucanuseatRadiusBankATMs,andotherbankATMs. There’snofeetomakewithdrawalsordeposits,orcheckyourbalanceatRadiusATMs.YoucanalsoavoidfeeswhenyouuseaSUMsurcharge-freeATM. Onethingyouhavetowatchoutforwithusinganotherbank’sATMisaservicefeebutRadiusBankcutsyouabreak. HybridcheckingcustomersgetunlimitedautomaticATMsurchargerebatesforATMfeeschargedbyotherbanks. Therebateisissuedattheendofyourstatementcycleonceallthefeesareaddedup. That’sprettygenerouscomparedtootheronlinebanksthatofferATMreimbursement. Whilesomereimbursefeeswithnolimit,othersputacaponhowmanyforeignATMfeechargesyoucanrecoupeachmonth. InterestCheckingWithNoMonthlyMaintenanceFee Asidefromearninginterestonyourdeposits,theHybridcheckingaccountoffersanotherpluswhenitcomestofees. There’snomonthlyservicefeeandnominimumbalancerequirementtomeet. Atotherbanks,youmaypay$5or$10amonthjusttokeepyouraccountopen. Nothavingtopaythisfeemeansyougettokeepmoreoftheinterestyou’reearningeachmonth. Arethereanyotherfees? TheHybridcheckingaccountisn’tcompletelyfee-free. Thereareahandfuloffeestobeawareof.Theinsufficientfundsfee,forexample,is$25. Andthere’sa$25returneditemfeeforcheckordebitpurchasesthatgetreturned. You’llalsopayafeefordomesticandinternationalwiretransfersinandoutofyouraccount. Thesefeesarecomparabletowhatbrick-and-mortarbankscharge.Thefeesatotheronlinebanksmaybesimilar,orlower,dependingonthebank. RadiusBankRadiusHybridCheckingAccountFees Type Feeamount MonthlyMaintenanceFee $0 Out-of-NetworkATMFee $0 OverdraftFee $25 OverdraftProtectionTransferFee $0 ReturnedItem $25 StopPayment $25 DepositedItemReturnedorCashedCheckReturned $8 IncomingDomesticWireTransfer $10 IncomingInternationalWireTransfer $10 MoneyOrder $3 CashiersCheck $8 RadiusBankHybridCheckingvs.OtherInterestCheckingAccounts Anytimeyou’relookingforacheckingaccount,it’sgoodtocheckoutwhatotherbanksareoffering. We’veselectedthreeotherinterestcheckingaccountsfromonlinebanksforcomparisonagainsttheRadiusHybridcheckingaccount. AxosBankRewardsChecking TheAxosBankRewardsCheckingaccountisatop-shelfcheckingaccount,withanAPYthatoutstripsthatoftheRadiusHybridaccount. Toqualifyforthathigherrate,youhavetoreceivemonthlydirectdepositsof$1,000ormoreintoyouraccountanduseyourdebitcardtomakeacertainnumberofpurchaseseachmonth.Otherwise,you’llearnalowerrate. Thisaccounthasnomonthlyservicefees,nominimumbalancerequirementsandtherearenooverdraftfees. Asanaddedperk,youcanearnrewardswhenyouuseyourdebitcardtomakepurchases,whichisaniceincentivetoconsiderthisaccountoveranotheronlineinterestcheckingoption. TIAABankChecking TheTIAABankCheckingaccountfeaturesacompetitiverate,withacatch. YouearnanintroductoryAPYforthefirstyear,thenalowerrategoingforward. Theratesaretiered,basedonyourbalance,andthey’resimilartowhatyou’dgetatRadiusBank. TherearenomonthlyfeesorATMfeesbuttogetforeignATMfeesreimbursed,you’llneedtomaintainaminimumbalanceof$5,000. Andcomparedtothe$10RadiusBankrequiresforaHybridcheckingaccount,you’llneedatleast$5,000togetanTIAABankCheckingaccountsetup. CapitalOne360Checking TheCapitalOne360CheckingaccounthasalotincommonwiththeRadiusHybridaccount. Therearenomonthlyfeesandyouhaveaccesstoasimilararrayofmobilebankingfeatures. Yourfirstorderofchecksisfreeandyoualsogetafreedebitcard. Youcanuseyourcardfee-freeatover37,000AllpointATMsand2,000CapitalOneATMs. But,youdon’tgetanyforeignATMfeereimbursementswiththisaccount. InterestratesaretieredandthemaxAPYisthesameastheHybridcheckingaccount. Thebigdifferenceisthatthere’snominimumbalancerequiredwiththisaccounttoearninterest.That’ssomethingyoumightappreciateifyoudon’tnormallykeepahighbalanceinchecking. FinalVerdict:IsRadiusHybridRightforYou? TheRadiusHybridcheckingaccountisagoodchoiceifyouwantallthefeaturesofatraditionalbankwiththehigheryieldsofanonlinebank. TheunlimitedATMfeereimbursementisaniceperkthatnotmanybanksoffer. Andcomparedtosomeoftheonlinebanksmentionedearlier,thisaccountrequiresyoutojumpthroughfewerhoopstoearninterestorgetthosefeesreimbursed. Allinall,thisoneisasolidpickifyou’relookingforanonlineinterestcheckingaccountandyouliketokeepthingsassimpleaspossible. More:BestCheckingAccountsoftheYear ContinueReading CompareBestAccountsNow Checking| Reviews |RadiusBankHybridCheckingAccountReview AbouttheauthorRebeccaLake RebeccaisawriterforMyBankTracker.com.Sheisanexpertinconsumerbankingproducts,savingandmoneypsychology.Shehascontributedtonumerousonlineoutlets,includingU.S.News&WorldReport,andmore. Addacomment AskaQuestion Youmightalsolike U.S.BankOverdraftandCheckingFeePolicies By:SimonZhen WhichMajorU.S.BanksOfferSecondChanceCheckingAccounts? By:GeraldMorales BestCitiCheckingandSavingsAccountBonusDeals By:TheresaKim ShouldYouOpenaCheckingAccountWithaBrokeragevs.aBank? By:SimonZhen WellsFargovs.BankofAmericaCheckingAccountsReview By:GeraldMorales U.S.BankVs.CapitalOneChecking:WhichIsRightforYou? By:GeraldMorales PremiumCheckingAccountsComparedattheTop10Banks By:GeraldMorales CitibankAccessCheckingAccountReview By:SimonZhen AllyBankvs.CapitalOne360CheckingAccountsReview By:SimonZhen HowChaseCheckingComparestoFreeOnlineBanksAccounts By:SimonZhen TheBestSecondChanceCheckingAccountsFoundatBigBanks By:SimonZhen MyCBBFreeCheckingAccountReview By:SimonZhen Loadmoreposts+ AdvertiserDisclosure:Manyoftheoffersappearingonthissitearefromadvertisersfromwhichthiswebsitereceivescompensationforbeinglistedhere.Thiscompensationmayimpacthowandwhereproductsappearonthissite(including,forexample,theorderinwhichtheyappear).Theseoffersdonotrepresentallaccountoptionsavailable. EditorialDisclosure:Thiscontentisnotprovidedorcommissionedbythebankadvertiser.Opinionsexpressedhereareauthor’salone,notthoseofthebankadvertiser,andhavenotbeenreviewed,approvedorotherwiseendorsedbythebankadvertiser.ThissitemaybecompensatedthroughthebankadvertiserAffiliateProgram. 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