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The Radius Bank Tailored Checking account stands out as one of the few online business checking accounts to offer interest and allow cash deposits at select ATMs. The account does have a monthly fee for balances under $5,000, but no matter how much you have deposited, you can move your money around as often as you'd like without any per-transaction fees. Our Radius Bank Tailored Checking account review goes over the pros and cons of this convenient account.
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Radius Bank Tailored CheckingMember, FDIC
|APY: 0.10%||Best For: Unlimited transactions and free ATMs|
Unlimited transactions: Radius Bank doesn't limit its business checking account customers to a certain number of monthly transactions or charge them a per-transaction fee. You can deposit or withdraw money as often as you need to, which is great news for businesses that move money around often.
Earn 0.10% APY: The Radius Bank Tailored Checking account is one of the few business checking accounts that enable business owners to earn interest on their funds. The interest rate isn't that high, but it's still slightly above the national average savings account APY, and it's far better than the 0% APY most business checking accounts offer. You need at least $5,000 in your account to earn interest.
Worldwide ATM network and unlimited fee rebates: Radius Bank has its own ATM network, and it also partners with MoneyPass and NYCE® ATMs. So it shouldn't be too difficult to find a surcharge-free ATM near you. If you can't, that's no big deal, either, because Radius Bank will reimburse you for any fees the ATM owner charges you.
Make cash deposits at select ATMs: Few online banks allow cash deposits, but Radius Bank is one of the few that do. You can deposit cash or checks directly into your account at any Radius Bank, MoneyPass, or NYCE® ATM that participates in the Shared Deposit Program.
Free business debit card with app: Every Radius Bank Tailored Checking account holder gets a free business debit card they can use to directly withdraw funds from their account as needed. You also get access to the Radius Bank Card app, which lets you remotely lock your card, set up alerts, and create transaction and location restrictions to help you maintain control over your company funds, even if an employee has the card.
Integrates with Autobooks accounting software: The Radius Bank Tailored Checking account integrates with Autobooks, a popular accounting software. This enables you to pay bills and send out invoices directly from your online account.
Monthly fee for balances under $5,000: The Radius Bank Tailored Checking account charges a small monthly fee to businesses whose balances drop below $5,000 during the month. As far as business checking account monthly fees go, this one is not bad. But most business checking accounts offered by online-only banks don't charge a maintenance fee at all.
Incoming wire transfer fee: Unlike some online-only banks, Radius Bank charges its customers for incoming wire transfers. But you don't have to worry about this fee if you choose another way to fund your account.
|Radius Bank Tailored Checking||Monthly Maintenance||ATM Withdrawal||Overdraft||Stop Payment||Insufficient Funds|
|Fees||$10 for balances under $5,000||$0||$5 per day, begins on the fifth calendar day after the first overdraft and continues for up to 30 days if the balance remains negative||$25 per item||$25 per item|
The Radius Bank Tailored Checking account stands out as one of the few online business checking accounts to offer interest and allow cash deposits at select ATMs. The account does have a monthly fee for balances under $5,000, but no matter how much you have deposited, you can move your money around as often as you'd like without any per-transaction fees.
You have the following options for depositing and withdrawing money from your Radius Bank Tailored Checking account.
These are your choices for depositing money to your Radius Bank Tailored Checking account:
Not all ATMs accept deposits, so make sure you choose one that does if you'd like to add cash to your Radius Bank Tailored Checking account this way.
You can withdraw money from your Radius Bank Tailored Checking account in any of these ways:
Outgoing wire transfers cost extra, so choose a different payment method if you want to avoid this fee.
Novo is another online business checking account that offers unlimited transactions. It's not interest-bearing, but it has no monthly maintenance fees for any account holders, regardless of balance. It also comes with a debit card and integrates with a wider variety of accounting software and payment services than the Radius Bank Tailored Checking account. However, you cannot deposit cash directly into this account.
The PNC Bank Business Checking Plus account is worth considering if you prefer the option to visit a bank branch when you need to. This account has transaction limits, but they're higher than the typical business checking account's. There's also a monthly maintenance fee, although you can waive it. PNC Bank has branches and ATMs in many states to give you easy access to your cash when you need it.
The Radius Bank Tailored Checking account is right for you if you move a lot of money around every month but plan to keep at least $5,000 in your account at all times. This will enable you to avoid the monthly maintenance fee and earn interest on your funds.
It's one of the few business checking accounts offered by an online-only bank to allow cash deposits. That's another reason to give it a closer look. You can use the included debit card yourself or give it to an employee and set limits on what they can do with it to make sure your company's funds stay safe.
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