Radius Bank Tailored Checking Account Review

The Radius Tailored Checking account is a user-friendly account that goes beyond the basics to offer interest, cashback, and other unique perks you rarely see among business bank accounts. It’s also one of the few online business checking accounts that allow cash deposits, making it a versatile choice for businesses that get paid in several different ways. As long as you can avoid the monthly fee, you should only make money with this account.

What We Like

  • Unlimited transactions
  • Earn interest and cash back
  • Unlimited ATM fee reimbursements

Could Be Better

  • Incoming wire transfer fee
  • Cash deposits not an option for everyone
  • No branch locations

The Blueprint Score

3.0
out of 5

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The Radius Bank Tailored Checking account is an unusual business checking account, offering several rare perks you don't normally see with brick-and-mortar or online banks. But whether it's a good fit for you largely comes down to whether you can avoid the monthly fee. If you can, this could be your most flexible and affordable option.

At a glance: Radius Tailored Checking

Minimum Opening Deposit

$100

Monthly Fee

$10, waivable if you maintain an average monthly balance of $5,000 or more

ATM Fee

$0, plus unlimited automatic ATM fee rebates

Free Cash Deposits

Unlimited

Wire Transfer Fee

Incoming: $10

Outgoing: $18 (domestic) or $40 (international)

Overdraft Fee

$5 daily transfer fee with transfer from linked Radius Bank account

APY

0.10% on balances of $5,000 and up

Free Bill Pay

Yes

Signup Bonus

No


Who is Radius Bank Tailored Checking for?

Radius Bank is a flexible choice for businesses of all sizes that are comfortable banking online and keep at least a few thousand dollars in their business checking account.

It's one of the few online business checking accounts that has no transaction limits and allows cash deposits through some of the ATMs in its network, so it could turn out to be more affordable than many brick-and-mortar bank accounts for businesses with high transaction volumes — as long as you can avoid the monthly fee.


Features of the Radius Bank Tailored Checking account

Here's a brief overview of some of the key features of the Radius Bank Tailored Checking account.

1. Unlimited monthly transactions

Radius Bank doesn't charge you a per-transaction fee or limit the number of deposits, transfers, or withdrawals you can make in a month. It also doesn't have limits on the number of cash deposits.

Brick-and-mortar business checking accounts and some online checking accounts charge these fees, and they can be quite costly to businesses who outgrow the transaction limits. With the Radius Bank Tailored Checking account, you never have to worry about this.

2. Earns interest

The Radius Bank Tailored Checking account includes a 0.10% APY on balances of $5,000 and up. It's not that high compared to savings account APYs, but it's rare to find a business checking account that offers interest at all, so this shouldn't be overlooked.

3. Unlimited ATM fee reimbursements

Radius Bank partners with MoneyPass and SUM to offer surcharge-free ATM access to its Tailored Checking customers across the country. But it goes a step further and also offers unlimited ATM fee reimbursements so you don't have to pay for using an ATM outside of these networks.

This essentially means you can withdraw cash anywhere you want, which is great news for business owners who travel often and don't want to adhere to a certain ATM network.

4. Cash back on debit card purchases

Business owners who frequently use their debit cards will enjoy the unlimited 1% cash back the Tailored Checking account offers them on their purchases. The account also offers unlimited 1.5% back on rotating categories. You can learn about the current bonus categories by checking Radius Bank's website. The bank automatically deposits the bonus cash back into your account every month.

5. Integrates with Autobooks

The Radius Bank Tailored Checking account comes with a free Autobooks accounting software subscription that lets you send invoices and view payment activity. Your customers can pay you directly online and the money will be automatically deposited into your Tailored Checking account.

6. One free outgoing domestic wire per year

All Radius Bank Tailored Checking customers receive one free domestic outgoing wire transfer per year. The bank will initially charge you a fee for this but will automatically issue you a refund the month after it charges the fee. You don't have to do anything to take advantage of this perk.


How to access your money with the Radius Bank Tailored Checking account

The Radius Bank Tailored Checking account gives you the following options for depositing and withdrawing funds.

Deposit options

You can add money to your Radius Bank Tailored Checking account using any of these methods:

  • Electronic transfer
  • Wire transfer
  • Mobile-deposited check
  • Mailed check
  • ATM deposit (select ATMs only)

Withdrawal options

When you need to withdraw cash, you have these choices:

  • Electronic transfer
  • Wire transfer
  • Requesting a mailed check
  • Writing a check
  • ATM withdrawal
  • Point-of-sale withdrawal

Advantages to using Radius Bank for your business checking account

Radius Bank is one of the leading online banks. Here are a few reasons to consider opening a Radius business checking account.

1. Open your account online

Some brick-and-mortar bank accounts require you to visit a branch in person in order to open a business checking account, but Radius Bank enables you to open a Tailored Checking account online within a few minutes so you can start using the account the same day.

2. Highly-rated online and mobile tools

As an online-only bank, it's no surprise that Radius Bank put a lot of work into ensuring its online and mobile tools were user-friendly; they provided you with all the resources you need to effectively manage your account. You can view transactions, deposit checks, pay bills, send invoices, generate accounting reports, and set location and transaction restrictions on your debit card.

For those who prefer not to carry cards at all, Radius Bank's debit card also integrates with popular mobile wallet services.

3. Cash deposits at select ATMs

Radius Bank is one of the few online business checking account providers that enables you to make cash deposits, so it's an appealing choice if your customers often pay in cash. The bank also doesn't impose any monthly restrictions on how much cash you can deposit.

4. U.S.-based customer support

Radius Bank has live U.S.-based customer support seven days per week, which is important since you can't visit a branch to get help in person when you need it. You can contact the bank via phone, live chat, or a secure message through your online account.


Drawbacks of using Radius Bank for your business checking account

Radius Bank gets a lot right, but there are a few drawbacks you should be aware of before opening a business bank account here.

1. No branch locations

There aren't any Radius Bank locations you can visit in person, which is why the bank is able to offer so many perks and so few fees. Some people are comfortable managing their money entirely online, but if you prefer being able to work with a local banker who knows you and can provide in-person support when needed, a brick-and-mortar bank might suit you better.

2. Incoming wire transfer fee

Outgoing wire transfer fees are pretty normal for brick-and-mortar and online banks, but few banks charge for incoming wires as Radius Bank does. This shouldn't affect most business owners, but if you often fund your account this way, the Tailored Checking account could prove to be a more costly option for you.

3. Not all ATMs accept cash deposits

Though it is technically possible to deposit cash into your Radius Bank Tailored Checking account, it may not be feasible for you if you don't live near a deposit-taking ATM in the Radius Bank network. You can find out where the nearest one to you is by using the ATM locator tool on the company's website. If there's not one around, you may have to consider a brick-and-mortar bank for your business checking account.


Alternative business checking account options from Radius Bank

Radius Bank offers three other business checking accounts, all of which are aimed at commercial customers rather than small business owners. They are:

  • The Radius Relationship Checking account
  • The Radius Account Analysis Checking account
  • The Radius Interest Checking account

Contact Radius Bank if you're interested in opening one of these or learning more about them.


Is the Radius Bank Tailored Checking account right for you?

The Radius Bank Tailored Checking account has some unusual perks you don't see with many other business checking accounts, whether brick-and-mortar or online. It's definitely an option worth considering, but it may not be right for everyone. Check out how it stacks up against some of our other top business checking accounts before deciding if it's the best fit for you.


Frequently Asked Questions for Radius Bank Tailored Checking

What are some of the key benefits of the Radius Bank Tailored Checking account?

The Radius Bank Tailored Checking account offers unlimited monthly transactions, cash back on debit card purchases, ATM fee reimbursements, and interest on select accounts.

Does the Radius Bank Tailored Checking account have a fee-free ATM network?

Radius Bank partners with MoneyPass and SUM to offer fee-free ATMs to its customers. The bank also offers unlimited ATM fee reimbursements for those who use out-of-network ATMs.

Who is the Radius Bank Tailored Checking account for?

The Radius Bank Tailored Checking account is designed for small- to medium-sized business owners who are comfortable managing their money entirely online and don't want to worry about per-transaction fees.

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