My Experience Reviewing Radius Bank’s Tailored Business Checking Account
Radius Bank’s Tailored Checking account offers the ability to earn APY and cash back. It also features a way to waive the monthly maintenance fee, free ATMs with ATM rebates, and unlimited transactions without fees.
- Cash back and APY
- Free ATMs and rebates
- No transaction limits
Not all banks are the same, though. Even the accounts offered within the same bank can have drastically different fees. Some banks are extremely consumer-friendly to all account holders, while others cater to those with the highest balances. You have other options, though.
In general, online banks tend to offer more flexibility, better interest rates, and fewer fees. The downside is cash-based businesses aren’t able to deposit cash at a branch location in most cases.
Radius Bank is an online bank that aims to make your life as a small business owner easier – offering a single small business checking account, the Tailored Checking account.
What is Radius Bank’s Tailored Checking account?
The Radius Bank Tailored Checking account is targeted toward small businesses. It’s offered by Radius Bank, an FDIC-insured online bank that was originally founded in 1987. The bank itself is located in Boston, Massachusetts where they have a single, cashless branch.
Their business checking account has received several awards for being one of the best checking accounts for small businesses. Let’s dive into how to open an account and why you might want to.
How does Radius Bank’s Tailored Checking account work?
Opening a Tailored Checking account with Radius Bank is a quick and straightforward process.
First, click the Open Online Now button.
Next, click the Apply Now button.
Input your first and last name, email address, mobile phone number, and promo code, if you have one. Click the Continue button.
Provide your title, role with the company, ownership percentage, app德扑圈官方网址home address, date of birth, and your Social Security Number. Check the three boxes at the bottom of the screen, if applicable. Click the Continue button.
Enter your company’s legal name, doing business as (DBA) name, company phone number, state of business registration, type of company, EIN or tax ID, a description of your company, and at least one of the three web presence options. Click the Continue button.
Provide your company’s street address. If applicable, check the box to add a different mailing address and complete that, as well. Click the Continue button.
Select your type of company, enter the date your business was established, and confirm your business isn’t involved in the listed activities. Click the Continue button.
Take note of your username (I’ve deleted mine from the screenshot) and create a password. Click the Continue button.
Fund your account with a bank account or a debit card.
Enter relevant information for the option you chose. Click the Continue button.
After funding, you’ll have to submit your application for the Tailored Checking account before continuing to your new account.
Once your account is open, you can download the Radius Business app from the Google Play or Apple store to access your account.
How much does Radius Bank’s Tailored Checking account cost?
Radius Bank’s Tailored Checking account has relatively few fees for a business checking account. They don’t hide their fees and list them plainly on their website.
In particular, this account doesn’t have fees for excess transactions and offers free ATMs worldwide. They even give you a rebate for fees other banks charge you to use their ATMs. This does exclude international exchange fees, though.
You also get a free business debit card, free bill pay, and no minimum balance requirements after the initial $100 opening requirement.
That said, there is a $10 monthly maintenance fee on accounts with balances below $5,000. If you want checks, they’re available to order for a cost.
Below is a list of fees Radius Bank does charge in some instances.
Fee name Fee amount
Abandoned property $50.00 per account
Canadian item collection $7.00
Daily overdraft fee $5.00 per day
Deposited item reversal $8.00
Expedited ATM card $35.00
Expedited debit card $35.00
Foreign item collection $30.00
Paid non-sufficient funds (NSF) charge $25.00 per item
Returned item charge $25.00 per item
Stop payment $25.00
Treasurer’s check $8.00
Domestic wire in $10.00
Domestic wire out (business) $18.00
International wire in $10.00
International wire out $40.00
Radius Bank’s Tailored Checking account features
Radius Bank’s Tailored Checking account has a handful of useful account features you’re not likely to find with most other business checking accounts.
Balances of $5,000 and up earn interest
Most people have a hard time finding a personal checking bank account that pays interest. Finding a business checking account that pays interest without crazy fees is even rarer.
While the APY is only currently 0.10% on balances of $5,000 and up, it’s better than nothing. That said, those looking to earn interest on cash in a business account could be better served with a savings account.
Earn 1% cash back on certain debit purchases
Earning cash back on a debit card is equally as rare as earning interest in a business checking account.
Yet, Radius Bank offers 1% cash back when you use your debit card to make signature-based (credit) purchases. The credit will show up at the end of the month after the period in which you earned the cash back.
Quick process to open an account
Opening a business bank account can be a significant hassle. When I opened my Chase business checking account, it was a nightmare. I had to produce all sorts of paperwork and sit next to a representative while they typed what seemed like an endless amount of information into their computer.
Radius Bank’s process is much more straightforward. Additionally, it’s paperless, which is extremely rare. The whole process takes just a few minutes and doesn’t require a ton of information. You should have the necessary information easily accessible as a business owner.
Unlimited transactions included for free
Some business checking accounts come with a certain number of fee-free transactions. If you exceed that limit, you start getting charged per transaction. The fees can be as high as $0.50 per item.
Radius Bank’s Tailored Checking account offers unlimited transactions with no fees. If you’re a high transaction volume business, this feature could save you a ton of money.
Free ATMs worldwide
ATM fees seem to be steadily rising over time, but you won’t have to worry about it with this account.
The Tailored Checking account offers fee-free ATM transactions. It even rebates you the fees other companies’ ATMs charge you to access your money.
Mobile app and online banking
Since Radius Bank only has a single, cashless branch, you have to have another way to access your business checking account. Radius Bank provides both online banking and mobile app access so you can always know what’s going on with your checking account.
Free bill pay
If you need a bill pay service, Radius Bank offers it for free with their Tailored Checking account.
Reach out to a Radius Bank representative to get it added to your account. You can do this either on the phone or by using their online chat feature.
Remote deposit capture
Most people don’t deal with checks anymore, but businesses often have to. Depositing checks is as easy as taking a couple of pictures with remote deposit capture.
You can get access to this by contacting a representative, as well.
If you need to keep track of your business’s finances, Radius Bank offers a free solution called Autobooks. You can use it to send invoices and even offer online payment options. The best part is, you can keep track of who has paid you and who has an overdue invoice outstanding.
My experience researching Radius Bank’s Tailored Checking account
After reading through the information on Radius Bank’s website about their Tailored Checking account, a few things stood out very clearly.
I can tell Radius Bank is customer-focused. They offer many features on their Tailored Checking account that I personally would love to take advantage of, that other banks simply don’t provide.
They work to make their processes simple, including signing up for a bank account. The part of the process I went through was super easy and didn’t leave me scratching my head.
Minimal regular fees
Every bank charges fees in some areas. While I was disappointed that they charge a $10 monthly maintenance fee for balances under $5,000, I do think it is reasonable given the features that come with the account.
The list of fees I included above are mostly fees people won’t run into, other than the occasional overdraft or wire fee. Even then, the costs of the fees weren’t outrageous.
The Tailored Checking account offers interest. You actually get 0.10% APY on balances of $5,000 and above. That’s rare in the business checking account space and even for many personal checking accounts.
The other features I loved seeing were fee-free ATMs (including rebates), 1% cash back on debit card signature-based purchases, and unlimited transactions with no per-item transaction fees.
Who is Radius Bank’s Tailored Checking account for?
Radius Bank’s Tailored Checking account could be an excellent fit for businesses that regularly keep $5,000 or more in their account. This allows these customers to avoid the $10 monthly maintenance fee.
Additionally, those who want to earn interest on balances of $5,000 or more will receive at least a bit. Businesses that spend a lot on their debit cards can earn 1% cash back by making signature-based purchases.
The ideal business primarily accepts payments electronically or by check. These transactions are easy to handle using Radius Bank’s online banking or mobile app. High transaction volume clients would also be ideal due to the unlimited transactions allowed with this account.
Who shouldn’t use Radius Bank’s Tailored Checking account?
Radius Bank’s Tailored Checking account isn’t a good fit for everyone. If your business needs face-to-face service in a local branch, the online banking and mobile app won’t work well for you.
Businesses that have to deposit cash regularly might not want to use Radius Bank’s Tailored Checking account unless they pair it with a local bank or credit union that can handle the cash transactions in a local branch. You can deposit cash via an ATM, but those that prefer to deposit at a branch won’t have the option.
If you can’t keep a $5,000 minimum balance in the account, you’ll have to pay the $10 monthly maintenance fee and forgo the 0.10% APY. If smaller balances are typical for you, a local credit union may have a better checking account solution.
Pros & cons
- Can earn APY — Balances of $5,000 and up qualify for interest at 0.10% APY.
- Can earn 1% cash back — Earn cash back when shopping online or using signature-based (credit) transactions with your debit card.
- Unlimited transactions with no fees — You don’t pay for excess transactions, as some other banks require.
- Free ATMs and ATM rebates — There are no ATM fees from Radius Bank and they even give you ATM fee rebates for fees charged by other banks.
- No branches for face-to-face experience for most people — Radius Bank has a single cashless branch in Boston, Massachusetts.
- Can’t deposit cash at a branch — While you can deposit cash using an ATM, you can’t deposit cash at a local branch.
- $5,000 balance required to earn APY — You only earn a 0.10% APY on balances of $5,000 and up.
- $5,000 balance required to avoid maintenance fee — You get charged a $10 monthly maintenance fee if you don’t maintain a $5,000 or higher balance.
Radius Bank’s Tailored Checking account vs. the competitors
Here’s how Radius Bank’s Tailored Checking account stacks up against a couple of their competitors.
Radius Bank's Tailored Checking account Bank Novo Chase Total Business Checking account
APY 0.10% on balances of $5,000 and up None None
Cash back on signature-based purchases 1% None None
ATM fees None plus ATM rebates for fees charged by other banks Reimburses ATM fees Doesn’t reimburse ATM fees
Monthly maintenance fee $10 for balances of less than $5,000 None $15 unless a $1,500 daily balance is kept or other conditions are met
Transaction limits None Initial limits that may change as you do business -
ACH pull limit- $250
ACH push limit- $5,000
Check deposit limit per day- $20,000
Check deposit limit per month- $40,000
Check deposit transaction limit- 20 per month
POS limit- $5,000
ATM withdraw limit- $1,000
100 free transactions with unlimited electronic deposits. Excess transactions cost $0.40 each
Local branches Single branch in Boston, MA None Thousands
Mobile app Yes Yes Yes
Bank Novo offers an FDIC-insured account and focuses on simple business banking with no hidden fees. They only charge you $27 for each insufficient fund charges fee and uncollected funds returned fee. You can quickly apply for an account in under 10 minutes.
Bank Novo, like Radius Bank, is an online-focused bank. They have no branches, but they don’t charge a monthly maintenance fee. You get all of your ATM fees refunded, free transfers, mailed checks, and incoming wires. The account also easily integrates with many other services, including Stripe, Quickbooks, Slack, Zapier, TransferWise, and Xero.
This account could be a good option if you don’t keep a $5,000 minimum balance required to earn APY and avoid monthly maintenance charges with Radius Bank’s Tailored Checking account. Unfortunately, you don’t earn cash back with Bank Novo though.
Chase Total Business Checking
Chase is a much more traditional bank with thousands of branches you can access should you need them. They offer an account called Chase Total Business Checking, but it comes with many of the hassles of working with a traditional bank. This account does not offer interest or cash back on signature-based purchases either.
The account charges a $15 monthly maintenance fee unless you hold a minimum daily balance of $1,500 or maintain certain account types. While the fee is larger, the minimum balance required to waive the fee is lower than Radius Bank’s Tailored Checking account at $1,500. The $15 fee can be lowered to $12 if you opt for paperless statements.
Unfortunately, you’ll have to deal with other fees, too. You only get 100 transactions per month at no charge with Chase’s Total Business Checking account. You do get unlimited electronic deposits, though. Thanks to Chase’s extensive branch network, you can deposit cash at a branch. You’re limited to $5,000 per statement cycle before you start incurring fees, though.
Radius Bank’s Tailored Checking account offers quite a few perks that help distinguish it from its competitors. Earning 0.10% APY on balances of $5,000 and up, even though it’s a relatively low rate, is more than most other business checking accounts offer. Combine that with 1% cash back on signature-based (credit) purchases and you could be rewarded nicely for using this account.
While there is a $10 monthly maintenance fee, it can be waived by keeping a balance of $5,000 or more. If you need access to cash, there aren’t ATM fees to worry about and you even get reimbursed if other banks charge you an ATM fee. As long as you mainly deal with electronic transactions and checks, Radius Bank’s Tailored Checking account could be a great fit for you.