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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.
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.
Here's a brief overview of some of the key features of the Radius Tailored Checking account.
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 Tailored Checking account, you never have to worry about this.
The Radius 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.
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.
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.
The Radius 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.
All Radius 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.
The Radius Tailored Checking account gives you the following options for depositing and withdrawing funds.
You can add money to your Radius Tailored Checking account using any of these methods:
When you need to withdraw cash, you have these choices:
Radius Bank is one of the leading online banks. Here are a few reasons to consider opening a Radius business checking account.
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.
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.
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.
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.
Radius Bank gets a lot right, but there are a few drawbacks you should be aware of before opening a business bank account here.
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.
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.
Though it is technically possible to deposit cash into your Radius 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.
Radius Bank offers three other business checking accounts, all of which are aimed at commercial customers rather than small business owners. They are:
Contact Radius Bank if you're interested in opening one of these or learning more about them.
The Radius 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.
The Radius Tailored Checking account offers unlimited monthly transactions, cash back on debit card purchases, ATM fee reimbursements, and interest on select accounts.
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.
The Radius 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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