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Small business owners deserve a bank that works as hard as they do. But the reality is that if small business checking accounts were employees, many would be fired for loafing on the job.
Little to no rewards, multiple fees, and restrictive transaction limits are just a few of the “features” you’ll find on many business checking accounts. But Radius Bank believes that small business owners should be treated better.
With a Radius Bank business checking account (Tailored Checking), you could earn 1.00% to 1.50% cash back on all of your business purchases. There are no transaction limits, ATM access is free, and eligible customers can even avoid paying a monthly maintenance fee.
Keep reading to learn more about the Tailored Checking terms and benefits and to decide if it’s the right small business checking account for you.
About Radius Bank
Radius Bank is an online bank that was founded in 1987. By continuing to evolve and innovate, it’s been able to enjoy steady growth. Today, its total customer assets exceed $1.4 billion.
Radius Bank offers a wide variety of banking products and services, including:
- Personal loans
- Student loans
- Credit Cards
- Business checking
- Business financing
One of Radius’ most attractive products is its small business checking account, which it calls Tailored Checking. In today’s review, we’ll take a close look at Tailored Checking accounts to see what they have to offer small business owners.
Resource: Learn more about Radius Bank
Radius Bank Business Checking Features
The benefits offered on Radius Bank’s Tailored Checking accounts are some of the most generous you’ll find. Here are some of its top features that could save you money and time.
Cash back on debit card purchases
By using the Radius debit card for online and in-store purchases, customers can earn 1.00% cash back on all purchases. For a limited time, Radius is offering 1.50% cash back on the following bonus categories:
- Social Good
That’s a fantastic benefit that (depending on the size of your business) could earn you hundreds or thousands of dollars in cash back.
However, there is one major caveat worth mentioning. You must keep an average balance of $10,000 or more within the calendar month in order to earn debit card rewards.
Also, to earn rewards for signature-based purchases, make sure to select “credit” instead of “debit” at the point-of-sale kiosk.
Interest on Balances Above $5,000
In addition to the cash back that you can earn on your business spending, your deposits can also earn interest. Radius Bank Tailored Checking account customers earn 0.10% APY on all deposits above $5,000.
That’s a rare benefit that few business checking accounts are able to match. However, if your business is generating a lot of excess cash, you may be able to earn a higher interest rate by opening a high-yield savings account or CD in the name of your business.
It’s common for freelancers and solopreneurs to pay each month for invoicing and accounting software. But with Radius Bank’s Autobooks technology, you can send invoices and make payments right from your bank account dashboard.
When your clients make a payment on an Autobooks invoice, the funds are deposited directly into your Tailored Checking Account.
Balance Sheets or General Ledgers reports can also be easily generated to give you a more detailed view of your business finances.
Related: A Small Business Owner’s Bookkeeping Checklist
Online and Mobile Banking
Radius Bank’s website has every bell and whistle that you would expect from an online-only bank. And their suite of mobile banking options are impressive. With the Radius Bank mobile app, customers can:
- View real-time transaction history
- Deposit checks
- Pay bills
- Initiate ACH and wire transfers
- Send digital invoices
- Accept payments (card, ACH, and lockbox)
- Create reports and reconcile transactions
There is also a completely separate Radius Card app meant to help with budgeting and security. Inside the app, you can set location-based restrictions, spending caps and more.
You can even use your phone as your wallet. Mobile wallet platforms that the Radius Bank debit card can be added to include Apple Pay®, Samsung Pay®, and Google Pay™.
Related: Best Online Banks
Free ATM Access
All of the online and mobile banking features mentioned above are nice. But what if you need to deposit or withdraw cash? With no bank branches, what can you do?
Thankfully, cash transactions are easy and affordable with Radius Bank. Customers get fee-free access to over 20,000 ATMs via the MoneyPass® and SUMSM ATM networks. And Radius will automatically rebate any fees that other banks charge you, worldwide.
Radius Bank Business Checking Fees
There are no maintenance fees for Tailored Checking accounts with balances above $5,000. However, a $10 monthly maintenance fee will be charged if your average monthly balance has fallen below the $5,000 mark by the end of your statement cycle.
There are no monthly transaction limits with Radius Bank’s business checking accounts. You get unlimited transactions with no fees or penalties. And there is no minimum balance required to keep your account open.
Opening an Account
To open a Tailored Checking Account, you’ll need to visit the Radius Bank website. Here is some of the information about your company that you’ll be asked to provide on your application:
- Business legal name or DBA
- EIN or Tax ID
- Company address
- Mailing address
Next, you’ll need to provide the following information about yourself and anyone else who has at least a 25% ownership stake in your company.
- Ownership percentage
- Email address
- Phone number
- Date of birth
- Social security number
Once your application is accepted, the last thing you’ll need to do is fund your account. The minimum initial deposit is $100. It should take 2-3 business days to arrive and will be held for 5 business days for security purposes.
The entire process is handled online and Radius says that your account could be up and running in less than 10 minutes. But should you need to step away from your application before you’re done, you can simply provide your email address to pick back up where you left off.
Initially, a 5-day hold will be placed on mobile deposits and outside bank transfers. However, these hold times change two days after your account has been open at least 30 days.
Unless you happen to live near Boston (where Radius is currently building its first location), you won’t be able to visit a physical branch if you need help with your Tailored Checking account.
But that doesn’t mean Radius Bank doesn’t take customer service seriously. You can contact customer support over the phone at 800-242-0272. Here are their customer service hours:
- Monday – Friday: 8:30 AM – 12:00 AM ET
- Saturday – Sunday: 8:00 AM – 8:00 PM ET
You can also send secure chat messages to customer service team members from right inside the mobile app. Radius even promises to monitor and respond to all social media support requests from Monday – Friday, 8:30 AM – 8:00 PM ET.
Safety and Security
Radius is an FDIC-insured bank. That means each customer gets up to $250,000 of federal deposit protection on their Tailored Checking accounts.
The Radius team also works hard to protect customer data by using 256-bit encryption and communicating with customers through MessageLabs, a secure messaging network.
And if your Radius debit card is lost or stolen, you can instantly lock it down at any time from inside the Radius Card app.