Radius Bank Continues Pioneering the Digital Banking Industry, Offering a New Cash Back, Interest-Bearing Checking Account
Clients can now earn 1.00% cash back and 1.00% APY with Radius' Rewards Checking.
BOSTON, Sept. 4, 2019 /PRNewswire-PRWeb/ -- Radius Bank, a forward-thinking digital bank, today announced it has combined the features of its two wildly popular personal checking accounts, Hybrid and Rewards, into one flagship account: Rewards Checking.
With the upgraded Rewards Checking account, clients can now earn 1.00% APY or more on deposit balances and 1.00% unlimited cash back on debit card purchases.
Radius first introduced a debit card cash back account in February of 2018 and has seen a 60% increase in card spend in the last 18 months from those accountholders. Separately, the award-winning Hybrid Checking account, launched in 2015, remained popular among clients wanting to enjoy the earning power of a savings account, combined with the flexibility of a checking account.
Responding to client feedback, Radius delivered on its mission to provide superior products that help clients meet their financial goals by combining the best attributes of both accounts into one industry-leading account.
A few of the benefits of the new Rewards Checking account include:
- 1.00% APY on balances of $2,500 to $100,000 (1)
- 1.20% APY on balances of $100,000 and more (1)
- 1.00% unlimited cash back on qualified signature-based purchases (2)
- Unlimited ATM rebates worldwide (3)
- User-friendly online & mobile banking tools
- No minimum balances requirements or monthly fees
- FDIC insurance up to the maximum allowable limit
- New account digital sign-up in less than 3 minutes
"Our clients are at the forefront of all of our product decisions," said Radius Bank's Executive Vice President of Virtual Banking, Chris Tremont. "We believe the Rewards Checking will resonate with the large number of consumers who are looking for a convenient, all-in-one digital checking product. We also hope that our previous Rewards Checking account clients enjoy the fact that they can now earn 1.00% APY on their balances, and that our former Hybrid Checking clients who have been enjoying an earning power similar to a savings account are pleased with the ability to earn cash back on their everyday purchases."
Rewards Checking is available nationally. To learn more about Rewards Checking or to open a checking account online, visit radiusbank.com/personal/rewards-checking/.
About Radius Bank
With assets of approximately $1.4 billion, Radius Bank is a forward-thinking digital bank committed to providing a full complement of accounts and services to meet the banking needs of consumers and businesses nationwide. Radius provides the product depth of a national brand, the technology of a fintech, and the personalized attention typically reserved for a local bank to consumers, small and middle market businesses, unions, government entities and non-profit organizations. The Bank's award-winning digital banking platform allows consumer clients to bank from anywhere with a computer or mobile device and provides convenient features such as mobile check deposit, bill pay, card management, and a personal financial management dashboard. Business clients enjoy a wide array of award-winning deposit products, advanced treasury management services, and loan and payment solutions. In addition, Radius' suite of open APIs deliver a robust banking-as-a-service (Baas) platform for fintechs to quickly access core banking features and build best-in-class financial solutions. Radius specializes in partnering with forward-thinking fintechs to provide white-label deposit products, cards, digital onboarding, and account management. Radius Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, visit the Bank's website at radiusbank.com, or follow the Bank on Twitter, LinkedIn, Facebook, and Instagram.
(1) Rewards Checking is a free checking account with no monthly maintenance fee and no minimum balance requirement after $100.00 to open the account and is FDIC-insured up to the maximum allowed. Annual Percentage Yield (APY) accurate as of 09/04/2019. Minimum amount to open account is $100.00. Rate tiers are as follows: 0.00% APY applies to balances of $0.01–$2,499.99, 1.00% APY applies to the entire balance on balances of $2,500.00-$99,999.99, and 1.20% APY applies to the entire balance of $100,000.00 or more. Rates may change after account is opened. Fees may reduce earnings. FDIC-insured up to the maximum allowed per depositor.
(2) The Debit Card Rewards Program (Cash Back Rewards) will provide 1.00% cash-back on all Qualified Purchases made by eligible Rewards Checking account holders if the account holder does any of the following; meet the requirements, is grandfathered in, or keeps an average balance of $2,500 or greater within the calendar month in their Rewards Checking Account, or receives total deposits of $2,500 or more in their Rewards Checking account via qualifying Direct Deposit within the month. Qualifying Direct Deposits are Automated Clearing House (ACH) credits, which may include payroll, pension or government payments (such as Social Security) by your employer, or an outside agency. Radius Bank may require documentation to verify that credits are Qualifying Direct Deposits. To qualify for being grandfathered in, the account holder must have opened a Rewards Checking account before 9/4/2019. If all qualifying accounts are closed, the client will forfeit their eligibility to be grandfathered in. If grandfathered in, account holders may qualify for the Debit Card Rewards Program if they keep an average balance of $1,000 or greater within the month in their Rewards Checking Account, receive funds in their Radius account via qualifying Direct Deposit, or have an average combined balance of all Rewards Checking, Radius Hybrid Checking, and Radius High-Yield Savings accounts of $5,000 or more within the month. The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of such reward. Please consult your tax adviser, as Radius Bank does not provide tax advice. Qualified Purchases include signature-based purchases made with a Radius Bank Debit Card tied to a Rewards Checking account enrolled in the Debit Card Rewards program. These are "credit" purchases that can be made in stores and online. To make a signature-based purchase, select "credit" rather than debit at point-of-sale kiosks. The "credit" option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and how the transaction is transmitted to Radius Bank at the time of processing. We reserve the right to determine if a transaction was a Qualified Purchase, and to establish additional types of Qualified Purchases that could be made available in a variety of ways. Any goods or services purchased with the Radius Bank Debit Card that are returned or otherwise credited to your Account are not qualified purchases. Unlawful purchases and purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Cheques, gift cards, Cryptocurrency, Casino Chips, Peer to Peer Payments, prepaid debit cards, account openings, loan payments, or other cash equivalents) made with your Radius Bank Debit Card are not Qualified Purchases. We may require you to provide documentation to validate that certain purchases are Qualified Purchases. Radius Bank reserves the right to modify or discontinue this program at any time. Your enrolled account must remain open, active, and in good standing to participate in the program, meaning: No NSF (non-sufficient funds) items during the preceding twelve calendar months in your checking account (regardless of the type of checking account). An eFunds check must show no negative history in the preceding twelve months and all monthly servicing fees must have been paid in full for the 12 preceding months. Radius Bank reserves the right to modify the description of "good standing" at any time. If you or the Bank closes your account for any reason before the end of the statement cycle, you will forfeit all rewards accrued through your linked Debit Card during that statement cycle. Standard data and message rates apply for all Mobile Banking services.
(3) Get unlimited automatic ATM surcharge rebates for ATM fees other banks charge you. ATM surcharge rebates apply to cash withdrawals from a Radius Hybrid or Radius Checking account using the Radius Debit Card wherever it is accepted. Radius Bank does not charge a fee for using another bank's ATM. ATM fees will be rebated at the end of each statement cycle. Excludes international exchange fees. Radius Bank makes its best effort to identify those ATM fees eligible for rebate. In the event that you have not received a rebate for a fee you believe is eligible, please contact Customer Service at 800.242.0272. Radius Bank reserves the right to modify or discontinue the ATM surcharge rebate program at any time.
SOURCE Radius Bank
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