No Two Banks Are The Same

Deciding where to bank can be one of life’s tougher decisions. Your bank is linked to several important things in your life, such as your paycheck, your bills, and even your spouse if you have a joint account. To top it off, you want to keep your money where you know it’s safe, being used for good and will grow with you on your journey through life. Needless to say, the decision on where to bank shouldn’t be taken lightly.

Let’s break down the top 7 things to consider:

Trustworthiness

Online banks are not a new idea, but it seems like there is a new one launching every few months. Before making the leap, it’s a good idea to learn a little bit more about a banks history, particularly who, not just what, is responsible for keeping your money safe.

Growth Potential

The bare minimum is not enough. Look for an online bank that doesn’t have to invest in physical infrastructure, yielding you higher rates and no fees. That way, your money can grow with you. Faster.

Safety

Don’t forget about FDIC insurance. Otherwise, your funds are not safe if something were to happen to the bank. Not all online banks have FDIC insurance of their own, so be sure to do your research on where your money is really being held. On top of that, look for an online bank that’s secure with 256-bit encryption to ensure that your data is protected.

Accessibility

Back in the day when cash was king and debit cards didn’t exist it was important for your bank to have a physical presence where it was convenient for you, whether it was near your home or office. But, today, your bank is as close as the palm of your hand. Your debit card can be swiped at an ATM or even your local grocery store, gas station, or pharmacy and you can receive cash in seconds. Or you can add your card to your mobile wallet, use pay a friend transfer services like Venmo, snap pictures of checks for depositing all from your mobile phone.

Alignment

Money is personal, and where you keep it should be too. Look for a bank you can trust. One that believes in using money for the good of all kind.

Fee Structure

Stop paying to use your own money. Find a bank that doesn’t force you to pay unnecessary charges to manage or access your funds. Online banks don’t have the overhead of your typical brick-and-mortar, and have the ability to offer accounts with no monthly maintenance fee and fee-free transfers, and ATM rebates.

Product Variety

Nowadays you are likely to choose an online bank because of accessibility and minimal fees over one of the big guys, but many online-only banks have a fairly small product set, offering only one or two account options. Your life will change over the duration of your relationship with your bank and so will your banking needs, pick a bank that has a product set that will grow with you – a variety of checking and savings account options that will meet your needs.

Radius offers a number of accounts to meet your individual needs:

Want to earn interest?

Earn up to 1.20% APY and get free ATMs worldwide with this free high-interest checking account. See why NerdWallet named Radius Hybrid Checking the Best Online Checking Account of 2018.

More interested in cash back rewards?

Instead of using a credit card to get rewards, consider a Radius Checking debit card instead. There are no payments to make, no interest charged, and no late fees to worry about. Also, with our Radius Rewards program, you can earn 1.00% cash back.

Looking to give back with charitable donations?

Help March of Dimes make a difference one dollar at a time. When communities work together, even the toughest problems can be solved. Put your cape on and open a Superhero Checking account to earn valuable donations for March of Dimes through everyday spending.

Trying to save for the future?

Keep your savings account liquid and accessible while earning up to 1.96% APY with this free high-interest savings account.


Find an account that is right for you:  Compare checking accounts


The choice is ultimately up to you but we recommend finding a bank that will grow with you, all while not charging you.