3 Best Interest Checking Accounts Compared
A savings account is a place to park cash you don’t need right away, and earn some interest in the bargain. An interest-bearing checking account gives you the best of both worlds.
These accounts offer the same flexibility as a traditional checking account but you’ll earn interest on your balance. Although not as common as other checking accounts, there are several great banks that offer interest checking.
If you want to earn the best annual percentage yield, however, an online bank may be the way to go.
Online banks lack the branch locations of a brick-and-mortar bank but they offer something else -- better yields on deposits and fewer fees.
Radius Bank is an online bank with a full range of banking products, including an interest-bearing hybrid checking account.
Radius Bank Hybrid Checking Account Pros & Cons
Earn Competitive Yields on Checking Balances
The Radius Hybrid checking account has lots of features but the one that makes it a standout is the APY you can earn on balances.
This account features a tiered rate. The more you keep in your checking account, the more interest you can earn.
You’ll need a minimum balance of $2,500 to start earning interest. Compared to interest checking accounts from traditional banks, the maximum APY you can earn is much higher.
If you want to get even more bang for your buck, you can pair your Hybrid checking account with a Radius High Yield Savings account. This account features an APY that’s on par with what other online banks offer.
Managing Your Hybrid Checking Account
Managing an online checking account is a lot like managing a regular checking account, with one difference -- you can’t pop into a branch. With the Radius Hybrid account, you’ve got several ways to keep tabs on your account.
Depositing and withdrawing money
If you need to add money to your account, you can do it by:
- Funding your account with a debit card, credit card or transfer from another bank account
- Depositing checks via the Radius Mobile app
- Setting up direct deposit for your paychecks
- Making deposits at Radius Bank ATMs and at ATMs with the NYCE Shared Deposit Program logo
- Making deposits by mail with postage-paid envelopes from Radius Bank
Mobile check deposit offers convenience but there are limits on how much you can deposit. You can deposit up to $1,000 per day, with a total cap of $2,000 in deposits in a 10-day period.
That’s important to remember if you sometimes have large checks to deposit. To stay under the limit, you may have to deposit the check into an account at a different bank, then transfer the money to your Radius Hybrid account.
Making purchases and paying bills
A checking account shouldn’t make paying bills or spending difficult. With this account, you can:
- Make purchases with your Radius debit card
- Write checks from your account
- Send money to anyone with the Radius Pay a Friend feature
- Link your debit card to Apple Pay, Samsung Pay or Android Pay
- Use the Radius Pay app to make payments and earn rewards
- Use the standard Bill Pay feature to pay bills online or from your mobile device
When you open a new account, your first order of checks is free.
Accessing Your Account at the ATM
The Radius Hybrid checking account comes with a free debit card that you can use at Radius Bank ATMs, and other bank ATMs.
There’s no fee to make withdrawals or deposits, or check your balance at Radius ATMs. You can also avoid fees when you use a SUM surcharge-free ATM.
One thing you have to watch out for with using another bank’s ATM is a service fee but Radius Bank cuts you a break.
Hybrid checking customers get unlimited automatic ATM surcharge rebates for ATM fees charged by other banks. The rebate is issued at the end of your statement cycle once all the fees are added up.
That’s pretty generous compared to other online banks that offer ATM reimbursement. While some reimburse fees with no limit, others put a cap on how many foreign ATM fee charges you can recoup each month.
Radius Bank vs. Other Checking Accounts
Any time you’re looking for a checking account, it’s good to check out what other banks are offering. We’ve selected three other interest checking accounts from online banks for comparison against the Radius Hybrid checking account.
Get $150 Bonus with Santander Simply Right Checking
Santander offers 650 branches and more than 2,000 Santander owned ATMs that you can use to manage your account.
Many ATMs are located in CVS Pharmacies, making it easy to find one in a pinch. Outside the northeast, branches and ATMs are rare, so you might want to consider a local bank if you’re outside Santander’s service area.
Earn Up to $30 a Month in Cashback Rewards with Discover Bank
When you use your debit card to make a purchase, you’ll earn 1% cashback.
The money will be deposited right back into your account. The only catch is that you won’t earn rewards for purchases of cash equivalents like money orders. You also won’t earn rewards for payments through services like Venmo.
You’ll earn rewards on up to $3,000 in purchases each month, meaning you can earn $30 per month. If you earn the maximum each month, you’ll earn $360 each year.
Final Verdict: Is Radius Hybrid Right for You?
The Radius Hybrid checking account is a good choice if you want all the features of a traditional bank with the higher yields of an online bank.
The unlimited ATM fee reimbursement is a nice perk that not many banks offer.
And compared to some of the online banks mentioned earlier, this account requires you to jump through fewer hoops to earn interest or get those fees reimbursed.
All in all, this one is a solid pick if you’re looking for an online interest checking account and you like to keep things as simple as possible.