There is no force directed along the rod ("radial"). And at each instant the radial component of the acceleration is zero. But the radial component of the acceleration is not the derivative of the radial component of the velocity: denoting acceleration by $\boldsymbol{a}$, velocity by $\boldsymbol{v}$, and radial by the subscript $\text{r}$,
$$\boldsymbol{a}_{\text{r}} = \left(\frac{\mathrm{d}\boldsymbol{v}}{\mathrm{d}t}\right)_{\text{r}} \neq \frac{\mathrm{d}(\boldsymbol{v}_{\text{r}})}{\mathrm{d}t}.$$
In other words, we must first take the time derivative and then project along the rod, not vice versa. The two operations don't commute because we are considering rotating projection directions. For this reason we must also be very careful and distinguish "the radial component of the acceleration" from "the second time derivative of the radial coordinate", because they're different.
Let's see this in detail and work out the solution.
Consider a coordinate system $xy$ on the plane of the rotating rod and fixed in an inertial frame, with the rod's pivot at $(0,0)$.
The position of the bead can be written as
$$r(t)\,(\cos\omega t, \sin\omega t),$$
where $r(t)$ is the distance from the pivot and we're assuming that the rod is on the $x$ axis at $t=0$.
The velocity of the bead is, denoting time derivatives with a superposed dot,
$$\boldsymbol{v}(t) = \dot{r}(t) \, (\cos\omega t, \sin\omega t) + \omega r(t) \, (-\sin\omega t, \cos\omega t).$$
The first summand is the instantaneuos radial component, the second is the azimuthal (normal to the rod) component. In the inertial frame the bead has a spiral motion. The velocity, tangent to its trajectory, is inclined with respect to the rod.
The acceleration of the bead is, taking the derivative of all terms above and omitting some "$(t)$",
\begin{align}
\boldsymbol{a}(t) &=
\ddot{r} \, (\cos\omega t, \sin\omega t) +
\omega \dot{r} \, (-\sin\omega t, \cos\omega t) +
\omega \dot{r} \, (-\sin\omega t, \cos\omega t) -
\omega^2 r \, (\cos\omega t, \sin\omega t)
\\
&= (\ddot{r}-\omega^2 r)\, (\cos\omega t, \sin\omega t) +
2\omega \dot{r} \, (-\sin\omega t, \cos\omega t).
\end{align}
In the first equality we can see that both the radial and the azimuthal components of the velocity contribute to the radial component of the acceleration; and both contribute to its azimuthal component too.
The radial component of the acceleration, $\ddot{r}-\omega^2 r$, has two terms because the velocity is changing not only in direction, but also in magnitude: the term $-\omega^2 r$ reflects the former change (it's the centripetal acceleration that the bead would have if it were glued to the rod); the term $\ddot{r}$, the latter.
Multiplying by the mass of the bead we have
$$m\boldsymbol{a}(t) = m\,(\ddot{r}-\omega^2 r)\, (\cos\omega t, \sin\omega t) +
2m\omega \dot{r} \, (-\sin\omega t, \cos\omega t).$$
By Newton's second law, since we are in an inertial frame, the azimuthal component of the expression above must be equal to the sum of the forces normal to the rod constraining the bead. There are no radial forces, so the radial component must identically vanish, which happens only if
$$\ddot{r}(t)-\omega^2 r(t) = 0.$$
That is, the acceleration cannot have a radial component. But note again that such component is not just $\ddot{r}$. This is the same equation that freecharly's answer obtains through a Lagrangian.
Just as in freecharly's answer, the general solution of the differential equation above is
$$r(t) = A\exp(\omega t) + B\exp(-\omega t).$$
Let's assume that at $t=0$ the position of the bead is $r(0)=r_0>0$ and the radial component of its velocity is $\dot{r}(0)=0$. Then $A=B=r_0/2$ and
$$r(t) = \frac{1}{2}r_0\,[\exp(\omega t) + \exp(-\omega t)] \equiv r_0\,\cosh\omega t.$$
The velocity is
$$\dot{r}(t) = \omega r_0\,\sinh\omega t.$$
So the bead is moving inwards for $t<0$ and outwards for $t>0$. This makes sense if we consider a non-inertial, rotating system fixed with the rod: the inertial force is pushing the bead outwards (and sideways), so the only way for it to have zero radial velocity at $t=0$ is to have been thrown towards the centre at some earlier time $t<0$. The inertial force made it decelerate and then reverse direction at $t=0$.
If you assume some other velocity at $t=0$ (but compatible with the fact that $r\geq 0$ at all times, since it isn't clear whether the rod is open or closed at the pivot, or whether it extends in the other direction) you'll notice that in any case $r(t) \to \infty$ as $t\to+\infty$, that is, the bead is eventually always pushed outwards.