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A relative newcomer, Jenius Bank is the digital arm of a larger bank. It doesn't have a robust product lineup, but it makes up in quality what it lacks in quantity with a highly competitive savings account. See if this bank could be a fit for you in our complete Jenius Bank review.
Jenius Bank is a newer digital bank with a limited product range that includes only savings accounts and personal loans. However, rates on both seem competitive, and the savings account APY would be of particular interest to anyone looking to maximize their short-term savings.
As one of Jenius Bank's two products, this savings account has a lot to shoulder. It does so fairly well, offering a great rate and low fees.
The most alluring aspect of this savings account is its competitive APY, easily up there with our best high-yield savings accounts. It also has minimal fees. There are no account fees or overdraft fees, and no minimum deposit requirement to earn the high APY.
The accounts main pain point is one shared by many online-only banks: access limitations. You're pretty much limited to ACH transfers to get your money to and from your account (unless you want to mail a check). Anyone who regularly needs cash from their account will want to steer clear.
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Jenius Bank Savings
This savings account from Jenius Bank comes with a very competitive interest rate, one of the best we've seen. But you'll need to primarily work through account transfers, since deposit and withdrawal options are limited.
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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Jenius Bank is a new, online-only bank that launched its first product (personal loans) in July 2023. They are the digital banking division of SMBC MANUBANK and a member of the Sumitomo Mitsui Banking Corporation, Inc. (SMBC Group), which has been around for 400+ years.
They currently only offer savings and personal loans products, with no in-person branches.
Yes. Deposits at Jenius Bank are FDIC insured. According to the company, deposits at Jenius Bank and SMBC MANUBANK are combined for calculating insurance limits.
As of April 2024, Jenius Bank does not offer a mobile app. However, their website states that an app will be available on iOS and Android phones in "the coming months".
As an online-only bank, Jenius Bank doesn't have any physical branches. This means there is no in-person banking or customer service.
According to its site, Jenius Bank offers both online and phone support with 24/7 access. You can submit a form on https://www.jeniusbank.com/contact or call at 844-453-6487.
Since the bank has been on the scene since 2023, it doesn't have a ton in the way of customer feedback out there yet, aside from the odd Reddit thread. From what I've read, however, few people have had major issues so far.
Jenius Bank doesn't offer any kind of special relationship benefits or bonuses. All customers have the same product access.
Since Jenius Bank is limited to mostly savings accounts and loans, finding another bank with more options isn't hard. Finding a comparable savings account APY is harder, but not impossible.
You can get a similar interest rate on your savings with Customers Bank, as well as a lot more options. Customers Bank has a much more diverse product lineup, including checking and CD accounts. It also has some physical branches (in nine states) for people who prefer in-person banking.
LendingClub has been around for a while, and it has the robust offerings to prove it. Its high-yield savings account is fairly comparable to Jenius Bank, including a high APY and low fees. LendingClub also offers more access options for depositing and withdrawing funds.
Jenius Bank could be the right account for you if:
Jenius Bank doesn't have a huge array of products, but it does stretch a bit beyond savings accounts. Here's what else Jenius Bank offers:
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
Jenius Bank is an online-only bank. It is the digital banking division of SMBC MANUBANK.
Jenius Bank's APY is 5.25%, which is competitive with the highest savings rates on the market.
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