Review
Updated
Fact Checked
Eric McWhinnie
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
Bottom Line
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.
Pros
- Competitive APY on savings
- Very few fees
- Online and phone support
Cons
- Limited product range
- No physical bank branches
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Our bank and credit union methodology
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 savings account
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 account's 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.
Ratings Methodology
Rates as
of May 19, 2024
Jenius Bank Savings
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Fair
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= Poor
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APY
5.25%
Min. To Earn APY
$0.01
- Very competitive APY
- No account fees
- No minimum balance
- FDIC insured
- Can't deposit cash
- No ATM/debit card
- No mobile check deposit
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.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.25%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
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N/A
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About Jenius Bank
Jenius Bank is a young digital bank that launched its first product (personal loans) in July 2023. The Jenius Bank savings account was launched later that same year. As of May 2024, these are the bank's only two products.
Although Jenius Bank itself is a relative newcomer, it is the digital banking division of SMBC MANUBANK and a member of the Sumitomo Mitsui Banking Corporation, Inc. (SMBC Group) -- the latter of which has been around for 400-plus years.
Is Jenius Bank safe?
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.
Jenius Bank's mobile app
As of May 2024, Jenius Bank does not offer a mobile app. However, its website states that an app will be available on iOS and Android phones in "the coming months."
Jenius Bank customer service and experience
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 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 relationship benefits
Jenius Bank doesn't offer any kind of special relationship benefits or bonuses. All customers have the same product access.
How to open a Jenius Bank savings account
Jenius Bank has no branches or mobile banking app, so your only option for opening a new account is to head to its website. You can find the "Open Savings" button right on the homepage.
The process is pretty straightforward:
- Start by creating an online account. You'll provide your name, email, and phone number at this step. (You may also want to pause to read the linked terms and conditions documents provided here.)
- Next, you'll tell Jenius Bank if you are opening the account on your own or with a co-applicant. If doing it with a co-applicant, you'll need their information as well.
- Now you'll answer the typical new bank account questions. You'll provide your address, employment info, income, Social Security number, and birthdate.
- Submit your application!
Once your application is approved, you can move on to funding your new savings account. You'll need to do this via ACH transfer or through direct deposits (or via paper check sent through the mail).
Alternatives to Jenius Bank
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.
Customers Bank
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
LendingClub has been around for a while, and it has the robust offerings to prove it. The LendingClub 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.
Is Jenius Bank right for you?
Jenius Bank could be the right account for you if:
- You want a savings account with a high APY
- You don't mind online-only banking
- You don't need ATM access
Other products by Jenius Bank
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:
- Jenius Bank Personal Loans
FAQs
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Jenius Bank is an online-only bank. It is the digital banking division of SMBC MANUBANK.
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Jenius Bank's APY is 5.25%, which is competitive with the highest savings rates on the market.
Our Banking Experts
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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