Jenius Bank Review: High-Yield Savings and No Fees
Written by
Karen Doyle
Edited by
Elizabeth Constantineau
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
GOBankingRates Score
-
Rates
5.0
-
Fees
5.0
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Products
3.0
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Ease of Use
4.0
Pros
- High savings rate
- Low loan rates
- Actively seeks customer feedback on products and services
Cons
- Limited products with no checking accounts or CDs offered
- Cannot make cash deposits or withdrawals
- No physical branches
Jenius Bank Overview
Jenius Bank is a division of SMBC Manubank, and as a digital bank it has no branches, and everything is done online. While Jenius Bank is relatively new, its parent SMBC Group can trace its roots back over 400 years. Right now, Jenius Bank offers only savings accounts and personal loans, but expect to see more products in the future. The website is easy to navigate and includes a comprehensive blog with plenty of good information on financial topics.
Key Features: Who Jenius Bank Is Best For
If you’re looking for a great interest rate on your savings account or a low interest rate on a personal loan, and you don’t mind doing everything online, Jenius Bank is well worth a look. Jenius Bank has several key features that potential customers will want to consider:
Jenius Bank Rates
Jenius Bank is currently offering an annual percentage yield of * on savings accounts. There is no minimum balance required, and there are no fees, even if you don’t maintain a high balance.
For personal loans, Jenius Bank offers annual percentage rates as low as 9.49%. You can borrow between $5,000 and $50,000 to pay off higher-interest loans, pay for home improvements or use for other purposes. If you set up autopay from a checking or savings account, you will get an extra 0.25% off your rate.
Jenius Bank Fees
There are no fees at Jenius Bank. That means no monthly maintenance fees, withdrawal fees, overdraft fees, excessive transaction fees, or fees when you open or close your account. No fees at all.
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Jenius Bank Products
At the moment, Jenius Bank only offers savings accounts and personal loans. SMBC Manubank, Jenius Bank’s parent company, specializes in business and commercial loans, so it makes sense that Jenius would start out with loans. Expect to see Jenius Bank offer a wider range of products in the future.
Ease of Use and Customer Service
Jenius Bank is designed to make banking more human, and its website is easy to navigate and use. Additionally, it offers a mobile app, which is available on the App Store and Google Play.
In the event that you need assistance, you can call Jenius Bank’s customer service line, which is available 24/7.
How Jenius Bank Stands Out
The things that stand out the most about Jenius Bank are its rates and its lack of fees. The savings account interest rate is among the highest available at APY. And there are no fees for anything, so all of your money earns you more money at this great rate.
Comparable Digital Banking Options
Before opening a new bank account, it pays to shop around. Here are some other digital banking options that you may want to compare to Jenius Bank before you make your decision.
Jenius Bank vs. Ally Bank
Ally Bank has become sort of the gold standard of online banks, and for good reason. It has consistently high interest rates and is easy to use. Right now, the interest rate on savings accounts is APY. Ally also offers checking accounts, money market accounts and CDs.
Jenius Bank vs. Chime
Chime®1 is not a bank, but a fintech company that partners with banks. Chime offers a highly regarded banking app, along with checking and savings accounts. You must have a Chime checking account to be eligible to open a savings account. The current savings interest rate at Chime is APY.2
How To Apply for an Account at Jenius Bank
To open a savings account at Jenius Bank, you just need to go to the website and click on the “Open Savings” button. From there, you’ll need to enter your name, email address and mobile phone number. The next step will ask for some more detailed information, and then you’ll need to indicate how you’re going to fund your account. All in all, it’s a quick and intuitive process.
Final Take To GO
It looks as though Jenius Bank is just getting started. While you can’t do all your banking with Jenius Bank at the moment, the interest rate on the savings account alone makes it worth considering.
FAQ
- Who is the parent company of Jenius Bank?
- Jenius Bank is a division of SMBC Manubank, formerly Manufacturers Bank. SMBC Manubank is part of SMBC Group, which traces its roots back over 400 years and operates worldwide.
- What is the savings rate at Jenius Bank?
- The savings rate at Jenius is 5.05% APY.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 26, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
*Variable annual percentage yield (APY) as of Sept. 26, 2024, and subject to change at any time.
1Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
2The annual percentage yield (APY) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of Sept. 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
