Jenius Bank review 2024: Impressive high-yield savings, yet lacks essential banking services

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Jenius Bank is a newcomer to the digital banking scene, but it has quickly made a name for itself with its high-yield savings account offering. 

Launched in 2023, this online bank boasts a stellar 5.25% APY on savings with absolutely no fees or minimum balance requirements. However, while Jenius Bank says they have plans for expansion, it doesn’t have much else to offer right now. 

In this review, we'll explore whether Jenius Bank could be the right fit for your financial goals and what to expect as this young bank evolves.

About Jenius Bank

Founded in 2023, Jenius Bank is the digital banking division of SMBC MANUBANK, an FDIC-insured institution with roots dating back to 1962. 

The online bank currently offers personal loans and a high-yield savings account, with plans to expand its product range. Jenius is currently available to U.S. residents except those in Hawaii and New Mexico. 

While Jenius Bank is still building its reputation and expanding its services, its competitive rates and fee-free structure make it worth a look. 

Jenius Bank accounts

Jenius Bank currently only offers a high-yield savings account. 

Savings account 

• APY: 5.25%
• Minimum deposit to open: $0
• Monthly maintenance fee: None

Jenius Bank's high-yield savings account offers a competitive 5.25% APY that puts it among the best savings accounts. 

To put this in perspective, the national average savings account rate is just 0.45% APY, making Jenius Bank's offer more than 11 times higher. Customers can earn this impressive rate without meeting any minimum deposit requirements, and the account is entirely fee-free, which is a major advantage over some competitors that charge monthly maintenance fees.

However, the high-yield savings account does have some limitations in terms of functionality. While customers can easily make unlimited transfers in and out of the account, there’s no debit card associated with it. 

This means that account holders cannot access their money via ATM, which may inconvenience those who prefer the flexibility of ATM withdrawals.

Other products the Jenius Bank offers 

Outside of its savings account, Jenius offers personal loans up to $50,000 at competitive rates. But if you’re looking for other bank accounts, you’re out of luck — at least for now. 

In a recent podcast appearance, John Rosenfeld, President of Jenius Bank, shared the bank’s plans to expand its product lineup in the future. As Jenius Bank is still in its early stages and offers a limited range of accounts, it remains to be seen whether it can deliver on these ambitious plans. Still, their commitment to customer feedback and continuous improvement is a promising sign.

Jenius Bank fees

As a new entrant in the online banking market, Jenius Bank understands the importance of attracting and retaining customers. One way they aim to do this is by offering a completely fee-free, high-yield savings account. 

Unlike many other banks that charge various fees, Jenius Bank has eliminated the following:

• Monthly maintenance fees
• Withdrawal fees
• Inactivity fees
• Overdraft fees
• Account opening fees
• Account closure fees
• Excessive transaction fees

By removing these common fees, Jenius Bank is positioning itself as a customer-friendly alternative to traditional banks. Many online banks, such as Ally Bank and Marcus by Goldman Sachs, have eliminated most fees but still charge for certain services like outgoing wire transfers or excessive transactions.

Jenius Bank banking experience

Jenius Bank is still establishing its reputation — so there aren’t many customer reviews yet. However, the bank's focus on exceptional customer service and innovative technology features suggests a promising future.

Online and mobile banking platform

Jenius Bank recently launched its mobile app for both iOS and Android users. So far, user response is very positive based on reviews on Google Play and the Apple App Store. Users can view their account balances, make payments, and transfer money via the mobile app.

Customer service

Jenius Bank differentiates itself from many online banks by offering 24/7 customer support. For now, there are no live chat or email support options. 

While some online banks rely on chatbots or limited phone support hours, Jenius Bank's commitment to around-the-clock human support could be a significant competitive advantage.

Account security

Jenius Bank ensures the safety of customer funds by providing FDIC insurance up to $250,000 per depositor for high-yield savings accounts. 

In addition to FDIC insurance, Jenius Bank employs fraud-monitoring services to detect and prevent unauthorized access to customer accounts. You can also set up biometrics on the Jenius app to protect your mobile account. 

How Jenius Bank stacks up

Let's take a closer look at how Jenius Bank compares to its competitors in terms of high-yield savings accounts. 

Jenius Bank's high APY (5.25%) is competitive with the top rates in the market. As a newcomer, Jenius Bank may offer higher rates to attract customers. By specializing in a single savings account, Jenius can concentrate on optimizing this specific product.

While Jenius Bank excels in its savings rate and 24/7 customer service, it lags behind in product diversity and digital banking features compared to more established online banks.

Who is Jenius Bank best for? 

Jenius Bank is particularly well-suited for:

• Savers looking to maximize returns 
• Those who want to avoid common banking fees
• People who don't need frequent access to their savings 
• Those comfortable with online-only banking
• Since Jenius Bank doesn't offer checking accounts, it's ideal for those who already have their day-to-day banking set up elsewhere.

However, if you're looking for a full suite of banking products — checking, loans, credit cards — in one place, you may need to look elsewhere. Plus, with no ATM access or cash deposit options, this bank isn't ideal for those who frequently deal with cash.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here. 

Here are some of the factors that influenced this bank’s overall score: 

The bottom line

Jenius Bank excels in offering a high interest rate with no fees or minimum balance requirements, making it an attractive option for savers. Their 24/7 customer service is also a strong point. 

However, their limited product range and more restricted access to funds (no ATM access) are drawbacks. While they have potential for growth and improvement, currently, they are best for customers looking specifically for a high-yield savings account and are comfortable with online banking.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.