New to the market as of July 2023, Jenius Bank™ has quickly become a popular digital banking option for those who want access to a high-yield savings account or a personal loan.
Below, we dive into what makes Jenius Bank stand out and who it's best for.
Jenius Bank™ Savings Account
Annual Percentage Yield (APY)
4.20% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
Unlimited
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
No
Terms apply.
Pros
- Above-average APY
- No minimums required
- No fees whatsoever
Cons
- Doesn't offer checking account or ATM access
- Online-only bank so no in-person branches
Compare savings accounts
What's Jenius Bank?
Jenius Bank is an online-only bank, meaning it has no physical branches. It's the digital banking division of SMBC MANUBANK, a California chartered bank, and a member of the Sumitomo Mitsui Banking Corporation, Inc. (SMBC Group). Your bank deposits at Jenius Bank are FDIC-insured up to $250,000.
Currently, Jenius Bank isn't accepting high-yield savings account applications from residents of Hawaii and New Mexico. It also isn't accepting personal loan applications from residents of Hawaii, Nevada, Wisconsin, or Maryland.
Jenius Bank offerings
High-yield savings account
The bank's main attraction is its high-yield savings account, which offers a strong APY that places it among the best available for savers — especially when you consider its lack of fees.
The account charges zero fees — no account opening, monthly maintenance, withdrawal, inactivity, account closure, excessive transaction or overdraft fees. You also don't have to deal with any balance minimums or deposit requirements.
You can make unlimited transactions with your Jenius Bank savings account and, rare for a digital-only bank, count on 24/7 access to the bank's U.S.-based human customer service.
Personal loans
Jenius Bank also offers personal loans for funding amounts ranging from $5,000 to $50,000. Its rates are fixed and competitive, currently ranging from 9.49% to 23.49% APR, and you can score a 0.25% rate discount by enrolling in autopay. Loan repayment terms range from 36 to 72 months.
There are no fees, such as loan origination, pre-payment, late or missed payment fees, and you can get access to funding as early as the next business day. Note that you can only apply for a Jenius Bank personal loan through Intuit® Credit Karma or LendingTree®, pending eligibility requirements.
Both Jenius Bank's high-yield savings account and personal loan products can be managed online or via the bank's mobile app.
Who's Jenius Bank for?
Jenius Bank is ideal if you prefer a completely digital banking experience, whether it's for building your savings or financing bigger expenses with a loan. Consumers can also use Jenius Bank personal loans to consolidate their high-interest credit card debt.
Alternatives to Jenius Bank
If you're looking for more of an in-person banking experience, check out some alternatives to Jenius Bank.
Brick-and-mortar banks aren't known to offer the greatest return on your savings, but the Capital One 360 Performance Savings™ is an exception. This high-yield savings account offered by Capital One currently offers an above-average APY. Savers who prefer in-person banking will enjoy that Capital One has hundreds of physical branches nationwide, not to mention the Capital One Cafés that provide basic banking services, financial advice and a space to relax (or work) in.
Capital One 360 Performance Savings™
Annual Percentage Yield (APY)
3.50% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
Yes
Offer ATM card?
Yes, if have a Capital One checking account
Terms apply.
If you're looking for some funding from a big-name bank, both PNC Bank® and Citibank® offer personal loans to help you finance your next goal — while also having physical branches you can stop in at any time.
PNC Bank Personal Loans
Annual Percentage Rate (APR)
5.99% to 28.74% APR (0.25% APR discount when you sign up for autopay)
Loan purpose
Debt consolidation, home improvement, wedding, moving and relocation or vacation
Loan amounts
$1,000 to $35,000
Terms
Up to 60 months
Credit needed
Not disclosed
Origination fee
None
Early payoff penalty
None
Late fee
10% of the payment or $40, whichever is greater
Terms apply.
Pros
- No origination fees, no early payoff fees
- Fixed rate APR
- Flexible repayment terms
- Loan amounts start at $1,000
- No collateral needed
Cons
- Charges a late payment fee
- Not the fastest funding (can take up to 10 business days)
- Rates and terms can vary based on your ZIP code
No origination fee, early payoff fee or late fee
- No origination fee, early payoff fee or late fee
- Fixed rate APR
- Generous 0.5% interest rate reduction for enrolling in autopay
- Can receive your funds as soon as the same business day if you have a Citi deposit account
- Co-applicants are not allowed
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