Jenius Bank Review: A Burgeoning Digital Bank With Room to Grow
Review
Updated
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Jenius Bank is the new digital arm of a well-established bank. It has 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.
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Jenius Bank could be the right bank for you if:
| Jenius Bank Fee | Charge |
|---|---|
| Monthly maintenance fee | $0 |
| ACH transfers | $0 |
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 to be deposited). Anyone who regularly needs to take cash out of their account will want to steer clear.
Jenius Bank Savings
This savings account from Jenius Bank comes with a very competitive interest rate, easily on par with the top rates we've seen. But you'll need to primarily work through account transfers, since deposit and withdrawal options are limited and there is no ATM or debit card.
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 |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
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 3.80%²
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
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
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 |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
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 |
3.70%
Rate info
3.70% annual percentage yield as of April 17, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Jenius Bank's only other product besides savings accounts is personal loans. The bank offers installment loans with terms from 24 to 60 months, for amounts of $5,000 up to $50,000.
Rates vary widely, and they aren't the lowest out there, but they can be competitive for well-qualified applicants. You can also get 25 basis points (0.25%) knocked off your rate in exchange for setting up autopay.
Oddly, Jenius Bank doesn't accept personal loan applications through its own website. Instead, you'll need to apply through one of Jenius Bank's partner lending networks.
So, we've told you about the accounts and rates, so now let's discuss what it's actually like to be a Jenius Bank customer.
Though its parent bank is quite old, Jenius Bank has only been around since 2023, so customer reviews are somewhat sparse. What I can find on social media is generally positive, and most folks say they've had good experiences with their accounts and with contacting customer service.
The complaints I can find are generally about withdrawing large (six-figure) sums of money (Jenius Bank, like most banks, has a daily withdrawal limit), with the loan paperwork (you may be required to submit verification documents), or with what may be an overzealous fraud department.
According to its site, Jenius Bank offers 24/7 customer service by phone at: 844-453-6487.
If you want to submit an idea or suggestion, you can do so through the online form at: https://www.jeniusbank.com/contact. Jenius Bank also advertises 24/7 online customer support, but that appears to only be available to current account holders.
Given that Jenius Bank is all digital, the mobile banking app really needs to be on point -- and reviews suggest it might not be quite there yet. The app is new enough that it only has a few dozen reviews in either app store, but it already has some one-star complaints in the Google Play store, and some three-star "keep trying" comments in the Apple store.
Several people complain about not being able to log into the app. Others mostly mentioned that it seems new and doesn't have a ton of functionality yet, offering only recent activity and transfers. This might be a "wait and see" situation.
Jenius Bank is an online-only bank without physical brick-and-mortar locations. Savings accounts from Jenius Bank don't come with an ATM or debit card, so you'll need to rely on digital transfers to get your money out of your accounts.
Jenius Bank is in its growing pains, which may not be the right fit for everyone. Check out how it compares to some of our other top picks.
Discover® Bank is also online-only, but it has been doing it for much, much longer. Discover has digital banking down pat, with a highly rated, full-featured mobile app and a great browser experience. You can also access a variety of products, from checking and money market accounts to personal loans and credit cards.
LendingClub is a dynamic institution with a ton to offer, starting with a very robust lineup of products that includes a variety of loans and banking options. You also get competitive rates and fees, including very competitive high-yield savings accounts, solid CD rates, and checking accounts with no monthly fees.
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 is an online-only bank. It is the digital banking division of SMBC MANUBANK and a member of the Sumitomo Mitsui Banking Corporation, Inc. (SMBC Group).
Jenius Bank's APY is 4.50%, which is competitive with the highest savings rates on the market.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
