Jenius Bank Reviews 2024 | Innovative or Overrated?

Community Reviews

Digital banks are small divisions of already established financial institutions that emerge as strong contenders in the modern banking ecosystem. These banks use modern technology to offer a user-friendly, convenient, and innovative financial experience for customers. In this article, we will be looking into Jenius Bank reviews and discussing them in detail.

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Jenius Bank Reviews Detail

Website	jeniusbank.com/
Founded (Year)	2022
Category	Financial Institution
Presence	Online
Rating (Trustpilot)	2.9
Phone	1-844-453-6487

Jenius Bank Overview

Jenius Bank is an online-only banking platform that offers its customers a comprehensive view of their financial picture no matter the bank they use. They offer various financial products such as personal loans and savings accounts. Their unique approach to baking is driven by technology that focuses on providing better rates to customers and a view of their finances from various sources in one place.

Is Jenius Bank Safe or legit?

Yes, Jenius Bank is safe. Your deposits at Jenius Bank are insured by the FDIC, providing peace of mind that your money is protected. It’s important to note that for insurance purposes, deposits at Jenius Bank and SMBC MANUBANK are combined to calculate the insurance limits.

Opening a Jenius Bank Savings Account

Jenius Bank does not have any branch so the only way you can create a savings account is by going to their website. You will see an ‘Open Savings’ button right on the homepage. The process is easy and straightforward:

Provide your name, email, and phone number to create your online account.
Read the terms and conditions documents
If you are opening the account with a co-applicant, you need to enter their information as well
Answer a few typical new bank account questions by providing your birth date, address, income, employment information, and social security number.
Submit your application after providing the right information.
Once it is approved you can fund your new savings account.

Jenius Bank Image & Reputation

Savings

Jenius Bank is a high-yield account that has a savings rate of up to 5.25% APY. They do not require monthly fees and do not require a minimum balance to open the account. If you need to make withdrawals and deposits, you need a link to an external bank account. The only way you can withdraw money is to make transfers from the linked account. You can either transfer from an external account or set up a direct deposit.

Rates

Jenius Bank offers a 5.25% APY on saving accounts. They do not require a minimum balance without a fee. You do not even have to maintain a high balance. Jenius Bank offers a 7.49% annual percentage rate for personal loans.

You can borrow between $5,000 and $50,000 as a personal loan. You can get an extra 0.25% off your rate if you set up an autopay.

Fees

Jenius Bank does not require any fee. You do not have to pay for withdrawal fees, monthly maintenance fees, excess transaction fees, overdraft fees, or fees to open or close your account.

Jenius Bank Pros & Cons

Pros

Top-Notch APY
Fee-Free Banking
24/7 Customer Service
Competitive Rates

Pros

Allows One Saving Account
ATM Access Not Available
Not Available for Hawaii and New Mexico
No Branch Access
No Cash Deposit

Is Jenius Bank the right choice for you? Consider it if:

You’re looking for a savings account with a competitive APY.
You’re comfortable with an online-only banking experience.
You don’t require ATM access for your banking needs.

Jenius Bank Comparison with Competitors

My Banking Direct Savings Account

It is one of the best-rated for any savings account without any monthly account fees. But, you need approximately $500 to open your account. It is more than other online savings accounts require. You can also look for the rates that you can earn with My Banking Direct CD if you do not need savings for a while.

Valley Direct High Yield Savings Account

It is very easy to open a Valley Direct High Yield saving account with a minimum deposit requirement of just $1. The APY is quite similar to Jenius Bank, typically like any online savings account. Moreover, there is no monthly maintenance fee to chip away at the interest.

Forbright Bank Bright Savings Account

For people who want to earn a solid rate and make a positive impact Forbright Bank offers savings accounts. You do not have to pay for the maintenance fee or any minimum balance requirement to open the account. They also offer unlimited ATM fee refunds. It is ideal if you want cash and there is no in-network ATM nearby.

Rising Bank High Yield Savings Account

This bank boosts an amazing rate. If you are looking for an above-average AP, it is perfect for you. One drawback is that you need $1,000 to open an account which is not a good move if you are just getting started with savings.

Neo Bank vs Jenius Bank

Feature	Neobanks	Jenius Bank
High APY Savings Account	Yes	Yes
Online-Only Banking	Yes	Yes
Physical Branches	No	No
ATM Access	Yes	No
Innovative Digital Features	Yes	No
Lower Fees	Yes	Yes
FDIC Insured	Yes	Yes
Combined Insurance Limits with SMBC MANUBANK	No	Yes

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Our Recommendation

Jenius Bank is an ideal savings account option providing a great APY without fees. It is a perfect option if you have no problem with an online-only savings account. It is great for people who want to get an outstanding rate on savings or are looking for a joint savings account option. It is also a great choice if you do not want to pay fees for saving accounts and need a low opening deposit requirement.

Jenius Bank Customer Experience

Since Jenius Bank is an online-only institution, it does not have branches. But they offer customer support 24/7. They also have a Live Chat option. They do not have a mobile app for now which is unusual for online banking. Customers can ask their questions and queries by phone or on their bank’s website. As per Jenius Bank reviews, they have responsive customer support. Their website also has a FAQ section containing sections of the bank’s history, FDIC insurance, and account access.

Jenius Bank Customer Service

You can contact the Customer Service team 24/7 at 1-844-453-6487.

Social Media Platforms

Conclusion

In conclusion, Jenius Bank is an online brand of SMBC Manubank. This bank’s savings account earns a strong APY with no monthly fee, they do not offer certificates of deposit or checking accounts. Jenius Bank does not have a mobile app but you can access your account through the bank’s website or by calling their customer service.

FAQs

Is saving in an online bank worth it?

Saving with online banks like Jenius Bank is worth it if you want minimal fees for competitive saving rates. They do not ask for a high fee, unlike other banks.

Are online savings accounts safe?

Yes, online saving accounts are safe to store your money with an FDIC-member institution. When looking for online savings accounts. Make sure to check the FDIC coverage and look for the security measures used by the bank to protect your information.