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Jenius Bank Review: A Burgeoning Digital Bank With Room to Grow

Review Updated
Brittney Myers
Author: Brittney Myers
Brittney Myers
Brittney Myers
Writer

Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
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Member FDIC.

Jenius Bank

Bottom Line

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.

Pros
  • Competitive APY on savings
  • Very few fees
  • Online and phone support
Cons
  • Limited product range
  • No physical bank branches

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is Jenius Bank right for you?

Jenius Bank could be the right bank for you if:

  • You want a savings account with a high APY
  • You don't mind online-only banking
  • You don't need ATM/cash access

Bank fees

Jenius Bank Fee Charge
Monthly maintenance fee $0
ACH transfers $0
Data source: Jenius Bank

Savings account

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.

Ratings Methodology
Rates as of Jan 31, 2025

Jenius Bank Savings

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
APY
4.50%
Min. To Earn APY
$0.01
  • Very competitive APY
  • No account fees
  • No minimum balance
  • FDIC insured
  • Can't deposit cash
  • No ATM/debit card
  • No mobile check deposit

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.

Compare savings rates

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of January 31, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 3.80%²
Rate info Circle with letter I in it. 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
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Personal loans

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.

Customer experience

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.

Customer reviews

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.

  • Better Business Bureau rating: No rating available
  • Trustpilot rating: 2.1/5.0

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.

Mobile app

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.

  • App Store rating: 4.8 out of 5.0 stars
  • Google Play rating: 4.0 out of 5.0 stars

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.

Physical locations

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.

How does Jenius Bank compare?

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.

Jenius Bank vs. Discover® Bank

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.

Jenius Bank vs. LendingClub

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.

FAQs

  • 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.