Skip to Main Content

Jenius Bank Review 2024

Updated March 25, 2024
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

Savings

Rating: 5 stars out of 5

About Bankrate Score

Overview

Jenius Bank is a new, online-only bank that opened in 2023. It offers just one savings account. It’s best for customers who are comfortable solely banking online, as the bank doesn’t have branches or ATM access.

Highlights

  • High APY
  • No Min Balance
  • No Monthly Fees
Compare offers
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/22/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 4/22/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/22/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:

Overall

Jenius Bank offers a high-yield savings account with a highly competitive APY — and you don’t need to jump through hoops to get that yield. Without a minimum balance requirement, you earn that high yield with any amount of money in the account. The account is available to just about anyone in the U.S., save residents of New Mexico and Hawaii, as Jenius currently isn’t accepting applications from residents of those states.

Pros

  • Checkmark

    Jenius Bank’s high-yield savings account offers a top-notch APY.

  • Checkmark

    You get fee-free banking at Jenius Bank, including no withdrawal or excessive transaction fees.

  • Checkmark

    There isn’t a minimum balance requirement to earn interest.

Cons

  • Jenius Bank offers just one savings account.

  • ATM access isn’t available.

  • Residents of Hawaii and New Mexico can’t open an account.

Jenius Bank banking products

5.0
Rating: 5 stars out of 5
Bankrate Score

Jenius Bank savings overview

Jenius Bank offers just one high-yield savings account. The APY is very competitive, far surpassing the national average. There is no minimum balance requirement, so customers can start earning that high yield with as little as one cent. Moreover, Jenius doesn’t charge fees, so there are no monthly maintenance, withdrawal or excessive transaction fees associated with the account. Joint accounts are available, so multiple customers can be under the same account.

Just about anyone can open an application online, though Jenius Bank currently isn’t accepting applications from residents of Hawaii and New Mexico.

Pros

  • Checkmark

    The savings account yield is top-notch.

  • Checkmark

    Jenius Bank doesn’t charge fees, including monthly or excessive transaction fees.

  • Checkmark

    Joint savings accounts are available.

  • Checkmark

    There isn’t a minimum balance requirement.

Cons

  • Residents of Hawaii and New Mexico can’t open an account.

  • Customers don’t have ATM access.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Jenius Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Current Savings Rate
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/22/2024
Rating: 5 stars out of 5
Info
$0
Min balance for APY
Promoted offer: No fees. Easy deposits and quick withdrawals.

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Account maintenance fees None
Out-of-network ATM fee None
Excessive transaction fee None

Customer experience

24/7 support is available. Customers can call customer support 24/7, and they can also submit questions through an online form. 

No mobile app. Jenius Bank doesn’t have a mobile app available for either iOS or Android, but the bank plans to launch those apps in the near future. For now, customers must do all their banking on the Jenius website.

About Jenius Bank

Jenius Bank, which opened in 2023, is an online-only bank and is the digital banking division of SMBC MANUBANK (Manufacturers Bank), which was established and has been FDIC-insured since 1962. Jenius doesn’t have any branches and offers just one deposit account.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.