A straightforward digital banking option with a high APY, as per the Jenius Bank review.

Jenius Bank™, a new digital banking platform launched in July 2023, has gained popularity among customers seeking high-yield savings accounts or personal loans.

We explore what sets Jenius Bank apart and who it's most suitable for.

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What's Jenius Bank?

Jenius Bank is a digital banking division of SMBC MANUBANK, a California chartered bank, and a member of the Sumitomo Mitsui Banking Corporation, Inc. (SMBC Group). It has no physical branches and your bank deposits are FDIC-insured up to $250,000.

Jenius Bank does not accept high-yield savings account applications from residents of Hawaii and New Mexico, as well as personal loan applications from residents of Hawaii, Nevada, Wisconsin, and Maryland.

Jenius Bank offerings

High-yield savings account

Its high-yield savings account is the bank's main draw, providing a strong APY and being fee-free, making it one of the best options for savers.

The account has no fees for account opening, monthly maintenance, withdrawal, inactivity, account closure, excessive transaction, or overdraft. Additionally, there are no balance minimums or deposit requirements.

With Jenius Bank, you can make unlimited transactions with your savings account and have access to 24/7 U.S.-based human customer service.

Personal loans

Jenius Bank offers personal loans with funding amounts ranging from $5,000 to $50,000. Its fixed and competitive rates currently range from 9.49% to 23.49% APR, and you can get a 0.25% rate discount by enrolling in autopay. Loan repayment terms range from 36 to 72 months.

You can obtain funding from Jenius Bank without paying any fees such as loan origination, pre-payment, late or missed payment fees, and you can access it as early as the next business day. However, you must apply for a Jenius Bank personal loan through Intuit® Credit Karma or LendingTree®, subject to eligibility requirements.

Jenius Bank offers both high-yield savings account and personal loan products that can be managed online or through their mobile app.

Who's Jenius Bank for?

Jenius Bank offers a fully digital banking experience that is perfect for those who want to build their savings or finance large expenses with a loan. Additionally, consumers can use Jenius Bank personal loans to consolidate their high-interest credit card debt.

Alternatives to Jenius Bank

If you prefer a more personalized banking experience, consider exploring other options besides Jenius Bank.

Capital One 360 Performance Savings™ is a high-yield savings account that offers an above-average APY, making it an exception among brick-and-mortar banks. Capital One has hundreds of physical branches nationwide and Capital One Cafés that provide basic banking services, financial advice, and a relaxing atmosphere for savers who prefer in-person banking.

Both PNC Bank® and Citibank® provide personal loans to help you achieve your next goal, with physical branches for easy access.

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