Jenius Bank is an online bank offering personal loans and a high-yield savings account with an attractive APY.
If you are looking for a place to stash your savings, Jenius's high rate is ideal. However, you can't apply for a personal loan directly through Jenius, and the digital bank offers no ATM access.
We take a closer look at Jenius Bank to find out how it stacks up against top online banks.
Quick Summary
- Jenius Bank offers a high-yield savings account and personal loans.
- Savings account currently offers a 5.25% APY.
- Jenius Bank personal loans come with amounts of $5,000 to $50,000.
|
Jenius Bank Details |
|
|---|---|
|
Product Name |
High-Yield Savings, |
|
Savings APY |
5.25% |
|
Monthly Fee |
$0 |
|
Promotions |
None |
What Is Jenius Bank?
Unlike many fintechs which offer banking products and services, Jenius is an actual bank. In fact, it's the digital banking division of Sumitomo Mitsui Banking Corporation, Inc (which is actually one of the oldest banks in the world - tracing it's heritage back to at least the 1800s, with some reports saying it can go back almost 600 years).
However, as an online bank, you won’t have access to any physical branch locations. But you can get customer support from a human at any time.
Deposits held with Jenius Bank are FDIC-insured up to the maximum allowed by law. If you are also an SMBC MANUBANK customer, note that any deposits you hold with Jenius and SMBC are combined when calculating FDIC insurance limits.
What Does It Offer?
Jenius Bank offers personal loans and a savings account. We take a closer look at each product below.
Savings
Jenius Bank offers a high-yield savings account with a 5.25% APY. With interest compounding daily, you might be surprised to see how quickly your savings grow. Plus, there are no monthly fees or minimum balance requirements to slow down your savings trajectory.
If you want to open a Jenius Bank savings account, you can get started with $0. Although you cannot make withdrawals at a physical branch, you can do so seamlessly online. The bank offers joint accounts, making it easy to save with a partner.
Personal Loans
Jenius Bank offers personal loans that can help you save on borrowing costs, especially if you were planning to cover the purchases with a high-interest credit card. Unfortunately, you cannot apply for a loan directly through Jenius Bank. You must apply through Intuit Credit Karma, meet their eligibility requirements, and be presented with a Jenius Bank loan offer.
With that in mind, Jenius Bank loans range from $5,000 to $50,000. You can use the funds for any reason, including covering unexpected expenses, consolidating debt, and paying for a wedding.
As of June 2024, loan APRs available range from 8.49% to 22.49%. These are fixed rates that don't change for the life if the loan. The terms available range from 36 to 72 months.
If you are able to lock in a relatively low rate, that could help you get out of debt faster than if you added the purchases to a growing credit card balance. Approved borrowers may receive their funds as early as the next business day.
Are There Any Fees?
Jenius Bank doesn't charge any maintenance, transaction, or account opening fees for its high-yield savings account. And if you take out a Jenius Bank personal loan, you won't face any loan origination fees, prepayment penalties, or late payment fees.
How Does Jenius Bank Compare?
Jenius Bank isn’t the only financial institution offering savings accounts and personal loans. Here’s how it compares.
Jenius Bank’s savings account comes with an undeniably attractive APY. But if you are looking for the top APY on the market, Western Alliance Bank currently offers 5.36% APY. For savers seeking out a banking platform to handle contain both a savings and checking account, CIT Bank or Discover Bank might be a better fit.
When it comes to personal loans, Jenius Bank offers limited access (see details above), but is far from the only available option, so its best to shop around before signing up.
Discover Bank also offers personal loans, with rates and terms that are similar to Jenius. At the time of this writing, Discover advertises loan APRs ranging from 7.99% to 24.99%, and loan terms from 36 to 84 months. Their maximum loan amount is slightly lower than Jenius Bank, at $40,000.
|
Header
|
|
 |
 |
|---|---|---|---|
|
Rating |
|||
|
Monthly Fee |
$0 |
$0 |
$0 |
|
APY On Savings |
5.25% |
5.00% |
4.25% |
|
Fee-Free ATMs |
No ATM access |
No (reimburses up to $30 in other bank's ATM fees monthly). |
60,000+ |
|
|
How Do I Open An Account?
If you want to open a savings account, you can head to the Jenius Bank website.
You can qualify to open an account if you are at least 18 and have a Social Security number and permanent U.S. address. However, residents of New Mexico and Hawaii cannot work with Jenius Bank. To fund your account, you can link an external bank account or send a physical check that you’ve endorsed to Jenius Bank.
Notably, you cannot apply for a personal loan directly through jeniusbank.com. Instead, you can only apply for a Jenius Bank loan if you are offered an application through Intuit Credit Karma.
Is It Safe And Secure?
The savings account offered through Jenius is FDIC-insured. With that, your deposits are secure for up to $250,000. The bank also provides around-the-clock fraud monitoring to help keep your money safe.
How Do I Contact Jenius Bank?
Since Jenius Bank is relatively new to the scene, there’s limited information from current customers. However, Trustpilot rated the company with an average of 2.4 out of 5 stars, though its rating is based on only eight reviews.
Is It Worth It?
Jenius Bank’s top-tier APY makes it an attractive option for savers looking to stash their funds, as long as you don't need ATM access or to deposit cash. If you don’t mind keeping your savings tucked in a separate financial institution than your checking account and other financial products, Jenius Bank might be a good fit.
Jenius Bank's personal loan products have a similar offering as other online lenders, including Discover and SoFi. However, you cannot apply directly through Jenius, and you must be presented with an offer through Intuit Credit Karma. This is a major drawback.
Jenius Bank Features
|
Account Types |
High-Yield Savings, Personal Loans |
|
Monthly Fee |
None |
|
Savings APY |
5.25% |
|
Personal Loans |
Yes; Must apply through Intuit Credit Karma |
|
Personal Loan Terms |
36 to 72 months |
|
Personal Loan APRs |
8.49% to 22.49% |
|
Personal Loan Amounts |
$5,000 to $50,000 |
|
Branches |
No |
|
ATM Availability |
No |
|
Customer Service Number |
844-453-6487 |
|
Customer Service Hours |
24/7 |
|
Mobile App Availability |
No; coming soon |
|
Web/Desktop Account Access |
Yes |
|
FDIC-Insured |
Yes (FDIC #18618) |
|
Promotions |
None |
Editor: Colin Graves Reviewed by: Robert Farrington
The post Jenius Bank Review: Pros, Cons, And Alternatives appeared first on The College Investor.
from The College Investor
Jenius Bank is an online bank offering personal loans and a high-yield savings account with an attractive APY.
If you are looking for a place to stash your savings, Jenius's high rate is ideal. However, you can't apply for a personal loan directly through Jenius, and the digital bank offers no ATM access.
We take a closer look at Jenius Bank to find out how it stacks up against top online banks.
Quick Summary
- Jenius Bank offers a high-yield savings account and personal loans.
- Savings account currently offers a 5.25% APY.
- Jenius Bank personal loans come with amounts of $5,000 to $50,000.
|
Jenius Bank Details |
|
|---|---|
|
Product Name |
High-Yield Savings, |
|
Savings APY |
5.25% |
|
Monthly Fee |
$0 |
|
Promotions |
None |
What Is Jenius Bank?
Unlike many fintechs which offer banking products and services, Jenius is an actual bank. In fact, it's the digital banking division of Sumitomo Mitsui Banking Corporation, Inc (which is actually one of the oldest banks in the world - tracing it's heritage back to at least the 1800s, with some reports saying it can go back almost 600 years).
However, as an online bank, you won’t have access to any physical branch locations. But you can get customer support from a human at any time.
Deposits held with Jenius Bank are FDIC-insured up to the maximum allowed by law. If you are also an SMBC MANUBANK customer, note that any deposits you hold with Jenius and SMBC are combined when calculating FDIC insurance limits.
What Does It Offer?
Jenius Bank offers personal loans and a savings account. We take a closer look at each product below.
Savings
Jenius Bank offers a high-yield savings account with a 5.25% APY. With interest compounding daily, you might be surprised to see how quickly your savings grow. Plus, there are no monthly fees or minimum balance requirements to slow down your savings trajectory.
If you want to open a Jenius Bank savings account, you can get started with $0. Although you cannot make withdrawals at a physical branch, you can do so seamlessly online. The bank offers joint accounts, making it easy to save with a partner.
Personal Loans
Jenius Bank offers personal loans that can help you save on borrowing costs, especially if you were planning to cover the purchases with a high-interest credit card. Unfortunately, you cannot apply for a loan directly through Jenius Bank. You must apply through Intuit Credit Karma, meet their eligibility requirements, and be presented with a Jenius Bank loan offer.
With that in mind, Jenius Bank loans range from $5,000 to $50,000. You can use the funds for any reason, including covering unexpected expenses, consolidating debt, and paying for a wedding.
As of June 2024, loan APRs available range from 8.49% to 22.49%. These are fixed rates that don't change for the life if the loan. The terms available range from 36 to 72 months.
If you are able to lock in a relatively low rate, that could help you get out of debt faster than if you added the purchases to a growing credit card balance. Approved borrowers may receive their funds as early as the next business day.
Are There Any Fees?
Jenius Bank doesn't charge any maintenance, transaction, or account opening fees for its high-yield savings account. And if you take out a Jenius Bank personal loan, you won't face any loan origination fees, prepayment penalties, or late payment fees.
How Does Jenius Bank Compare?
Jenius Bank isn’t the only financial institution offering savings accounts and personal loans. Here’s how it compares.
Jenius Bank’s savings account comes with an undeniably attractive APY. But if you are looking for the top APY on the market, Western Alliance Bank currently offers 5.36% APY. For savers seeking out a banking platform to handle contain both a savings and checking account, CIT Bank or Discover Bank might be a better fit.
When it comes to personal loans, Jenius Bank offers limited access (see details above), but is far from the only available option, so its best to shop around before signing up.
Discover Bank also offers personal loans, with rates and terms that are similar to Jenius. At the time of this writing, Discover advertises loan APRs ranging from 7.99% to 24.99%, and loan terms from 36 to 84 months. Their maximum loan amount is slightly lower than Jenius Bank, at $40,000.
|
Header
|
|
|
|
|---|---|---|---|
|
Rating |
|||
|
Monthly Fee |
$0 |
$0 |
$0 |
|
APY On Savings |
5.25% |
5.00% |
4.25% |
|
Fee-Free ATMs |
No ATM access |
No (reimburses up to $30 in other bank's ATM fees monthly). |
60,000+ |
|
|
How Do I Open An Account?
If you want to open a savings account, you can head to the Jenius Bank website.
You can qualify to open an account if you are at least 18 and have a Social Security number and permanent U.S. address. However, residents of New Mexico and Hawaii cannot work with Jenius Bank. To fund your account, you can link an external bank account or send a physical check that you’ve endorsed to Jenius Bank.
Notably, you cannot apply for a personal loan directly through jeniusbank.com. Instead, you can only apply for a Jenius Bank loan if you are offered an application through Intuit Credit Karma.
Is It Safe And Secure?
The savings account offered through Jenius is FDIC-insured. With that, your deposits are secure for up to $250,000. The bank also provides around-the-clock fraud monitoring to help keep your money safe.
How Do I Contact Jenius Bank?
Since Jenius Bank is relatively new to the scene, there’s limited information from current customers. However, Trustpilot rated the company with an average of 2.4 out of 5 stars, though its rating is based on only eight reviews.
Is It Worth It?
Jenius Bank’s top-tier APY makes it an attractive option for savers looking to stash their funds, as long as you don't need ATM access or to deposit cash. If you don’t mind keeping your savings tucked in a separate financial institution than your checking account and other financial products, Jenius Bank might be a good fit.
Jenius Bank's personal loan products have a similar offering as other online lenders, including Discover and SoFi. However, you cannot apply directly through Jenius, and you must be presented with an offer through Intuit Credit Karma. This is a major drawback.
Jenius Bank Features
|
Account Types |
High-Yield Savings, Personal Loans |
|
Monthly Fee |
None |
|
Savings APY |
5.25% |
|
Personal Loans |
Yes; Must apply through Intuit Credit Karma |
|
Personal Loan Terms |
36 to 72 months |
|
Personal Loan APRs |
8.49% to 22.49% |
|
Personal Loan Amounts |
$5,000 to $50,000 |
|
Branches |
No |
|
ATM Availability |
No |
|
Customer Service Number |
844-453-6487 |
|
Customer Service Hours |
24/7 |
|
Mobile App Availability |
No; coming soon |
|
Web/Desktop Account Access |
Yes |
|
FDIC-Insured |
Yes (FDIC #18618) |
|
Promotions |
None |
Editor: Colin Graves Reviewed by: Robert Farrington
The post Jenius Bank Review: Pros, Cons, And Alternatives appeared first on The College Investor.
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