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Jenius Bank Review: Pros, Cons, and Alternatives

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Genius Bank offers personal loans and High Yield Savings Account With an attractive APY.

If you’re looking for a place to park your savings, Jenius’s high interest rates are ideal, but you can’t apply for a personal loan directly through Jenius, and the digital bank doesn’t offer ATMs.

We take a closer look at Jenius Bank to see how it stacks up against the top online banks.

Genius Bank
  • Jenius Bank offers high-yield savings accounts and personal loans.
  • Current savings accounts are: 5.25% Annual interest rate.
  • Jenius Bank’s personal loan amounts range from $5,000 to $50,000.

What is Jenius Bank?

Unlike many fintechs that offer banking products and services, Jenius is an actual bank. In fact, Jenius is the digital banking division of Sumitomo Mitsui Banking Corporation (one of the oldest banks in the world, dating back to at least the 1800s, with some reports going back nearly 600 years).

However, as it is an online bank, you don’t have access to a physical branch, but you can always get human customer support.

Genius Bank Home Page

Deposits placed with Jenius Bank are FDIC insured to the maximum extent permitted by law. If you are also a customer of SMBC MANUBANK, please note that deposits placed with Jenius and SMBC are combined when calculating your FDIC insurance limits.

What do we offer?

Jenius Bank offers personal loans and savings accounts, and we’ll take a closer look at each product below.

savings

Genius Bank offers high-yield savings accounts. 5.25% APY. Interest is compounded daily, so you may be surprised at how quickly your savings can grow. Plus, there are no monthly fees or minimum balance requirements to slow down the growth of your savings.

Jenius Bank HYSA Screenshots

If you want to open a savings account with Jenius Bank, you can start with as little as $0. While you can’t withdraw money at a physical branch, you can withdraw it seamlessly online. The bank offers joint accounts, making it easy to save with your partner.

Personal Loans

Jenius Bank offers personal loans that can help you save on borrowing costs, especially if you’re planning on making a purchase with a high-interest credit card. Unfortunately, you can’t apply for a loan directly from Jenius Bank. You’ll need to apply through Intuit Credit Karma, meet the eligibility requirements, and receive a Jenius Bank loan offer.

With that in mind, Jenius Bank loans range from $5,000 to $50,000, and the funds can be used for any purpose, including covering unexpected expenses, consolidating debt, or paying for wedding expenses.

Genius Bank Personal Loan

As of June 2024, available loan APRs range from 8.49% to 22.49%. These are fixed rates and will not change for the life of the loan. Available terms are from 36 to 72 months.

If you can lock in a relatively low interest rate, you may be able to pay off your debt faster than if you were to add purchases to your growing credit card balance. Approved borrowers can receive their funds as soon as the next business day.

Are there any fees?

Jenius Bank does not charge any maintenance fees, transaction fees or account opening fees for its high-yield savings accounts, and there are no loan origination fees, prepayment penalties or late fees when you take out a personal loan with Jenius Bank.

Comparison with Jenius Bank

Jenius Bank is not the only financial institution that offers savings accounts and personal loans. Here’s a comparison:

Genius Bank’s savings account undoubtedly has an attractive APY. But if you’re looking for the best APY on the market, Western Alliance Bank Currently available 5.36% APY. For savers looking for a banking platform that offers both savings and checking accounts, CIT Bank or Discover Bank might be more suitable.

When it comes to personal loans, Jenius Bank offers limited access (more on that above), but it’s not the only option available, so it’s best to shop around before applying.

Discover Bank also offers personal loans, with rates and terms similar to Jenius. At the time of writing, Discover advertises loan APRs ranging from 7.99% to 24.99% and loan terms ranging from 36 to 84 months. Maximum loan amounts are slightly lower than Jenius Bank, at $40,000.

How do I open an account?

If you want to open a savings account, visit the Jenius Bank website.

If you are over 18, have a Social Security number and a permanent U.S. address, you can open an account. However, Jenius Bank does not offer services to residents of New Mexico and Hawaii. To fund your account, you can link an outside bank account or send an endorsed check to Jenius Bank.

Notably, you can’t apply for a personal loan directly through jeniusbank.com. Instead, you can only apply for a Jenius Bank loan if your application is suggested through Intuit Credit Karma.

Is it safe?

The savings accounts offered by Jenius are FDIC insured, which means your deposits are safe up to $250,000.The bank also monitors for fraud around the clock to keep your funds safe.

How do I contact Jenius Bank?

If you would like to contact Jenius Bank, you can call us anytime at 844-453-6487.

Genius Bank is a relatively new bank, so there is limited information available from current customers. Trustpilot Despite this rating being based on just eight reviews, the company received an average rating of 2.4 out of 5 stars.

Is it worth it?

Jenius Bank’s top-tier APY makes it an attractive option for savers looking to put aside funds, as long as they don’t need access to ATMs or the ability to deposit cash. If you’re comfortable keeping your savings in a financial institution separate from your checking account and other financial products, Jenius Bank may be a good fit.

Jenius Bank’s personal loan products offer similar products to other online lenders like Discover and SoFi, but you can’t apply directly through Jenius and have to get an offer through Intuit Credit Karma, which is a big drawback.

Check out Jenius Bank here >>

Features of Genius Bank

High Yield Savings, Personal Loans

Yes, you must apply through Intuit Credit Karma.

Web/Desktop Account Access

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