Jenius Bank
Written by Ali Cybulski | Published on 10/11/2024
Jenius Bank is a member of the SMBC Group and the digital banking division of SMBC MANUBANK, which is insured by the Federal Deposit Insurance Corp. (FDIC). It doesn't have traditional bank branches, but you can access your accounts through Jenius Bank’s mobile app or website, ask questions via online chat, or reach 24/7 live support at 844-453-6487.
Jenius offers a limited selection of products — only savings accounts and personal loans to adult U.S. residents. The bank does not accept savings account applications from Hawaii and New Mexico residents, and it doesn’t have savings accounts for businesses, trusts or organizations.
Jenius Bank’s high-yield savings account earns an annual percentage yield (APY) of 5.05%, with no minimum balance requirements or fees. There are no monthly maintenance fees, account opening fees or transaction fees.
ATMs and debit cards are not available for withdrawals and deposits. To schedule these transactions as transfers to or from another bank account, you’ll need to sign into your account at jeniusbank.com or the Jenius Bank mobile app.
Jenius Bank pros and cons
Pros:
• Generous earnings on savings account
• No monthly fees
• No minimum balance requirements
Cons:
• Limited products
• No ATMs or debit cards
• No branches
5 Business Days Hold
Jenius savings, as per phone
1) 5 business days hold on all incoming - regardless - pull or push
2) up to 4 external accounts
3) transfer limits 50k out / 250K in
4) no plans to offer checking or certificates, at this time
5) 24/7 phone support
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Note: Janius Deposit Account Agreement
Initiated Through Another Bank
Funds will generally be available on the next Business Day after the day the ACH transfer is
received by us but may be available earlier, depending on the type of ACH transfer.
Initiated Through Us from a Linked External Account
Funds will generally be available on the fifth Business Day after the day the ACH Transfer posts
to your Account.
Beyond Awesome
A Simple savings account with a good rate. I go to a full service branch bank for my main checking account and link to a bank with a high rate saving account. This bank seems to have a successful loan product, which means they will likely stay top of market with their savings rate to fund that portfolio.
Reasonable transfer limits with 24/7 call center. That is all I need out of a savings bank. Rate, Service, Easy Money Movement. They dont have their mobile app yet, but for those that know to save the url as a widget on their phone, it looks and works just like an app.
Big Rate Cut
From 5.25% to 5.05%.
The best high yield accounts wait for the FED rate cut before cutting.
And the best high yield accounts don't make such a big cut all at once.
To their credit -- they emailed all customers notifying them of the rate cut. Many banks say nothing -- letting you find out on your own sometimes many months later.
I'm still in 'wait and see' mode with Jenius.
We shall see.
Just Opened, We'll See. A Few Caveats
Just opened my account. Took seconds, there was one small insignificant glitch, when I was entering my address info, it wouldn't go through unless I chose the pre-filled out info. No biggie. A couple of issues. Empower Personal Dashboard does not track them. They're not in their database of banks, so you can't track your money from Jenius. and also, they're not connected to Plaid, so linking them to other banks requires more work. I also don't know why they asked for an initial funding amount, while they linked external account right away, they never performed the transfer. A very barebones bank
Data as of Q2 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 18618 |
| Year Established | 1962 |
| Employees | 846 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -3.27% |
| Return on Equity - YTD | -21.45% |
| Annual Interest Income | $177.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $5.51B$4.53B |
| Loans | Q2 2024vs Q2 2023 | $3.59B$2.94B |
| Deposits | Q2 2024vs Q2 2023 | $4.53B$3.54B |
| Equity Capital | Q2 2024vs Q2 2023 | $743.8MM$777.7MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $160.5MM$58.7MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $60MM$41.4MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |