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Updated: Feb 11, 2024

Jenius Bank Savings Account 2024 Review

Jenius Bank offers a simple savings account with no fees and a competitive interest rate. You can open an account online in minutes to start saving toward your goals. 
4.0
Editor's Rating
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Jenius Bank offers a simple savings account with no fees and a competitive interest rate. You can open an account online in minutes to start saving toward your goals. 

Our Verdict

Jenius Bank makes saving easy by offering a great APY and skipping the fees. It could be a great option if you're comfortable with an online-only savings account. 

Saving with Jenius Bank could be ideal for people who:

  • Want to get an outstanding rate on savings
  • Are looking for a joint savings account option
  • Don't want to pay steep fees to save
  • Need a low opening deposit requirement

You can open a savings account with Jenius Bank online in minutes. Right now, Jenius is not accepting applications from residents of Hawaii or New Mexico. 

All you need to open an account is some basic information about yourself, proof of ID and account information to make your first deposit. You can open your account online in minutes.

Jenius Bank Jenius Savings Account Pros & Cons

Pros
  • Excellent savings APY on all balances
  • No fees, including no monthly service fees
  • FDIC-insured up to the applicable limits
Cons
  • No branch access
  • No ATM card

Compare Savings Options

Be sure to check out these savings accounts worth considering:

Savings
Checking
CDs

Compared to Other Online Savings Accounts

Forbright Bank Bright Savings Account

Forbright Bank offers a savings account for people who want to earn a solid rate while making a positive impact. There's no monthly maintenance fee and no minimum balance requirement after account opening. Forbright also offers unlimited ATM fee refunds which is great if you need to get cash and there isn't an in-network ATM nearby. 

Read our review

My Banking Direct Savings Account

My Banking Direct offers one of the best rates of any online savings account with no monthly account fees. You'll need at least $500 to open an account, however, which is more than what other online savings accounts require. If you won't need your savings for a while, you may also want to check out the rates you could earn with a My Banking Direct CD. 

Read our review

Rising Bank High Yield Savings Account 

Rising Bank's High Yield Savings Account boasts an impressive rate. That's great if you're looking for an above-average APY. There's just one potential catch: you'll need at least $1,000 to open an account which may not be ideal if you're just getting started with saving. . 

Read our review

Valley Direct High Yield Savings Account

Valley Direct's High Yield Savings Account is easy to open, with a minimum deposit requirement of just $1. The APY is similar to what you'll get with Jenius Bank, which is typical of online savings accounts. Best of all, there's no monthly maintenance fee to chip away at the interest you're earning. 

Read our review

Interest Rates

When comparing savings account rates, online banks tend to have an edge over traditional banks. 

Why? One reason: they tend to have lower overhead costs. That allows them to pass savings on to their customers in the form of higher interest rates. 

Jenius Bank features one of the best savings rates among online banking options. You don't get branch banking access, but that may not matter much if you're focused on growing your savings faster. 

When you're shopping for a savings account, here are a few things to remember as you compare rates. 

  • Some banks apply rates across all balances, while others tier them based on how much you save. 
  • Banks may cap the APY once you reach a certain balance, meaning you'll earn a lower rate going forward. 
  • Savings account rates can go up or down at any time, unlike CD rates which stay fixed for the entirety of their term. 

Are rates the most important thing when looking for a savings account? Not necessarily. It's also a good idea to weigh the fees you might pay. 

Fees

Online banks are often more fee-friendly than brick-and-mortar banks. Again, that has to do with their lower overhead costs. 

As online banks go, Jenius Bank is one of the best when it comes to saving customers money on fees.

As you can see, Jenius Bank doesn't charge the fees that other banks can. 

That's a great thing if you want to keep more of the interest that you're earning. It also means one less thing you have to worry about when managing your savings account. 

ATM Access

Some banks offer an ATM card or debit card with savings accounts. That's a plus if you'd like to be able to withdraw cash or deposit money to savings on the go. 

Jenius Bank doesn't include either one with its savings accounts. 

Now, is that good or bad? It depends. 

If you want to be able to save money and not be tempted to spend it, then not having a debit card or ATM card is a good thing. On the other hand, if you're using this account for emergency savings and find yourself in a situation where you need immediate access to funds, it's not so great. 

Keep in mind, however, that not getting a debit or ATM card with a savings account is not unusual. Banks more often offer these cards with checking accounts or money market accounts instead. 

Account Management

Jenius Bank offers online banking access to manage savings. You can use online banking to:

  • Open a new Jenius Bank savings account
  • Review transaction history
  • Download statements
  • Link external accounts
  • Transfer funds between linked accounts
  • Set up direct deposit

Since you don't get a debit card or ATM card, your options for depositing and withdrawing funds are limited to direct deposit and ACH transfers. 

Jenius does not appear to have a mobile banking app at this time, so remote check deposit isn't an option. You can deposit paper checks by mail. You'll just need to sign them and mail them to Jenius. 

FDIC Insurance

Jenius Bank is a division of SMBC MANUBANK, a California-based chartered bank. SMBC is an FDIC-member institution which means your Jenius Bank deposits are covered by FDIC insurance

FDIC insurance protects your deposits if a bank fails. While it doesn't happen often, it can happen and the FDIC steps in to protect customers when it does. 

The current FDIC coverage limit is $250,000 per depositor, per account ownership type, per financial institution. 

What to Look for in a Savings Account

Savings accounts can help you reach your financial goals but they aren't all alike. You may want to spend some time shopping around to find an account that best fits your needs. 

Here are a few things to keep in mind as you look at different savings options. 

  • What is the interest rate and APY?
  • How are rates applied?
  • Is there a minimum opening deposit and if so, how much is it?
  • Is there a monthly fee?
  • Are there ways to avoid a monthly fee?
  • What other fees will you pay?
  • Does the bank offer online and mobile banking access?
  • Will you get an ATM card or debit card?
  • If so, how big is the ATM network?
  • Are there branch locations you can visit? 
  • Does the savings account include helpful features or tools, like round-ups or savings calculators? 
  • Are there limits on how much you can deposit or withdraw?
  • Can you link your savings account to a checking account for overdraft protection?
  • What options do you have for contacting customer service if you need help?
  • What will you need to open a new account? 
  • Are deposits FDIC insured?

Beyond savings accounts, you may want to consider the bank's other products or services. While some online banks only offer savings accounts, others may offer checking accounts, money market accounts or CDs. 

You can compare savings accounts at online banks first, then look at what traditional banks offer to see how they compare. 

Frequently Asked Questions

Is Jenius Bank legit?

Jenius Bank is a legitimate neobank. It operates as a division of SMBC MANUBANK to offer FDIC-insured savings accounts. Like other neobanks, Jenius attempts to offer up a different experience to savers who may be looking for an alternative to traditional banks. 

Are online savings accounts safe?

Online savings accounts are a safe place to keep your money if you're saving with an FDIC-member institution. When comparing online savings accounts, check the FDIC coverage and look at what type of security measures the bank uses to protect your personal and financial information. 

Is saving at an online bank worth it?

Saving with an online bank like Jenius could be worth it if you're looking for a competitive savings rate with minimal fees. Jenius Bank doesn't pile on the high fees that other banks charge and the APY is one of the best you'll find. You just have to remember that saving with an online bank usually means forgoing branch banking access.