Question 1

Is a Jenius Savings account a high-yield account?

Accepted Answer

Yes! "High-yield" is typically a term that means a savings account earns higher annual percentage yield (APY) on the balance amount. Jenius Savings accounts definitely do that! Many banks use marketing lingo like high-yield, but it's the actual APY and features of an account that we recommend you focus on. Jenius Savings is not a CD (certificate of deposit) or money market account, and neither of those are currently offered at Jenius Bank.

Question 2

How can Jenius Bank offer such great rates?

Accepted Answer

Jenius Bank offers market leading rates on its savings accounts. Our focus on using advanced technology instead of physical bank branches lowers overhead expenses, enabling us to offer better rates and no fees, unlike traditional brick-and-mortar institutions.

Question 3

Are my savings protected at Jenius Bank?

Accepted Answer

Yes! Eligible deposits are insured for the maximum amount allowed by law with the FDIC (Federal Deposit Insurance Corporation). No matter what might happen, each Jenius Savings customer would be eligible for up to $250,000 in FDIC coverage*. If you are a Jenius Savings customer with a jointly owned account, you could be eligible for even higher FDIC coverage. Understanding the laws and regulations for FDIC insurance can be complicated, so they have a tool called the Electronic Deposit Insurance Estimator that can help you verify the maximum FDIC insurance for your deposits.

Question 4

Am I eligible for a Jenius Savings account?

Accepted Answer

Getting a Jenius Savings account is easy, but there are a few requirements. Applicants must: be over the age of 18, have a social security number, have a permanent U.S. resident address, and not reside in Hawaii or New Mexico. Jenius Bank does not currently offer savings accounts for businesses, trusts, or organizations.  To open an account, visit https://deposits.secure.jeniusbank.com/openaccount/.

Question 5

Can I open a joint savings account?

Accepted Answer

Yes! We offer joint savings accounts. All applicants are required to be 18+, have a social security number, and a permanent U.S. resident address. We are not accepting applications from residents of Hawaii and New Mexico at this time.

Question 6

Is there a minimum balance to open an account or earn interest?

Accepted Answer

No! Jenius Savings accounts require no monthly minimum deposit to open an account and no monthly minimum balance to earn interest. So, as soon as we receive your funds, you will begin earning interest to help grow your savings and reach your financial goals.

Question 7

Are there any fees?

Accepted Answer

Unlike other banks, you'll never pay a fee of any kind with a Jenius Savings account. For example, there are no monthly maintenance fees, account opening fees, or transaction fees. No gotchas.

Question 8

How do I deposit funds into my Jenius Savings account?

Accepted Answer

Depositing funds into your Jenius Savings account is simple. Link an external bank account to make a one-time or recurring deposit or set up direct deposit with your employer to deposit all or part of your paycheck into your Jenius Savings account. Additionally, funds can be deposited via mail by sending an endorsed check, made payable to you, with your account number written below the signature to Jenius Bank Deposits at P.O. Box 7923, Carol Stream, IL 60197-7923.

Question 9

How do I withdraw funds from my Jenius Savings account?

Accepted Answer

Withdrawing funds from your Jenius Savings account is easy and fee-free. Sign into jeniusbank.com or the Jenius Bank Mobile app and schedule a withdrawal whenever you need money.

Question 10

How is interest calculated?

Accepted Answer

Interest is compounded daily and paid at the end of each month.

Question 11

What is the difference between APY and interest rate?

Accepted Answer

The key difference between APY and interest rate is compound interest. APY includes interest earned on the original balance and the amount earned in one year, whereas interest rate only accounts for interest earned on the original balance. At Jenius Bank, we compound interest daily, so APY is a more precise indicator for calculating earnings.

Question 12

Will my Jenius Savings APY ever change?

Accepted Answer

Jenius Bank offers market leading savings account rates, though it is possible your Jenius Savings account APY could increase or decrease as market conditions change over time. For example, the Federal Reserve could decide to change interest rates, which in turn could affect the APY we are able to offer.

Question 13

What is the routing number for Jenius Bank?

Accepted Answer

Jenius Bank's routing number is 122045354.

Question 14

Can I add beneficiaries to my Jenius Savings account?

Accepted Answer

Yes! You can add as many as four individuals as beneficiaries (18 years or older) to your account. Adding a beneficiary must be done directly over the phone by calling 844-453-6487. You will need to provide each beneficiary’s first and last name, date of birth, and Social Security number, when speaking with our customer support team.

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