Jenius Bank™ Unveils New Savings Account Product, Fueling More Positive Financial Futures

Rhea-AI Summary

Jenius Bank, the digital division of Manufacturers Bank, announced the launch of its latest offering - the Jenius Bank Savings Account. This new product is designed to empower customers to achieve their financial goals with greater ease and flexibility, offering a market-leading rate and key features such as no minimum balance requirement, FDIC insured funds, around-the-clock customer service, and no fees. The launch follows the recent launch of Jenius Bank Personal Loans, demonstrating the rapid growth of the new digital bank.

Tailored specifically to meet consumer demand, Savings marks the digital bank’s latest offering in a roster of upcoming new services

LOS ANGELES--(BUSINESS WIRE)-- Jenius Bank™, is the digital division of Manufacturers Bank, a California state-chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group, announced the launch of its latest offering - the Jenius Bank Savings Account. This new product, which comes to market following the recent launch of Jenius Bank Personal Loans, is designed to empower customers to achieve their financial goals with greater ease and flexibility.

According to the Wall Street Journal, Americans are missing out on billions they could be earning with a better rate. With such an overwhelming consumer gap, Jenius Bank used its extensive and ongoing consumer research program to understand what a new savings product could do to help advance consumers’ financial and life goals and reduce stress. As a result, Jenius Bank is offering a market-leading rate, ensuring that customers' hard-earned money grows at an accelerated pace.

Key features of the Jenius Savings Account, in addition to the market-leading rate, include:

• No Minimum Balance Requirement: Customers can grow their savings on their terms. Accounts can be opened with as little or as much as they want.
• FDIC Insured Funds: To prioritize the safety and security of customer funds, deposits are FDIC insured up to the maximum allowable by law. Deposits at Jenius Bank and Manufacturers Bank are combined for the purpose of calculating FDIC insurance limits.
• Around-the-Clock Customer Service: Jenius Bank’s customer service is 100% digital for those who prefer it, and 100% human when customers want it, providing 24/7 access to U.S. based customer care, by phone or online chat.
• No fees: Unlike other banks, savings accounts through Jenius Bank will not have any fees. No monthly, withdrawal, inactivity, overdraft, account opening or closing, or excessive transaction fees, enabling customers to save even more.
• Continuous Fraud Monitoring: Customers can rest easy knowing that Jenius Bank monitors against fraud day and night, all year.

"Jenius Bank’s goal isn’t to create just another savings account option. We wanted to put something in-market that truly addressed the top needs of consumers in today’s climate,” said John Rosenfeld, President of Jenius Bank. "We’ll continue to take this approach in developing the rest of our product suite as a further commitment to giving our customers the tools they need to empower themselves with smarter banking to create a richer life for themselves."

This launch comes just months after Jenius Bank’s inaugural launch of personal loans, demonstrating the rapid growth the new digital bank is experiencing. The Jenius Bank Savings Account is available to both existing and new customers, and they can open an account at www.jeniusbank.com.

“We’re committed to crafting all of our products with great consideration for the insights we receive from our consumer research, and this savings launch is no exception,” says Andrew Harris, Managing Director and Head of Product at Jenius Bank. “From the early days of development, we understood the need for competitive rates and flexibility needed in a savings account, and will continue to prioritize our consumer insights to inspire features for future rollouts.”

To learn more about Jenius Bank Savings and Personal Loan options, please visit www.jeniusbank.com.

About Jenius Bank

Now open to customers, Jenius Bank has a mission to help people live a richer life through actionable insights and innovative tools powered by best-in-class technology. The bank currently offers personal loans and a savings product, with a mobile app launching in the coming months. Jenius Bank is the digital division of Manufacturers Bank, a California state-chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. The Jenius Bank team works primarily remotely with employees in 39 states, but also maintains offices for team collaboration in Phoenix, Arizona; Los Angeles, California; New York, New York; and Charlotte, North Carolina. To learn more information about Jenius Bank, visit www.jeniusbank.com.

About SMBC Group

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 150 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and ADRs on the New York (NYSE: SMFG) stock exchanges.

In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com.

About Manufacturers Bank

Founded in 1962, Manufacturers Bank is a California state-chartered commercial bank based in Los Angeles and is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. Manufacturers Bank serves the specialized needs of middle-market businesses, manufacturers, wholesalers, distributors, importers, exporters, and service companies. For more information, please visit www.manufacturersbank.com.

This document may contain forward looking statements, which may include projections, forecasts, income estimates, yield or return, future performance targets, or similar analysis. Any such forward-looking statements, prices, indices, or measures are based upon certain assumptions. All forward-looking statements are based on the information available at the time the document was prepared, and Jenius Bank is not obligated to provide an update. Actual events may differ from those assumptions or available information. Any opinions, projections, price/yield information or estimates are subject to change without notice. There can be no assurance that any estimated returns or projections will be realized, that forward-looking statements will materialize, or that actual results will not be materially different from those presented herein. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. The value, price or income from transactions or strategies may fall as well as rise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231107705837/en/

Press:

Bianca Repasi

SourceCode Communications

jeniusbank@sourcecodecomms.com

Source: Jenius Bank

FAQ

What is the latest offering from Jenius Bank?

The latest offering from Jenius Bank is the Jenius Bank Savings Account, designed to empower customers to achieve their financial goals with greater ease and flexibility.

What are the key features of the Jenius Savings Account?

Key features include a market-leading rate, no minimum balance requirement, FDIC insured funds, around-the-clock customer service, and no fees.

How can customers open a Jenius Savings Account?

Customers can open an account at www.jeniusbank.com.

Is the Jenius Savings Account available to new customers?

Yes, the Jenius Savings Account is available to both existing and new customers.

What is the goal of Jenius Bank's latest offerings?

Jenius Bank's goal is to empower customers with smarter banking to create a richer life for themselves.