Jenius Bank is ramping up its ambitions to become a full-service bank for the US market. And now the digital banking division of Manufacturers Bank has launched its first savings account product offering a 4.75% rate. Manufacturers Bank is a California state chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings. SMBC in turn is part of Sumitomo Mitsui, Japan’s second-largest bank by assets.
The new product comes to market following the launch in July of Jenius Bank Personal Loans. Jenius says the savings product is designed to empower customers to achieve their financial goals with greater ease and flexibility.
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Jenius says that American savers are missing out on billions they could be earning with a better rate. It has undertaken consumer research to understand what a new savings product could do to help advance consumers’ financial and life goals and reduce stress.
4.75% rate, no minimum balance, no fees
As a result, Jenius Bank says that the savings product launches by offering a market-leading rate of 4.75%. In addition, the account requires no minimum balance requirement. Customers can grow their savings on their terms. Deposits are FDIC insured up to the maximum allowable. Deposits at Jenius Bank and Manufacturers Bank are combined for the purpose of calculating FDIC insurance limits.
Jenius Bank’s customer service is 100% digital for those who prefer it, and 100% human when customers want it. It provides 24/7 access to US based customer care, by phone or online chat. The account does not apply fees for withdrawal, inactivity, account opening or closing.
“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. It is a further commitment to giving our customers the tools they need to empower themselves with smarter banking to create a richer life for themselves.” The Jenius Bank savings account is available to both existing and new customers.
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