Financial news

Jenius Bank, the digital division of Manufacturers Bank, a California state-chartered commercial bank, has launched a new savings account, designed to designed to help customers 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 savings rate, in an effort to ensure that customers’ hard-earned money grows at an accelerated pace.

John Rosenfeld, president of Jenius Bank, commented: “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.

“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.”

Jenius Bank enjoys growth

The new Jenius Bank offering enables customers to open accounts with as little or as much money as they want, thanks to no minimum balance requirement.

Furthermore, to prioritise 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 to calculate FDIC insurance limits.

This launch comes just months after Jenius Bank’s inaugural launch of personal loans, demonstrating the rapid growth the new digital bank is experiencing.

Andrew Harris, managing director and head of product at Jenius Bank, also added: “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.

“From the early days of development, we understood the need for competitive rates and flexibility needed in a savings account, and will continue to prioritise our consumer insights to inspire features for future rollouts.”