Jenius Bank™, the new digital division of SMBC MANUBANK, a wholly-owned subsidiary of SMBC Americas Holdings, Inc., hit a milestone last week, reaching $1 billion in deposits for its high-yield savings product. Currently offering a market-leading rate of 5.25% APY, the Jenius Savings product is designed to empower customers to take control of their financial future and achieve their financial goals with greater ease and flexibility.
Jenius Bank’s digital banking business launched in the summer of 2023 and has experienced growth across both its products currently in market. Reaching $1 billion in deposits and over $700 million in loans, all before Jenius Bank’s first anniversary, clearly illustrates that consumer preferences are evolving, and the financial services industry needs to evolve with them.
“The overwhelming response to our savings product reaffirms our belief that consumers are increasingly seeking innovative banking solutions that offer convenience, security, and competitive returns,” said John Rosenfeld, President of Jenius Bank. “We remain dedicated to empowering our customers on their financial journeys by leveraging consumer research to deliver stress-free products designed for their evolving needs.”
Americans that are not taking advantage of a High-Yield Savings Account (HYSA) like Jenius Savings are missing out on billions of dollars they could be earning with a better rate. That lack of financial optimization could be causing consumers unnecessary stress. Jenius Bank is dedicated to helping advance consumers’ financial and life goals, reducing stress with every product offering.
“Jenius Bank’s portfolio is a cornerstone of our strategic vision for SMBC’s long-term roadmap,” said Hirofumi Otsuka, CEO of SMBC Americas Division. “This new U.S. consumer business is a testament to SMBC’s commitment to driving sustainable growth, diversifying our business, and creating exceptional products that meet the needs of the modern-day consumer.”
With a startup mindset and a rich banking history, Jenius Bank aims to continue providing consumers with the tools they need to live a richer life. Currently, Jenius Bank offers both a savings and personal loan product, with plans to expand its products and features in the future.