Jenius Bank Surpasses $1 Billion in Deposits

Jenius Bank, a digital division of SMBC MANUBANK, reached $1 billion in deposits for its high-yield savings product, offering a 5.25% APY.

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05/28/2024 - 09:00 AM EDT

The new digital banking division of SMBC MANUBANK hits milestone by deeply understanding consumers’ needs and empowering them with a market-leading rate

LOS ANGELES--(BUSINESS WIRE)-- 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% APY¹, 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.

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

About Jenius Bank
Jenius Bank has a mission to help people live a richer life through actionable insights and innovative tools powered by first class technology. The bank currently offers personal loans and high-yield savings accounts, with a mobile app launching in the coming months. Jenius Bank is the digital division of SMBC MANUBANK, a California state-chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. 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, SMBC MANUBANK, 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 SMBC MANUBANK
Founded in 1962, SMBC MANUBANK 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. SMBC MANUBANK serves the specialized needs of middle-market businesses, manufacturers, wholesalers, distributors, importers, exporters, and service companies. For more information, please visit www.smbcmanubank.com.

Jenius Bank is a division of SMBC MANUBANK. Member FDIC.

¹Variable Annual Percentage Yield (APY) as of 2/13/2024 and subject to change at anytime.