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Jenius Bank vs. SoFi: Which online-only bank is better?
Online banks offer several advantages over traditional brick-and-mortar banks, especially if you value convenience, competitive rates, and lower fees.
If you’re considering switching to an online bank, you may have come across two major players: Jenius Bank and SoFi. Both banks are known for their high-yield savings accounts and low fees. So which bank is better? Here’s a closer look at how Jenius Bank and SoFi compare to help you make a more informed decision.
Jenius Bank vs. SoFi: General overview
About Jenius Bank
Jenius Bank is the digital banking division of SMBC MANUBANK, a California state-chartered commercial bank based in Los Angeles. Jenius Bank offers personal loans and high-yield savings accounts.
Read our full review of Jenius Bank here
About SoFI
Social Finance Inc. — better known as SoFi — is an online financial company founded in 2011 by a group of Stanford business school students. In 2012, SoFi launched its Student Loan Refinancing program for federal and private student loans. Currently, SoFi serves more than 6.9 million customers and has expanded its product offering to include lending, investing, personal banking, insurance, and more.
Read our full review of SoFi here
Jenius Bank vs. SoFi: Deposit account options
Checking accounts
Jenius Bank does not currently offer a checking account.
Meanwhile, SoFi offers a checking account that earns 0.50% APY — more than seven times the national average interest rate for interest-bearing checking accounts. There is no minimum opening deposit or minimum balance requirement associated with this account. There are also no monthly maintenance fees or overdraft fees. In fact, SoFi’s checking account ranks among our list of the 10 best free checking accounts available today.
SoFi is currently offering a bonus of up to $300 to new customers who open an online bank account (SoFi’s combination checking and savings account) and set up direct deposit.
Read more: 7 best checking account bonus offers and promotions
Savings accounts
Jenius Bank and SoFi both offer high-yield savings accounts with competitive interest rates, though Jenius Bank comes out on top with an impressive 4.80% APY versus SoFi’s maximum rate of 4.00% APY. However, SoFi does offer a generous sign-up bonus, and is also ranked no. 1 among our top 10 high-yield savings accounts available today.
There is no minimum opening deposit or minimum balance requirement for either account. There are also no monthly maintenance fees associated with either account.
Jenius Bank vs. SoFi: Additional products and services
In addition to its high-yield savings account, Jenius Bank offers personal loans from $5,000 to $50,000.
SoFi offers a long list of products and services, including home, auto, personal, and student loans, investment products, credit cards, insurance products, and more.
Does Jenius Bank or SoFi have better APYs?
This will depend on the type of account you’re interested in opening. Jenius Bank does not currently offer a checking account, but SoFi does offer an interest-earning checking account with 0.50% APY. On the other hand, Jenius Bank’s high-yield savings account rate is 80 basis points higher than SoFi’s.
Does Jenius Bank or SoFi have lower fees?
Both banks have similar fee structures and do not charge monthly maintenance fees, overdraft fees, or penalties for not meeting minimum balance requirements.
Who should bank with Jenius Bank?
It’s important to note that SoFi does not offer standalone checking and savings accounts; its online bank account is a combination checking and savings account. If you prefer to keep your bank accounts separate, and also want to earn the highest possible APY, Jenius Bank may be a better fit.
Who should bank with SoFi?
SoFi offers a longer list of products and services. In addition to its interest-bearing checking and savings accounts, it also offers lending products, investment products, credit cards, and more. Jenius Bank only offers two types of products at the moment. So, if your banking needs are a bit more extensive, SoFi will likely have more to offer.
SoFi checking and savings disclosures
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi does not charge any account, service or maintenance fees for SoFi Checking and Savings. It does charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
