Latest news with #highYieldSavings
Yahoo
6 days ago
- Business
- Yahoo
Jenius Bank review (2025): Simple online banking with competitive rates and no fees
Summary: 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. Jenius Bank offers the following products and services: The Jenius High-Yield Savings Account is currently offering a 4.20% APY — that's more than 10 times the national average for savings accounts. There are no monthly fees or minimum balance requirements for this account and interest is compounded daily. Jenius personal loans start at $5,000 and go up to $50,000 with rates from 8.99% to 23.49%. There are no loan origination fees, prepayment fees, or charges for late or missed payments. Repayment terms for a Jenius personal loan range from 36 months to 72 months. Jenius is not currently accepting personal loan applications on its website. However, you may be able to qualify for a Jenius loan if you apply through Intuit Credit Karma or Lending Tree and meet eligibility embedded content is not available in your region. Jenius Bank does not charge any fees for its savings accounts. Additionally, you will never pay loan origination fees, prepayment fees, late or missed payment fees, transaction fees, and the like as a Jenius customer. Here are some of the major pros and cons of banking with Jenius Bank: Pros: Competitive interest rate for high-yield savings account: Jenius Bank's high-yield savings account offers 4.20% APY, which is one of the highest rates available. No fees or minimum balance requirements: Jenius does not currently charge any fees for its accounts or personal loans. There is also no minimum balance requirement to keep your account open or avoid fees. 24/7 customer service: Jenius bankers are available to chat 24/7. Cons: Limited account options: Jenius only offers savings accounts and personal loans. It does not currently offer checking accounts, money market account accounts, credit cards, or other types of financing. This could be a drawback for customers with more extensive banking needs. No physical branches: Jenius operates online only and does have any physical branches for customers to visit. Certain products are not available in every state: Jenius savings accounts are not available for residents of Hawaii or New Mexico. Additionally, Jenius is not accepting personal loan applications from residents of Hawaii, Nevada, or Wisconsin. Jenius Bank representatives are available to assist customers 24/7 at 844-453-6487. Jenius also has a mobile app available for download on the App Store and Google Play. The app has a rating of 4.3 stars and 3.9 stars, respectively. Customers can use the app to view account balances, transactions, and account details, transfer money between accounts, and more. Yes, Jenius savings deposits are FDIC-insured up to the federal limit of $250,000 per depositor, per ownership category. Jenius Bank's routing number is 122045354. Jenius Bank is the digital division of SMBC MANUBANK, a California state-chartered commercial bank and wholly owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group.
CNET
6 days ago
- Business
- CNET
Want to Earn 5% on Your Savings? This Bank Makes You Exercise for It
If you've been following CNET Money's recommendations for high-yield savings accounts, you probably know that snagging a high interest rate can help you grow your money faster than it would in a traditional savings or checking account. Just a few years ago, it wasn't hard to find an HYSA with a 4% annual percentage yield, with some APYs going as high as 5%. In 2025, however, only a small number of banks are offering such good returns. I went on a hunt to find the highest APY possible and saw a bank offering over 5%. As usual, there's a catch. But this one's unique. In fact, it's tailored to reward you for having an active lifestyle. FitnessBank is an online-only bank offering 5% or 4.55% APY on your savings, depending on meeting certain requirements. I'd never heard of it before, but it's FDIC-insured to protect your money up to $250,000 per person. I love working out, from indoor cycling to running. So, I took a closer look at FitnessBank's savings account requirements to learn more about maximizing my savings earnings. Here's what I found. What to know about FitnessBank's interest-earning accounts The Fitness Savings account has a rather interesting requirement: a step challenge. You'll need an average minimum of 10,000 steps daily, or 7,500 if you're 65 or older. Even if you fall short of your goal some days, the average for the statement period is what counts. FitnessBank says running, swimming and cycling also count toward your goal. There are no step requirements for the first month. To earn the "ultra rate" of 5% APY on your savings, you'll need to bundle your savings with FitnessBank's Elite checking account and meet the following combined criteria. An average minimum balance of $5,000 Must use the FitnessBank Step Tracker to link your step data to your savings account A minimum of 15 debit card purchases per statement cycle A minimum $100 opening deposit FitnessBank has other account options with above-average APYs as well. If you meet all of the requirements, for example, the Elite checking account alone offers a rewarding interest rate of 5.35% APY. FitnessBank also offers a savings account without a checking account that earns 4.55% APY. If you can't make the step count, your APY will drop to a lower rate that's more in line with a traditional bank account. A breakdown of criteria and corresponding interest rates is listed on the website. Is FitnessBank's 5% APY worth it? Choosing the right savings account depends on your lifestyle and needs. Most high-yield savings accounts don't offer 5% returns, but they might have more flexible requirements. If you're worried about meeting FitnessBank's fitness and financial criteria, I'd recommend researching other high-yield savings accounts with above-average APYs that aren't as strict. For example, both Ally and Capital One have a savings APY of 3.60%, and you won't be penalized for kicking your feet up and relaxing. These Are the Safest Places to Keep Your Money Right Now These Are the Safest Places to Keep Your Money Right Now Click to unmute Video Player is loading. Play Video Play Skip Backward Skip Forward Next playlist item Unmute Current Time 0:00 / Duration 3:55 Loaded : 5.13% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 3:55 Share Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset Done Close Modal Dialog End of dialog window. Close Modal Dialog This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Close Modal Dialog This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. These Are the Safest Places to Keep Your Money Right Now
Forbes
6 days ago
- Business
- Forbes
CD Rates Today: June 2, 2025 - Take Home Up To 5.02%
The best interest rates on CDs—certificates of deposit—pay up to 5.02% today, based on certificate term lengths. Here's an overview of how CD rates are changing, followed by a guide to the current top CD rates across different terms. A CD is a particular type of savings account that pays a fixed interest rate for a set period of time. The benefit is that you'll typically receive a better yield than what you could find from a high-yield savings account. The drawback is that you can't touch the money before the CD matures without paying a withdrawal penalty. For instance, you could lose an entire year's worth of interest if you withdraw funds from a five-year CD before it reaches maturity. Three-month CDs are a good option for short-term savings goals. The current average rate on a three-month CD sits at 1.3%, but the highest rate is 4.67%. The average rate is unchanged from a week ago. A six-month CD offers a nice blend of high yields and short-term time commitment, and the highest yield you can find is 4.94%, about the same as last week. The current average APR for a six-month CD is 1.77%. The highest interest rate currently available on a one-year CD—one of the most popular CD terms—is 5.02%. If you discover a rate in that neighborhood, you're getting a good deal. That rate hasn't changed much since last week. The average APY, or annual percentage yield, on a one-year CD is now 1.83%, unchanged from a week ago. If you can hold out for two years, 24-month CDs today are being offered at interest rates as high as 4.52%. That's the same as this time last week. The average APY for the CD is 1.65%, flat to last week's average. Today, the highest rate on a three-year CD stands at 4.27%, so you'll want to shop around for that rate or something near it. The average rate APY is 1.58%. On a five-year CD, the highest rate today is 4.26%. APYs are averaging 1.59%, similar to last week. If you opt for a five-year CD, make sure you're aware of the early withdrawal penalty. It's not unusual to lose one full year's worth of interest or more if you break open a five-year CD before it matures. The best rate today on jumbo CDs is 4.94% for a 6-month term. As with non-jumbo, various term lengths are available. The average APY for the 6-month CD is currently 1.82%. Most jumbo CDs require a minimum deposit of $100,000—and some even require $250,000. However, there's no universally agreed-upon definition regarding what qualifies as a "jumbo" CD. Some banks and credit unions slap the label "jumbo" on CDs you can open with $50,000, $25,000 or even less. Related: CD Interest Rates Forecast: How Good Will They Get? Digital banks tend to have an edge over traditional outfits thanks to lower overhead costs and the need to offer top-of-market yields to attract new customers. Take Chase Bank (traditional), Capital One (hybrid) and Synchrony Bank (online). Be sure to compare a few options with the types of banks you're most comfortable with. Other top CD rates by banks include: CDs are a relatively simple savings tool: You open an account with a deposit (your principal), let your money sit for a predetermined period of months or years while you enjoy the magic of compounding interest. Many CDs (as well as share certificates offered by credit unions) require a minimum deposit (typically less than $10,000 unless it's a jumbo CD) to open your account. Some financial institutions allow you to fund an account with as little as a penny. But banks and credit unions typically won't allow you to add to your deposit once the term begins and the clock starts ticking. And they're serious about not letting you crack open your CD or share certificate too soon. Early withdrawal penalties can be so tough that they'll eat into your principal, not just take back some of your interest. CDs typically pay higher interest than other savings vehicles, even the best high-yield savings accounts and money market accounts. And while they may not offer the kind of enviable returns that are possible with stocks, CDs beat the more attention-getting investments in one regard: They're one of the safest places to put your money. Investors lost millions in the 2022 crypto crash, and putting your money into the stock market, real estate or gold and other commodities can be risky, too. But when you buy a certificate of deposit or credit union share certificate from a federally insured financial institution, you can sleep easily with the knowledge that your investment is protected. The Federal Deposit Insurance Corp. provides you with up to $250,000 in coverage in the event the bank issuing your CD ever fails. For share certificates purchased from federal credit unions and most state-chartered credit unions, the National Credit Union Administration insures your money up to the same limit. Traditional brick-and-mortar banks have far greater operating expenses than banks that only exist online. That's why online banks are usually able to offer more attractive APYs on CDs – they have lower overhead costs, so they can afford to pay higher interest rates to customers. Related: CD Interest Rates Forecast: How Good Will They Get? Curinos determines the average rates for certificates of deposit (CDs) by focusing on specific CDs and excluding others. Certain types, such as promotional offers, relationship-based rates, private, youth, senior, student/minor, affinity, bump-up, no-penalty, callable, variable, step-up, auto transfer, club, gifts, grandfathered, internet-only and IRA CDs are not considered in the calculation. You build a CD ladder by saving your money in multiple CDs with cascading term lengths. For instance, you might buy a one-year CD, a two-year CD, a three-year CD, a four-year CD and a five-year CD. As each of the shorter-term CDs matures, you replace it with a new five-year CD. Follow this plan and you'll have one better-yielding five-year CD maturing each year. If you're ever having a bad year, you could take some of the cash from the expiring CD and use it to pay bills instead of pouring it all into a fresh CD. Comparison shop to track down the best CD rates. Banks and credit unions compete by offering alluring yields to land your business, so shopping around is a must before you purchase any bank CD or credit union share certificate. CDs usually come with zero fees, meaning your money won't be nibbled at by the monthly maintenance fees that are typical with many savings, checking and money market accounts. You will likely be charged an early withdrawal penalty if you end your CD term early. Make sure you won't need access to your cash in the meantime.
Forbes
30-05-2025
- Business
- Forbes
CD Rates Today: May 30, 2025 - Earn As Much As 5.02%
The best interest rates on CDs (certificates of deposit) currently top out at 5.02%, depending on the term. Here's a look at how CD rates are trending, along with an overview of the best rates for various terms. A CD is a particular type of savings account that pays a fixed interest rate for a set period of time. The benefit is that you'll typically receive a better yield than what you could find from a high-yield savings account. The drawback is that you can't touch the money before the CD matures without paying a withdrawal penalty. For instance, you could lose an entire year's worth of interest if you withdraw funds from a five-year CD before it reaches maturity. Three-month CDs are a good option for short-term savings goals. The current average rate on a three-month CD sits at 1.3%, but the highest rate is 4.67%. The average rate is unchanged from a week ago. A six-month CD offers a nice blend of high yields and short-term time commitment, and the highest yield you can find is 4.94%, about the same as last week. The current average APR for a six-month CD is 1.77%. For a 12-month CD, one of the most popular CD terms, the highest interest rate available is 5.02%. That rate hasn't changed much since last week. The average APY, or annual percentage yield, on that CD now stands at 1.83%, unchanged from a week ago. If you can hold out for two years, 2-year CDs today are being offered at interest rates as high as 4.52%. That's the same as this time last week. The average APY for the CD is 1.65%, flat to last week's average. Today's highest rate on a three-year CD is 4.27%, so you'll want to shop around for that rate or something near it. The average APY stands at 1.58%. The highest rate available today for a five-year CD is 4.26%. The average APY is 1.59%, similar to last week. The longer the term, the higher the early withdrawal penalty. It's not unusual to lose one full year's worth of interest or more if you break open a five-year CD early. Be absolutely certain you understand the penalty before you make your investment. The best rate today on jumbo CDs is 4.94% for a 6-month term. As with non-jumbo, various term lengths are available. The average APY for the 6-month CD is currently 1.82%. Most jumbo CDs require a minimum deposit of $100,000—and some even require $250,000. However, there's no universally agreed-upon definition regarding what qualifies as a "jumbo" CD. Some banks and credit unions slap the label "jumbo" on CDs you can open with $50,000, $25,000 or even less. Related: CD Interest Rates Forecast: How Good Will They Get? When looking for the best CD rates, cast a wide net. Study the offerings from traditional banks, credit unions and digital firms. You may be surprised that a credit union you've never heard of provides the highest yields. For example, PenFed Credit Union's CD rates currently range from 2.90% to 3.40% while U.S. Bank CD rates currently range from 0.05% to 0.25%. Other top CD rates by banks include: You "purchase" a CD from a financial institution by opening an account with a lump-sum deposit, which is your principal. Many CDs and share certificates (accounts similar to bank CDs but offered by credit unions) have minimum deposits you must meet, which typically range from a few hundred to several thousand dollars. Once you deposit your principal, the clock starts on your timed investment, and you begin earning interest. The bank or credit union will provide you with regular statements showing how much you're earning. You may accrue interest daily, monthly or quarterly. Try not to tap your CD before the term ends. Early withdrawal penalties can be so severe that they negate your interest and then start eating into your principal. CDs typically pay higher interest than other savings vehicles, even the best high-yield savings accounts and money market accounts. And while they may not offer the kind of enviable returns that are possible with stocks, CDs beat the more attention-getting investments in one regard: They're one of the safest places to put your money. Investors lost millions in the 2022 crypto crash, and putting your money into the stock market, real estate or gold and other commodities can be risky, too. But when you buy a certificate of deposit or credit union share certificate from a federally insured financial institution, you can sleep easily with the knowledge that your investment is protected. The Federal Deposit Insurance Corp. provides you with up to $250,000 in coverage in the event the bank issuing your CD ever fails. For share certificates purchased from federal credit unions and most state-chartered credit unions, the National Credit Union Administration insures your money up to the same limit. Traditional brick-and-mortar banks have far greater operating expenses than banks that only exist online. That's why online banks are usually able to offer more attractive APYs on CDs – they have lower overhead costs, so they can afford to pay higher interest rates to customers. Related: CD Interest Rates Forecast: How Good Will They Get? Curinos determines the average rates for certificates of deposit (CDs) by focusing on specific CDs and excluding others. Certain types, such as promotional offers, relationship-based rates, private, youth, senior, student/minor, affinity, bump-up, no-penalty, callable, variable, step-up, auto transfer, club, gifts, grandfathered, internet-only and IRA CDs are not considered in the calculation. You build a CD ladder by saving your money in multiple CDs with cascading term lengths. For instance, you might buy a one-year CD, a two-year CD, a three-year CD, a four-year CD and a five-year CD. As each of the shorter-term CDs matures, you replace it with a new five-year CD. Follow this plan and you'll have one better-yielding five-year CD maturing each year. If you're ever having a bad year, you could take some of the cash from the expiring CD and use it to pay bills instead of pouring it all into a fresh CD. Comparison shop to track down the best CD rates. Banks and credit unions compete by offering alluring yields to land your business, so shopping around is a must before you purchase any bank CD or credit union share certificate. CDs usually come with zero fees, meaning your money won't be nibbled at by the monthly maintenance fees that are typical with many savings, checking and money market accounts. You will likely be charged an early withdrawal penalty if you end your CD term early. Make sure you won't need access to your cash in the meantime.
Forbes
20-05-2025
- Business
- Forbes
CD Rates Today: May 20, 2025
The best interest rates on CDs (certificates of deposit) currently top out at 5.02%, depending on the term. Here's a look at how CD rates are trending, along with an overview of the best rates for various terms. A CD is a specific type of savings account (known as a time deposit account) that comes with a fixed interest rate and a maturity period. CDs, depending on the yield, typically offer better yields than high-yield savings accounts. The tradeoff is that you can't access your cash until the CD matures, otherwise you'll owe a withdrawal fee. The longer the term, the harsher the early withdrawal penalty. It's not unusual to lose one full year's worth of interest or more if you break open a five-year CD too soon. Be absolutely certain you understand the penalty before you make your investment. Three-month CDs are a good option for short-term savings goals. The current average rate on a three-month CD sits at 1.3%, but the highest rate is 4.67%. The average rate is unchanged from a week ago. If you're interested in a short-term CD with high yields, consider a six-month CD. The best rate today is 4.94%. The current average APR for a six-month CD is 1.77%, about the same as last week. The highest interest rate currently available on a 12-month CD—one of the most popular CD terms—is 5.02%. If you discover a rate in that vicinity, you've found a good deal. That rate hasn't changed much since last week. The average APY, or annual percentage yield, on a one-year CD is now 1.83%, unchanged from a week ago. If you can hold out for two years, 24-month CDs today are being offered at interest rates as high as 4.52%. That's the same as this time last week. The average APY for the CD is 1.66%, flat to last week's average. Today's highest rate on a three-year CD is 4.27%, so you'll want to shop around for that rate or something near it. The average APY stands at 1.58%. The highest rate available today for a five-year CD is 4.26%. The average APY is 1.59%, similar to last week. If you opt for a five-year CD, make sure you're aware of the early withdrawal penalty. It's not unusual to lose one full year's worth of interest or more if you break open a five-year CD before it matures. The best rate today on jumbo CDs is 4.94% for a 6-month term. As with non-jumbo, various term lengths are available. The average APY for the 6-month CD is currently 1.82%. Most jumbo CDs require a minimum deposit of $100,000—and some even require $250,000. However, there's no universally agreed-upon definition regarding what qualifies as a "jumbo" CD. Some banks and credit unions slap the label "jumbo" on CDs you can open with $50,000, $25,000 or even less. Related: CD Interest Rates Forecast: How Good Will They Get? When looking for the best CD rates, cast a wide net. Study the offerings from traditional banks, credit unions and digital firms. You may be surprised that a credit union you've never heard of provides the highest yields. For example, PenFed Credit Union's CD rates currently range from 2.90% to 3.40% while U.S. Bank CD rates currently range from 0.05% to 0.25%. Other top CD rates by banks include: CDs are a relatively simple savings tool: You open an account with a deposit (your principal), let your money sit for a predetermined period of months or years while you enjoy the magic of compounding interest. Many CDs (as well as share certificates offered by credit unions) require a minimum deposit (typically less than $10,000 unless it's a jumbo CD) to open your account. Some financial institutions allow you to fund an account with as little as a penny. But banks and credit unions typically won't allow you to add to your deposit once the term begins and the clock starts ticking. And they're serious about not letting you crack open your CD or share certificate too soon. Early withdrawal penalties can be so tough that they'll eat into your principal, not just take back some of your interest. CDs typically pay higher interest than other savings vehicles, even the best high-yield savings accounts and money market accounts. And while they may not offer the kind of enviable returns that are possible with stocks, CDs beat the more attention-getting investments in one regard: They're one of the safest places to put your money. Investors lost millions in the 2022 crypto crash, and putting your money into the stock market, real estate or gold and other commodities can be risky, too. But when you buy a certificate of deposit or credit union share certificate from a federally insured financial institution, you can sleep easily with the knowledge that your investment is protected. The Federal Deposit Insurance Corp. provides you with up to $250,000 in coverage in the event the bank issuing your CD ever fails. For share certificates purchased from federal credit unions and most state-chartered credit unions, the National Credit Union Administration insures your money up to the same limit. Traditional brick-and-mortar banks have far greater operating expenses than banks that only exist online. That's why online banks are usually able to offer more attractive APYs on CDs – they have lower overhead costs, so they can afford to pay higher interest rates to customers. Related: CD Interest Rates Forecast: How Good Will They Get? Curinos determines the average rates for certificates of deposit (CDs) by focusing on specific CDs and excluding others. Certain types, such as promotional offers, relationship-based rates, private, youth, senior, student/minor, affinity, bump-up, no-penalty, callable, variable, step-up, auto transfer, club, gifts, grandfathered, internet-only and IRA CDs are not considered in the calculation. You build a CD ladder by saving your money in multiple CDs with cascading term lengths. For instance, you might buy a one-year CD, a two-year CD, a three-year CD, a four-year CD and a five-year CD. As each of the shorter-term CDs matures, you replace it with a new five-year CD. Follow this plan and you'll have one better-yielding five-year CD maturing each year. If you're ever having a bad year, you could take some of the cash from the expiring CD and use it to pay bills instead of pouring it all into a fresh CD. Comparison shop to track down the best CD rates. Banks and credit unions compete by offering alluring yields to land your business, so shopping around is a must before you purchase any bank CD or credit union share certificate. CDs usually come with zero fees, meaning your money won't be nibbled at by the monthly maintenance fees that are typical with many savings, checking and money market accounts. You will likely be charged an early withdrawal penalty if you end your CD term early. Make sure you won't need access to your cash in the meantime.
