Juno Referral Bonus

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Update December 2020. Looks like Juno is now OnJuno and opening new accounts. If you signed up for the waitlist and referral bonus below back in March, check your e-mail. They seem to have “forgotten” about their $25 referral bonuses. They originally promised 2.15% APY for 1 year for early “Priority Access” sign-ups on their waitlist, but are only giving out 6 months. The good news it is now good on up to $30,000 instead of $20,000. They still offer 5% cash back on 5 brands from their list, but Costco is no longer available.

More details on the new offering here at my OnJuno review.

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Original (outdated!!) post saved for posterity:

Juno is a new fintech bank checking account with a combination of nice-looking features:

  • 2.15% APY guaranteed for 1 year for first 1,000 sign-ups who link a bank account. Up to $20,000 balance. Their Twitter account says 800 spots left as of 3/23/20.
  • 5% cash back on 5 brands of your choice, on up to $3,000 in debit card spend. Examples shown include Costco(.com, apparently), Amazon, Walmart.com, Target.com, Uber Eats, Doordash, Dunkin, and Starbucks. This is a permanent feature.
  • $25 bonus on first deposit if opened via referral link. The referrer gets $25 as well. That’s mine, thanks if you use it!
  • No minimum balance requirement, no maintenance fees, no ATM fees.
  • FDIC-insured through partner bank.

After the Fed rate cut to zero, 2.15% APY for 1 year is better than any 12-month CD out there, and this is a 100% liquid checking account. During my application process, it seemed that I could only get this “Priority Access” if I linked my external checking account. They use Plaid for linking data, which is a legit service (now owned by Visa) that I am familiar with.

The 5% cash back on Costco definitely caught my eye, as I spend thousands there every year:

At first glance, this look like another in a crowded field of banks. The high APY, high cash back rewards, and an upfront bonus all try to help it stand out initially.

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Comments

  1. Ima little weirded out that Juno won’t disclose who their partner bank is that provides the FDIC insurance. Any thoughts?

    • They aren’t taking deposits yet, so my guess is that they aren’t 100% finalized on their partner bank yet. There are several banks these days that are the back-end FDIC-insured cash holder for a bunch of these fintech app banks.

      • Robert Stone says

        From the Juno FAQ:

        Is Juno a bank?-
        Juno is not a federal bank. We offer our banking services through our partnership with a Federal Chartered Bank, Member FDIC. The Partner Bank holds all deposits and will issue the Juno Debit Card as well.

  2. I signed up through your referral link.

  3. Doesn’t Costco only accept Visa? The cards shown in the image are MasterCard.

  4. Just signed up with your referral, Jonathan. Just wanted to mention that the 2.15% promo rate is on balances up to $20,000. Balances above $20,000 will earn 0.50%.

  5. The promotional rate only applies to the first $20,000 in deposits. From the fine print on their website:

    ¹2.15% APY is a promotional rate for our Priority Access users. The Priority access users get 2.15% APY up to $20,000 in deposits. The interest rate drops to 0.50% APY beyond $20,000. These interest rates are fixed for 2020 and will be subjected to evaluation after.

  6. I chat with Juno, for now only Costco.com is on the list; warehouse is currently not.

  7. Kathy Dunn says

    So, Jonathan, I too tried to sign up. First, the “referral link” wasn’t operational. Sorry you didn’t get my $25.
    Next, I wanted to put money into a savings account, but found NOTHING on the Juno site about how to make a deposit. I started an on-line chat with the customer service team, to learn that “Our product is not live right now
    We’re working round the clock to get it he beta invites out. You can expect an invite why the First week of may”. Hmm. So this is only a checking account now. OK — but the website has misspelled words, and And I’d already submitted my bank account information, as instructed, to link accounts. I’m fearful this isn’t what it’s made out to be!

  8. Mary Anna says

    Just signed up – that’s a darn good rate. (FYI, it’s only 2.15% on the first $20,000. Looks like it drops to .5% past that.)

  9. FYI, the 2.15% only applies to $20,000, above that it is 0.5%

  10. Roy Hobbs says

    I don’t like that they won’t disclose the “Partner Banks” that are FDIC insured that they are affiliated with.

  11. Jason Boxman says

    Looks like it’s just an invite. The first sign ups left was in the 300s, when I reloaded it was in the 800s. I think that’s just a gimmick.

    I tried to link several credit union accounts without success; Ally bank worked finally. It uses the login and password method, not trial deposits, so be aware.

    Now I’m waiting for the “Beta Access Invite”, so I wonder how long until this product is actually “live”. I’d hoped to transfer funds immediately, but maybe it’s not a real service yet?

    I don’t use the Ally account, so the screen showing how much more I can earn with Juno is all “$0” which is comical, actually.

  12. Wow, a permanent 5% back at amazon alone is worth trying this out. Signed up.

  13. The 2.15% is only good for the first $20k in deposits, then it goes to 0.05%. Might be good to let readers know that. Also, the website has grammatical mistakes in the faq section (“Why do we connect bank account for priority access”;”we do not have any authorization on ACH transfers”). I would be very wary.

  14. It looks like only Costco.com purchase qualifies for 5% cashback. Costco is listed as an online merchant. Also since only Costco.com accepts MasterCard, the debit card won’t work in the store anyway.

  15. Thanks Jonathan! Used your referral link, and here is mine if your 5 are used up 🙂

    [edited by Jonathan] Thank you for using my link, really. Mine are most likely used up, but I don’t want the comments to be full of links. I’d rather it be for useful discussion (and pointing out all of my mistakes). Thanks for your understanding. If you have a Twitter or blog, please feel free to use the URL form if people want to follow you based on your insights.

  16. This is not a good deal or promotion. Are you sure this is even a legitimate business?

    • I can understand your concern, this is basically a beta sign-up. They don’t ask for SSN or bank account numbers. Your bank credentials are held through Plaid, which is owned by Visa. I don’t see any red flags that this is a scam, just red flags that this is a start-up. But if you don’t feel comfortable, simply don’t sign up.

  17. Jason Boxman says

    It’s finally happening:

    “Hey Jason, we’re excited to finally welcome you to OnJuno. First we appreciate you for your patience with following us since the beginning and signing up for our waitlist. We want to give you a warm welcome and be the first to try our amazing product.
    As promised, if you were on Priority Access with us, you will get free access to our Metal checking for 6 months.

    You are now one step closer towards a new banking experience, redesigned. The 2.15% checking account is the ideal home to hold your rainy day fund, save up for a car, budget for vacation, or grow your idle money.

    Simply sign in to your existing Priority Access account to get started.”

    I completely forgot about this, so I guess I’ll give it a go now while I can still pull money out of HMBradley without getting penalized. (It’s my first quarter with them, so leaving 20% of what I put in qualifies as top tier in Jan.)

    However, trying to create the account (“Set up your Metal Checking Account”), note that:

    “$9.99/MONTH (Free for 6 Months)”

    And they claim:

    “2.15% on balances up to $30,000
    5% on spends up to $3,000/yr
    Black Metal and Virtual Cards”

    So after 6 months it might be worthwhile to bail on it completely.

    With Bankrate savings calc, you’d earn $320 on 30K over 6 months, minus $9.99 a month after the first 6 months. Perhaps still a good deal, particularly if the rate is locked in for a year. But is that still true?

    • Ha, I was wondering if they would be vaporware too. I got the email as well, and have signed up. I’ll happily take 2.15% on 30k, but I’m disappointed Costco isn’t on their list of brands for 5% cash back.

      • So still recommend opening an account but then dip after 6 months, or still worthwhile even after the monthly $9.99 after 6 months?

        I did sign up early way back when and now finally can open an account, but just like Jason B. said, that monthly payment is new…

        • Jason Boxman says

          I’d look at HMBradley — it takes time to ramp up, but if the top tier rate is competitive with OnJuno, it would make sense to bail after six months and put funds there instead; that is my current plan. Or if OnJuno keeps the 2.15% rate after 6 months, even a $10/mo fee wouldn’t render it uncompetitive with conventional high yield savings rates, which will probably remain abysmal next year.

          • That sounds like a good idea to see depending on their long term rate to stay or bail, but like your most recent comment, that 2.15% is definitely worthwhile for the time being. Thanks for the input!

  18. Jason Boxman says

    So it looks like you’re limited to 5k transfer a day from within OnJuno. I’ll try pushing money in from another account instead. Looks like after 6 months this won’t be that useful and I’ll bail, but 2.15% for 6 months is excellent!

  19. Jason Boxman says

    Just got a Regulation D deposit fee; My transfer was rejected. No idea why. My only transfer ever into Evolve Bank is my outgoing ACH for my initial deposit.

    This is disappointing. And a $15 fee to me. I can’t stop my second transfer, so it’ll be $30 total in fees.

    “The transfer you scheduled for $XXX from EVOLVE BANK AND TRUST for 12/16/2020 was sent back to us by EVOLVE BANK AND TRUST because your account has reached its Regulation D Limit. ”

    So that seems impossible to me?

    • Is this your external bank that charged the $15 fee? If so, which bank did you use? The wording of the quote doesn’t make sense. You wrote “My only transfer ever into” and they wrote the transfer is “from” Evolve but then says it was “sent back to us”. Can you clarify exactly what happened?

  20. Jason Boxman says

    So here’s a possible answer; Be _careful_:

    From OnJuno “Transfer and Spend limits.”:

    “Direct Deposits and Transfers from external accounts: $15,000 daily; $30,000 monthly; $200,000 annual”

    So you money isn’t quite as liquid as it might first appear. And too many round trips and you lose access completely, which is interesting and I haven’t seen this before.

  21. Finally got a referral bonus from OnJuno on 18 March.

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