OnJuno Checking Account Review: 1.20% Bonus Rate, $100 Bonus, 10% Cashback with USDC

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Updated April 2022. OnJuno is a fintech banking app that added several crypto/stablecoin features and currently running some aggressive promos that may (or may not) be of interest.

  • $100 cash bonus via referral link for new customers with first direct deposit of $250+. The direct deposit also qualifies you for Metal tier access (no monthly fee). This is up from $50.
  • Metal tier offers 5% cashback on your 5 selected merchants on up to $6,000 per year (max rewards $300). Basic tier only gets up to $500 per year ($25 max).
  • Metal tier currently offers 10% cashback if you spend USDC on your 5 selected merchants until 5/31/22. Valid on up to $3,000 (max rewards $300)
  • Current FDIC-insured bonus interest is 1.20% on up to $50,000.
  • If you hold USDC stablecoin instead, interest rate is now 6% (as of April 1, 2022).
  • When you sell crypto, the cash is available in your OnJuno checking account instantly.

OnJuno partners with Evolve Bank and Trust for FDIC insurance. A reminder that cryptocurrencies, including USDC stablecoins, are not covered by FDIC insurance even though the creators claim they are backed 1:1 by US dollars.

Update: 10% cash back details. I was intrigued by the 10% cashback offer if you “spend UDSC”. OnJuno has some good options (details below) including Amazon, Target, Walmart, and AirBnB. I discovered that you can simply purchase a set amount of USDC stablecoin, and then you can set your debit card to draw down from the USDC balance. This way, you can control your exposure to stablecoins according to your comfort level.

Example: I changed one of my 5 merchants to Amazon, bought $100 of USDC, and then immediately went online to buy $100 of Amazon gift cards. My total “holding time” for USDC was about 23 minutes, as you can see from my account screenshot below.

This means that I could get $300 cash back on $3,000 of purchases at Amazon, Target, Walmart, or AirBnB. I could load USDC right before using it to purchase gift cards, and spend the gift cards later. Not bad.

I was less interested in the 4% interest on stablecoins for May, but they raised it to 6% in April. This is closer to the interest rates paid by other crypto exchanges. OnJuno does offer a convenience factor as you can switch to and from USD quickly, as the others make you wait for an ACH withdrawal.

Sign-up process. The sign-up process was completed 100% online and mostly fine, although I had to spend some extra time carefully taking smartphone photos of the back and front of my driver’s license. My pictures were initially rejected for being too dark, too much glare, etc.

Immigrant-friendly. According to this American Banker article, OnJuno looks to target Asian immigrants who like to build up savings and then remit some of it internationally to their families abroad. They have no hidden fees on sending money abroad, and you only need a Social Security number and state-issued ID to join.

Bank-to-bank transfers. OnJuno uses the Plaid service to link with external bank accounts for funding and free ACH transfers (both deposits and withdrawals). They also provide you with the full account number and routing number, which you can use to connect with other banks like Ally, Marcus, CapOne 360, etc. The routing number is 084106768 which is confirmed as that of Evolve Bank & Trust. I was able to make a deposit and withdrawal initiated at Ally without issue.

Bonus rate, not APY. You may notice that they don’t use “APY” and instead say “bonus rate”. Here’s their reason:

The Bonus Rate is offered entirely by OnJuno and is not interest provided by Evolve Bank and Trust. The bonus rate You earn will be credited to Your account at the beginning of each month. Your funds begin generating a bonus rate once they are available on Your OnJuno Checking Account. Please note that OnJuno reserves the right to cancel, remove, and change this bonus at any time. OnJuno also reserves the rights, in sole discretion, to refuse this bonus without cause, reason, and notice.

I’ve been getting my bonus rate every month without issue, but this is the first time I’ve seen this language. Your interest is still shown on a 1099-INT at the end of the year.

5% cash back merchant list. You can choose 5 from the following list of brands. No Costco (sad face).

  • Amazon, Target, Best Buy, Walmart, Netflix, Amazon Prime, Disney+, Spotify, Headspace, Calm, Whole Foods, Walgreens, Trader Joe’s, CVS, Uber Eats, Grubhub, Postmates, Doordash, Starbucks, Dunkin Donuts, Blue Bottle Coffee, In N Out, Taco Bell, Wendy’s, Chick-fil-A, Uber, Lyft, and AirBNB.

Here is an example of what I might pick, as I already have the Amazon Prime credit card with 5% back at Amazon and Whole Foods.

Additional features.

  • No minimum balance requirement.
  • Fee-free access to both Allpoint and Moneypass ATM networks (85,000+ locations).
  • Free debit Mastercard.

Instant virtual cards. You can create “virtual” 16-digit debit card numbers in the app, which are different than your physical card and you can “lock” them at any time. This may be useful for fraud prevention and perhaps even pesky trial offers.

Apple and Google apps. OnJuno launched their app in February 2021.

No mobile check deposit. I have installed the app, but they do not have mobile check deposit as of April 2022.

Transfer limits. If you plan on transferring larger sums of money, know that OnJuno has different transfer limits for if you initiate with them vs. external institution. The external daily limits are much higher, currently $70,000 per day vs. $10,000 per day. View limits here.

Customer service. You can contact them via phone at 415-969-5775 (9am to 6pm Pacific) or online message (they replied to me within a few hours).

Bottom line. OnJuno is a new fintech banking app with a competitive interest rate, new customer bonus, and added perks if you pay with USDC stablecoins. Your checking account has FDIC-insurance from Evolve Bank and Trust.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

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Comments

  1. I’ve signed up with OnJuno for the 6 month trial. It’s okay-ish so far. The biggest disappointment is their nonsense ACH policies.

    * You cannot link non-Plaid accounts at all. You’ll have to initiate ACH transfers from the other institution for any account not in Plaid.
    * There is a $15k ACH limit per day and they will reject and return ACH payments giving you an unnecessary headache with your other institutions

  2. I opened an account with OnJuno after being on the wait list and getting the 6-month Metal tier for free. I, too, had difficulty getting a good pic of my driver’s license. In fact, they finally accepted it when I applied online but they delayed opening the account because of it. They sent me an email asking that I submit a new picture of both the front and back of my DL. I thought it odd that they would not accept a scanned pic of the DL, according to the directions.

    After opening the account, I realized that I did not see anything about the possibility for adding a POD (payable on death) beneficiary to the account. I wrote and asked about this; the CSR replied, “We currently do not offer an option for beneficiaries, but it is something we are looking into.”

  3. To qualify for the OnJuno Metal Tier to get the higher interest rate of 2.15% on funds up to $30K without paying $9.99/month, one needs to set up a direct deposit. Over $30K, the rate drops to 0.25%. This tier also gives you 5% cash back on up to $3,000 a year in debit card purchases. There is no mobile app, no check writing, and no possibility of depositing a check online or via a mobile app.

    An alternative to OnJuno is Presidential Bank’s Advantage Checking which also requires a direct deposit (minimum of $500/month). This account, however, pays 2.25% on funds up to $25K and 0.65% over $25K. There is no 5% cash back feature using a debit card, but this account does permit check writing and mobile banking, including mobile check deposits. They also offer POD (payable on death) beneficiary accounts which OnJuno does not do.

    https://www.depositaccounts.com/banks/presidential-bank-md/offers/
    https://www.presidential.com/deposit-rules-regulations/account-portfolio
    https://www.presidential.com/about-presidential/faq

  4. Jason Boxman says

    Not anymore:

    “We’re writing to let you know that the bonus rate for your OnJuno Checking Account is changing from 2.15% to 1.20% on all balance tiers.

    Don’t worry! You will still have time to enjoy our higher bonus rate of 2.15%, in line with our commitment to provide an open and transparent banking product. This 1.20% bonus rate is effective from 1st November 2021 for all existing users and from 20th May 2021 for all new users.

    We will be updating our website with these new rates very soon.”

    Glad I abandoned it when I got burned on a large rejected inbound ACH transfer in December.

    • Jared Ross says

      That’s actually much better than what was originally promised. The 2.15% bonus rate was initially only valid until 7/31/21, now we get an extra 3 months, not sure how you can complain about that.

      • Another very important detail is that there is no longer the $9.99 monthly fee for Metal tier as well. I would much rather have 1.20% on $50k and zero monthly fee than 2.10% on $30k with a $10/month fee.

        Meanwhile, Ally, Marcus, CapOne 360, etc are all still around 0.50% APY.

      • Jason Boxman says

        I complain because the transfer limits are so absurdly low that I got hit with a $15 rejected ACH from my bank for attempting to transfer the underwhelming sum of 10k out when it was clear this wasn’t the deal for me. The lack of liquidity makes it a very very hard sell. I like my cash assets liquid.

  5. Post is a little misleading. I checked with them. This doesn’t kick-in until Oct 31.
    – Eligible balance for the Bonus Rate is increased to $50,000 (formerly $30,000)

  6. What will count as Direct Deposit? Will ACH transfers from Ally satisfy?

  7. It’s November and I’m still showing an interest rate of 2.15%

  8. The bonus now is $100 once you deposit $250
    https://onjuno.onelink.me/TkoI/referral?code=SERGBZUN

    If it’s all the same to you which referral to use please consider using mine. I have many friends and relatives in war-ravaged Ukraine and try to help them financially directly. They need every bit of our help right now. Please also consider donating. Thanks!

    Few useful OnJuno tidbits:
    – Always ACH push/pull from outside as limits are much higher (the limit is $70k right now, it used to be lower)
    – Always verify the limits as they change: https://help.onjuno.com/en/articles/4543197-transfer-and-spend-limits

  9. I am also seeing American Airlines and United Airlines in

  10. I can’t send out my btc to my other btc wallet address is this a joke or something…… I saw lots of comments about this platform and still decided to trade with you guys and now I am regretting my actions

  11. Freedom35 says

    Any experience on what counts as “direct deposit” if you don’t have access to an easily changed payroll? How soon after depositing did the bonus show up? I’d like to try a couple options and see what sticks

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