OnJuno Review: 2.15% APY on $5k/$30k, 5% Cash Back on Chosen Brands

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OnJuno joins the fintech banking world with the notable features of 2.15% APY on up to $30,000 and also 5% cash back on select merchants. They partner with Evolve Bank and Trust for FDIC insurance. Here’s my initial review after signing up, making my first deposit, and poking around their website. Here are the basics of their two options:

  • Basic tier. 2.15% APY on up to a $5,000 checking balance. 5% cash back on up to $500 a year in debit card purchases ($25 max). 1 free out-of-network ATM withdrawal per month. No monthly fee.
  • Metal tier. 2.15% APY on up to a $30,000 checking balance. 5% cash back on up to $3,000 a year in debit card purchases ($150 max). 3 free out-of-network ATM withdrawals per month. $9.99 monthly fee.

If you signed up on their waitlist, check your e-mail for 6 months of their higher Metal tier for free. Otherwise, they also give all new sign-ups 6 months of Metal tier for free if you set up direct deposit. The APY drops to 0.25% on balances above $5,000 for Basic and $30,000 for Metal, with a total limit up to $100,000. The 2.15% rate is only guaranteed until April 2021.

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 kept getting rejected for being too dark, too much glare, too fuzzy, etc.

According to this American Banker article, OnJuno intends to target Asian immigrants who like to build up savings and then remit some of it internationally to their families abroad. 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.

5% cash back merchant list. You can choose 5 from the following list of brands. Notably missing is 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 are my picks, as I already have the Amazon Prime credit card with 5% back at Amazon and Whole Foods.

Additional features.

  • No minimum balance requirements for either Free or Metal tiers.
  • Fee-free access to both Allpoint and Moneypass ATM networks (85,000+ locations).
  • Free debit Mastercard.

No app. No mobile check deposit. I was surprised to discover that they have no smartphone app. This means that there is no mobile check deposit available. When I searched in the Apple App Store, I saw another app called “Juno” that wasn’t a bank but did appear to perform international money transfers. Maybe that’s why they changed it to “OnJuno”? (Juno was also the name of a ride-sharing app that was eventually acquired by Gett.)

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

My quick take. I signed up and I’ll definitely take advantage of the higher APY for 6 months free on $30,000 as that is a pretty high limit, but paying the $10/month going forward will depend on them maintaining a high interest rate. The free tier is also a nice gesture, but even 2.15% on the full $5,000 only adds up to about $7 a month in extra interest over Ally Savings at 0.50% APY. If the rate drops, it may not be worth the extra effort. The benefit from the 5% cash back will depend on your personal spending patterns and existing credit card rewards. Since the 5% brands list doesn’t include Costco as initially teased and I already have the Amazon-branded card, this feature probably won’t be enough to keep me if the interest rate drops.

Bottom line. OnJuno has launched as a fintech checking account paying 2.15% APY interest on up to $30,000 and also 5% cash back at select merchants on debit card purchases. New customers that set up a direct deposit can get Metal tier perks for 6 months free (usually $10 a month). Much will depend on whether they keep the rate high. The 2.15% APY rate is only guaranteed until April 2021.

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

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