OnJuno Review: 2.15% Bonus Rate on $5k/$30k, 5% Cash Back on Selected Brands

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards and may receive a commission. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

Updated. OnJuno is a new fintech banking app with the notable features of 2.15% bonus rate 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 updated review after a few months of use. Here are the basics of their two options:

  • Basic tier. 2.15% Bonus Rate 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% Bonus Rate 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.

OnJuno is providing all new sign-ups 6 months of Metal tier for free if you set up direct deposit. The bonus rate drops to 0.25% on balances above $5,000 for Basic and $30,000 for Metal, with a total limit up to $100,000.

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

Immigrant-friendly. 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.

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

The 2.15% 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 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.

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 2021.

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).

My quick take. I signed up and I’ll definitely take advantage of the higher rate 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%. 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. Let’s hope that rate stays high.

Bottom line. OnJuno has launched as a fintech checking account paying a 2.15% bonus rate 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). 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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  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.


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