OnJuno Review | High-Interest Checking Account & Crypto Investing

With a 1.20% APY and up to 5% in cash-back rewards, OnJuno is an online checking account that’s popular for its high interest rates and lack of fees.

And recently, the company has expanded into cryptocurrency. This lets you invest in popular crypto like Bitcoin and Ethereum. Plus, you can even earn additional interest by depositing USDC.

But OnJuno’s crypto investing offering is new, and there are conditions you have to meet to maximize interest rates and cash back. Our OnJuno review is covering all of the features, pricing, and pros and cons you should know.

Pros & Cons

About OnJuno

OnJuno is a financial services company that began in 2017 and has its headquarters in San Francisco, California. The company was founded by Varun Deshpande, Ratnesh Ray, and Siddharth Verma and has backing from some of the most well-known venture capital groups, like Sequoia Capital and Polychain.

At OnJuno, the goal is to provide a modern, digital banking platform that provides more fair and transparent financial services. And with its slogan "Banking Meets Crypto", OnJuno is certainly trying to live up to its goal of becoming a modern banking solution.

What It Offers

As an OnJuno customer, you get a comprehensive digital bank that blends elements of traditional finance with access to crypto investing. Overall, it offers numerous features to help you spend, save, and get paid more efficiently, be it with crypto or regular fiat.

Cryptocurrency Investing

Crypto trading is currently in Beta via OnJuno’s mobile app. However, select early-access users and Metal members, the platform’s premium customers, have access to crypto. OnJuno says Basic users, which are on the free plan, will have access to cryptocurrency in the near future.

As for digital assets, OnJuno supports four cryptos and stablecoins:

• Bitcoin
• Ethereum
• Polygon
• USDC

There are also daily, monthly, and yearly crypto trading limits:

Basic users have a daily trading and selling limit of $10,000. But this is still much higher than your starting trade limit with many popular exchanges like Coinbase, which requires completing additional verification steps and trading to unlock higher levels.

Depositing crypto to your OnJuno wallet is free. And other than network fees, you don’t pay to send crypto from OnJuno to another wallet address.

You still pay spread fees on trades, which typically ranges from 1% to 2%, but this is the case with many crypto exchanges.

OnJuno Checking Account

OnJuno’s main feature is its completely digital high-interest checking account. This hybrid bank account provides the flexibility of a regular checking account but also pays 1.20% APY, which is extremely competitive with many high-interest savings accounts on the market.

Additionally, OnJuno lets you earn up to 5% cash back when you spend with your debit card. You get a virtual OnJuno debit card when you open your account. If you want a physical card, you request one by emailing [email protected]

OnJuno’s cash-back reward structure lets you pick five merchants to earn 5% back from. Eligible cash-back reward partners include:

• Airbnb
• Amazon
• Best Buy
• CVS
• Netflix
• Shell
• Spotify
• Starbucks
• Target
• Walgreens
• Walmart
• Uber Eats

The fact you can earn 5% back on groceries, gas, and online spending from major companies like Amazon and Walmart makes this card quite lucrative. However, it’s not as flexible as everyday cash-back credit cards that can pay 1% to 2% cash back almost anywhere you shop.

Additionally, OnJuno has two different checking account plans that impact your rewards: Basic and Metal.

OnJuno Metal used to cost $9.99 per month, but the company waived this fee in 2021. The fact you get a flexible checking account that pays 1.20% APY on up to $30,000 for free just by setting up direct deposits is a massive improvement.

Just note that your interest rate drops to 0.25% after you exceed the promotional interest rate dollar threshold. And if you stop making direct deposits, OnJuno bumps you down to the free Basic plan at the start of the new month.

The main downside of this checking account is that your cash-back rewards cap at $3,000 per year of spending, which is only $150 in cash back. But considering this is a free high-yield checking account, you can always max out cash-back rewards and then use another rewards credit card.

Get Paid In Crypto

If you want to regularly add cryptocurrency to your portfolio, setting up your crypto paycheck with OnJuno is one of the easiest ways to do just that.

With OnJuno, you can convert all or a portion of your paycheck into various amounts of BTC, ETH, and USDC. OnJuno lets you setup your crypto paychecks using two methods:

• Automatic: Link your direct deposit to your OnJuno account and choose from over 500 payroll providers to swap your fiat payments into crypto.
• Manual: Set up your crypto paycheck by entering your account and routing number information from your direct deposit form.

There’s a $100 minimum requirement for each crypto paycheck conversion. However, you don’t pay any fees, including network fees, for depositing crypto to your OnJuno wallet.

You can deposit crypto to third-party crypto wallets like MetaMask or to an exchange’s wallet, like Coinbase or Binance. Additionally, OnJuno suggests Argent and ZenGo as its preferred wallet partners. But you pay network fees when using a third-party wallet, so keep this cost in mind.

USDC Savings Bonus

One of OnJuno’s best and newest features is its 6% USDC savings bonus. All you have to do is hold USDC in your OnJuno wallet to earn 6% APY, with interest being paid out monthly. This means if you hold $10,000 worth of USDC, you earn $600 by the end of the year.

You can convert your paychecks into USDC to take advantage of this savings bonus. Alternatively, Metal and early access customers can purchase USDC through OnJuno to fund their wallet.

International Transfers

OnJuno has a partnership with Wise, formerly known as TransferWise, that lets you send and accept international payments.

There’s a $5,000 per transaction limit for international transfers. You can also send a maximum of $10,000 per day and $30,000 per month. When you input the currency you’re sending and the recipient’s bank account, you get an exchange quote and estimated time of arrival so you know what you’re paying.

Overall, this is a nice-to-have feature that makes your OnJuno checking account that much more flexible.

OnJuno Referral Program

OnJuno’s referral program pays you $50 if someone you refer receives their first direct deposit of $250 or more into their checking account. You can refer as many people as you want, but referral rewards cap at $500.

Pricing & Fees

One advantage of using online-only banks is that you usually pay less in fees than sticking with a traditional bank. OnJuno isn’t an exception and is extremely competitive with its low-fee structure.

Current OnJuno banking and crypto-related fees include:

• Credit card deposits: 3.5% + $0.30.
• Debit card deposits: 2% + $0.30.
• ACH deposits: Free.
• Withdrawal fees: Zero.
• Maintenance fees: Zero.
• Foreign transaction fees: Zero.
• Crypto trading fees: As low as 0.50% per buy or sell order.

In short, OnJuno is essentially fee-free unless you’re funding your account with a debit or credit card. And for crypto investing, fees are similar to exchanges like Coinbase and Gemini.

OnJuno Alternatives

These days, there’s a plethora of online-only banks that offer high-interest checking accounts and low fees.

OnJuno is certainly one of the top contenders, and a 1.20% APY is stellar compared to most basic checking or savings accounts. But it’s always important to consider your options, and this is how OnJuno stacks up against two other popular online banks: Chime and Discover Bank.

Overall, OnJuno provides a flexible, low-fee solution if you want an online-only checking account and high APY.

Chime and Discover have a higher APY than OnJuno on deposits past $30,000. And Discover can be better for long-term cash back since it has a higher spending limit than OnJuno.

However, in terms of crypto investing, OnJuno is best for complete beginners who want an affordable way to invest in BTC and ETH. But a lack of cryptocurrency coin support and passive income options are two downsides.

For example, exchanges like Binance and Gemini support dozens of cryptocurrencies, including popular ones like Cardano, Litecoin, and Solana. Furthermore, you can earn staking rewards with your crypto, and Coinbase pays up to 5% APY on several coins.

And this is just the tip of the iceberg. To go one step further, crypto savings accounts like Celsius let you easily earn 10% to 17% APY or more on plenty of cryptocurrencies and stablecoins.

That’s not to say crypto investing isn’t worthwhile on OnJuno, especially with its low fees. But use OnJuno to explore cryptocurrency investing. When you’re ready to upgrade, major exchanges like Binance or interest earning options like Celsius are waiting for you.

Account Opening Process

You apply for an OnJuno checking account by entering your email and password. After you verify your email, you submit several pieces of information to complete OnJuno’s know your customer (KYC) requirements, including your:

• Address, name, and date of birth
• Phone number
• Social security number

Additionally, you submit a photo of your driver’s license, passport, or other type of legal identification to verify your identity. Once OnJuno verifies this information, you can use the checking account immediately with your virtual debit card.

Safety & Security

OnJuno isn’t a bank, but this doesn’t mean the platform isn’t safe and secure.

For starters, OnJuno works with Evolve Bank Trust to provide up to $250,000 in FDIC insurance on deposits in your checking account. Furthermore, OnJuno works with Plaid, the same technology partner major FinTech companies like Acorns use, to secure your financial data.

As for account security, OnJuno requires entering a four-digit code if you want to make a transfer. This feature plus using password or fingerprint/facial recognition to login to your account helps keep your account secure.

Customer Service

There are two ways to contact OnJuno customer support. The first is to call OnJuno at +1(415)-969-5775 from Monday to Friday between 9:00am to 6:00pm PST. Alternatively, you can use the live chat support feature on its website or app from 5:00am to 6:00pm PST.

OnJuno also has an in-depth FAQ section with articles that answer questions from setting up to your account to reward options.

The Bottom Line

OnJuno still has work to do on its crypto investing front. If you want more investing selection, it’s still better to use exchanges like Coinbase or Gemini. And for generating interest, crypto savings accounts like Celsius and BlockFi are superior.

But if you want a zero-fee online banking solution with a competitive APY, OnJuno is one of your best options. You really need the Metal plan to get all of OnJuno’s benefits. But for 1.20% APY and 5% in cash-back rewards, setting up direct deposits to become a Metal member is worth the effort.

OnJuno Features