Juno Review | High-Interest Checking Account & Crypto Investing

With a 1.20% APY and up to 5% in cash-back rewards, Juno 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 Juno’s crypto investing offering is new, and there are conditions you have to meet to maximize interest rates and cash back. Our Juno review is covering all of the features, pricing, and pros and cons you should know.

Pros & Cons

About Juno

Juno 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 Juno, 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", Juno is certainly trying to live up to its goal of becoming a modern banking solution.

What It Offers

As an Juno 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 Juno’s mobile app. However, select early-access users and Metal members, the platform’s premium customers, have access to crypto. Juno says Basic users, which are on the free plan, will have access to cryptocurrency in the near future.

As for digital assets, Juno 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 Juno wallet is free. And other than network fees, you don’t pay to send crypto from Juno 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.

Juno Checking Account

Juno’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 up to 5.00% APY, which is extremely competitive with many high-interest savings accounts on the market.

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

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

Juno 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 up to 5.00% 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, Juno 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 Juno is one of the easiest ways to do just that.

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

• Automatic: Link your direct deposit to your Juno 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 Juno wallet.

You can deposit crypto to third-party crypto wallets like MetaMask or to an exchange’s wallet, like Coinbase or Binance. Additionally, Juno 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 Juno’s best and newest features is its 6% USDC savings bonus. All you have to do is hold USDC in your Juno 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 Juno to fund their wallet.

International Transfers

Juno 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 Juno checking account that much more flexible.

Juno Referral Program

Juno’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. Juno isn’t an exception and is extremely competitive with its low-fee structure.

Current Juno 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, Juno 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.

Juno Alternatives

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

Juno 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 Juno stacks up against two other popular online banks: Chime and Discover Bank.

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

However, in terms of crypto investing, Juno 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.

That’s not to say crypto investing isn’t worthwhile on Juno, especially with its low fees. But use Juno to explore cryptocurrency investing. When you’re ready to upgrade, major exchanges like Binance.

Account Opening Process

You apply for an Juno checking account by entering your email and password. After you verify your email, you submit several pieces of information to complete Juno’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 Juno verifies this information, you can use the checking account immediately with your virtual debit card.

Safety & Security

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

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

As for account security, Juno 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 Juno customer support. The first is to call Juno 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.

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

The Bottom Line

Juno 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.

But if you want a zero-fee online banking solution with a competitive APY, Juno is one of your best options. You really need the Metal plan to get all of Juno’s benefits. But for 5.00% APY and 5% in cash-back rewards, setting up direct deposits to become a Metal member is worth the effort.

Juno Features