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 crypto, including stablecoins, are not covered by FDIC insurance.

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.

“The editorial content here is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone. This email may contain links through which we are compensated when you click on or are approved for offers.”

OnJuno Checking Account Review: 1.20% Bonus Rate, $100 Bonus, 10% Cashback with USDC from My Money Blog.

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