Updated May 2021. is a new fintech banking app with a competitive Bonus rate and 5% cash back on select merchants. They partner with Evolve Bank and Trust for FDIC insurance.
As of May 2021, they announced the following changes to their structure:
- 2.15% Bonus Rate will be dropping to 1.20%. For existing users, this will not take effect until November 2021. For new users, this will take effect on May 20th, 2021.
- Metal Tier is now free for everyone (formerly $9.99 a month).
- Eligible balance for the Bonus Rate is increased to $50,000 (formerly $30,000).
All in all, I feel that these changes are a net improvement as the ongoing monthly fee was going to be a problem in keeping customers. A higher bonus rate doesn’t help when most or all of your earned interest was being eaten by a monthly fee. With the new structure, I can still enjoy a bonus rate that is higher (more than double) than most other online savings accounts without worrying about any fees. 1.20% times $50,000 is $600 of interest a year.
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 , OnJuno intends 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 are my picks, as I already have the Amazon Prime credit card with .
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 May 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).
Bottom line. is a new fintech banking app with a competitive interest rate that is well above most online savings accounts, while also adding 5% cash back on select merchants. FDIC-insurance from Evolve Bank and Trust.
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