If you're currently using a basic savings or checking account to hold your money, there's a good chance you're not making the most of your extra cash. With inflation on the rise, a lackluster bank account that barely pays interest just doesn't cut it these days.
Thankfully, with OnJuno, you get a free rewards checking account that pays up to 1.20% APY and cash back at your favorite brands. Plus, there are numerous ways to earn crypto rewards and to start trading popular coins.
But maximizing your rewards with this only-only checking account requires meeting certain requirements. That's why our OnJuno review is covering how the platform works, the fees you might encounter, and the pros and cons to help you decide if it's worth using.
Pros & Cons
What Is OnJuno?
OnJuno is a financial services company that provides banking and cryptocurrency investing services to its customers. The company began in 2019 and offers a free online checking account with a competitive 1.20% APY and cash-back rewards. Plus, OnJuno customers can trade popular cryptocurrencies and even convert their paychecks into crypto.
However, OnJuno isn't technically a bank, but banking services are provided through its partnership with Evolve Bank and Trust. This makes using OnJuno similar to using other online-only banks, so it's easy to set up an account to begin saving and spending your money.
Who Is OnJuno For?
If you want a flexible checking account with a high APY and no fees, OnJuno is for you. Its free checking account makes it incredibly easy to spend your money and earn interest or crypto rewards. And with no monthly management fees or foreign transaction fees, it offers a surprising number of features without charging fees or requiring a high minimum balance.
If you want a comprehensive banking solution with retirement accounts, stock and ETF investing, and other account types, OnJuno isn't for you. But it's an excellent banking option if you want a free and robust rewards checking account.
OnJuno Checking Account
If you have idle cash, one common strategy is to park it in a high-yield savings account where it can earn interest. But with OnJuno, you can keep your cash in its high-yield checking account and earn 1.20% APY while having the flexibility to easily spend your money.
The main perks of this checking account include:
- No minimum balance requirement
- No monthly management fee
- Up to $250,000 in FDIC insurance
- No foreign transaction fees
- Free ATM withdrawals from out-of-network ATMs
- 5% cash back at five of your favorite brands (includes options like Amazon, Disney, Netflix, Starbucks, Target, and Walmart) and 10% back when you spend USDC
Basic vs. Metal
For a free checking account, this high of an APY and cash-back reward structure is extremely hard to find. However, OnJuno has two different versions of its checking account, Basic and Metal, that impact your reward limits. Here's how the two plans compare:
Setting up at least $250 in direct deposits to unlock the Metal plan is a very reasonable requirement, and this gets you 1.20% APY on up to $50,000. Your APY drops to 0.25% on balances above $5,000 for the Basic plan and on balances above $50,000 for Metal plans. There's also a $100,000 total limit, so you don't earn interest on cash above this amount.
Earning 5% back at popular brands is also a better rate than most cash-back credit cards. However, the annual spending limit is a downside, even at $3,000, since this is only $150 in cash back per year. That said, for a free checking account, OnJuno has one of the most competitive interest rates out there.
OnJuno mobile banking is simple through the OnJuno mobile app which is available on both iOS and Android. In addition to allowing you to check balances and transactions, the OnJuno app will soon support mobile check deposits. Your OnJuno bank account can also be accessed from the mobile web.
OnJuno proudly proclaims that it offers “crypto-friendly banking.” And it truly is one of the best banking options available today if you're wanting to keep your cash and crypto assets all under the same roof. Here's what OnJuno Crypto offers.
OnJuno makes cryptocurrency investing incredibly easy. At the time of writing, OnJuno supports eight different cryptocurrencies and stablecoins:
This is far less selection than you get with crypto exchanges like Coinbase or Gemini. However, OnJuno has a $15,000 daily trading limit for Metal customers and $10,000 daily trading limit for Basic customers, which is much higher than many exchanges start you off with.
To sweeten the deal, crypto trading is free on OnJuno until June 30th, 2022. Afterwards, OnJuno will charge 0.50% per crypto buy or sell order. There's also spread fees of 1% to 2% on average. You can deposit crypto to your OnJuno wallet for free or make free withdrawals to another wallet you have.
Another feature crypto fans will enjoy is OnJuno's crypto paycheck feature. OnJuno works with over 500 payroll providers and lets you deposit a portion or all of your paycheck into Bitcoin, Ethereum, or USDC. There's a $100 minimum requirement, but this is a simple way to consistently add digital assets to your portfolio.
You can create manual crypto payment deposits or set up recurring ones so you automatically invest in crypto. If you prefer, you can use an external crypto wallet like MetaMask or ZenGo to deposit your crypto, but this incurs blockchain network fees. Additionally, crypto deposits in your OnJuno wallet count towards the $250 monthly requirement to unlock the Metal plan.
Crypto Savings Bonuses
These days, crypto savings accounts are incredibly popular. Companies like Nexo and BlockFi let you deposit various cryptos to earn passive income. And even exchanges like Coinbase and Kraken let users stake various coins to earn rewards.
As an OnJuno customer, you don't miss out on passive crypto rewards either. Currently, you earn 3% APY on Bitcoin and Ethereum and 6% APY on USDC in your wallet. There isn't a cap on earnings unlike the regular checking account either.
International Money Transfers
Through its partnership with Wise, OnJuno lets you send international money transfers to 30+ countries. There aren't any hidden fees, and you see a clear breakdown of the exchange rate and how much money your recipient is actually getting before hitting send.
Currently, OnJuno supports five currencies: Indian Rupees, Yuan, Philippine Pesos, Euros, and British Pounds. There's a $10 minimum transfer requirement and you can send up to $10,000 per day and $30,000 per month.
Note that when you send money through OnJuno, you create a Wise account and are using Wise's services. You can always create your own Wise account separately, but OnJuno's integration saves time and keeps things simple.
OnJuno Pricing & Fees
One advantage of banking with OnJuno is that it has no monthly account fees and very few other potential fees. Some potential fees you can encounter include:
- Debit card deposit: 2% + $0.30.
- Credit card deposit: 3.5% + $0.30.
- ACH deposits: Free.
- Crypto trading fees: Free until June 30th and then 0.50% per buy or sell order afterwards (doesn't include spread fees.)
- Maintenance fees: None.
- Withdrawal fees: None.
- Foreign transaction fees: None.
How to Open an Account
You can open an OnJuno checking account within a few minutes. Information you provide when applying includes:
- Your name and email
- Phone number
- Home address
- Social security number
- Government ID like a passport or driver's license to verify your identity
Verification typically occurs instantly, but if your account isn't automatically verified, you can work with OnJuno's support team to provide additional information to get your account up and running.
How to Contact OnJuno Customer Service
You can contact OnJuno's customer support team by using the chat feature on its website. Customer support is available from 5:00am to 6:00pm PST. You can also email support at firstname.lastname@example.org.
Is OnJuno Safe?
OnJuno is a safe online banking solution that takes numerous steps to protect your personal information and assets. For starters, all deposits are held with Evolve Bank and Trust and have up to $250,000 in FDIC insurance. OnJuno also works with Plaid to securely connect your OnJuno bank account to other financial accounts and to protect your information. Plaid is the same company many leading microsaving apps and robo-advisors use, and it's essentially the industry standard.
Furthermore, OnJuno requires a four-digit confirmation pin anytime you want to make a transfer. This makes it unlikely that someone with unauthorized access to your account or someone who stole your phone can login to your account and drain your funds.
Note that crypto deposits aren't FDIC insured. However, this is common for exchanges and online banks. Plus, OnJuno works with several crypto custodians that hold most assets in cold storage for extra security.
For a free checking account with a competitive interest rate and crypto trading, OnJuno is an excellent choice. However, if you're mostly interested in crypto investing and passive income, you're better off with an exchange like Coinbase or Gemini that support dozens of coins and offer more staking options.
As for banking options, there are also plenty of OnJuno alternatives you can consider if you want more account types and banking options.
Here's how OnJuno compares to three popular banks: Ally, Chime, and Discover:
|Accounts||Savings, Checking, Money Market, CDs||Savings, Checking, Money Market, CDs||Savings, Checking, Money Market, CDs|
In our opinion, Ally is one of the best online banks around. It currently pays 0.25% APY for its checking account and a 0.75% APY for its savings account. There's also useful tools like savings goals and round-ups to help you stay on track with saving money. Plus, Ally offers commission-free stock and ETF trading if you open an investing account, and it even has free robo portfolios for automated investing.
As for Chime, it also offers a competitive 0.50% APY that's much higher than a basic savings or checking account from a local bank. And like OnJuno, Chime customers don't pay monthly management fees or overdraft fees. There's also an automatic savings feature you can use to move money aside without having to think twice.
Finally, Discover Bank is an excellent OnJuno alternative if you want numerous banking options. It supports checking, savings, retirement, and money market accounts. You can also earn 1% cash back in spending with its checking account on up to $3,000 in monthly spending, which is a far greater limit than OnJuno. Its savings account also pays a competitive 1.10% APY.
OnJuno is currently one of the best online banks out there because of the 1.20% APY. But don't be afraid to explore other options if you want more banking options or to start investing.
For a free online checking account, OnJuno offers an impressive number of features and rewards. And as long as you enable direct deposits of at least $250 per month, you get the maximum reward rates and don't have to pay a dime.
The 1.20% APY is the main attraction of OnJuno. However, the platform continues to add new features and more crypto support. And even though cash-back rewards stop after spending $3,000 on the metal plan, it's still an excellent rate. Plus, earning passive income with your Bitcoin, Ethereum, and USDC only sweetens the deal.
For more comprehensive crypto trading, stick with an exchange. The same goes for sticking with a full-on bank if you want more account types and to invest. But for a free rewards checking account with a crypto flair, OnJuno is one of your best options.