With the FED pushing rates to near zero, it's difficult for banks to offer a much higher interest rate. This leaves consumers wondering how 0.25% translates into a high-yield interest account.
Everyone once in a while, a new bank pops with a rate that blows away the competition. OnJuno is one such bank.
OnJuno is offering a whopping 1.20% interest rate on checking accounts and 5% cash back at select merchants. With those kind of interest and cash back rates, OnJuno even offers better returns than many savings accounts. Let’s take a closer look at what OnJuno has to offer.
- Digital checking account that pays up to 1.20% APY
- Receive up to 5% cashback at five merchants
- Basic Checking is free and has no minimum balance
Up to 1.20%
Up to 5%
$15 bonus with first direct deposit of at least $500
Who Is OnJuno?
OnJuno (legal name CapitalJ Inc.) is an online-only bank offering a high-yield checking account. Its co-founders are Varun Deshpande, Ratnesh Ray, and Siddharth Verma. It is based in Bengaluru, Karnataka, India, with offices in San Francisco, CA, and Singapore. OnJuno was founded in 2019 and has raised $3 million in a seed round.
What Do They Offer?
OnJuno is not actually a bank. It's a fintech and provides banking services through its partner bank Evolve Bank and Trust. OnJuno offers two different high-yield checking account options. Both checking products are currently paying a 1.20% interest rate bonus up to certain amounts.
It also offers a 5% cashback bonus on certain debit card purchases. Coupled together, these features can make OnJuno a very attractive checking product.
OnJuno uses Allpoint or a MoneyPass for its ATM network (85,000+ locations). The OnJuno card is compatible with contactless mobile payments such as Apple Pay, Google Pay, and Samsung Pay.
The lower tier checking product is the Basic. It has the following features:
As noted above, the 1.20% bonus rate only applies to the first $5,000 of deposits. After that, the rate drops to 0.25%. Also note that the spending limit for the 5% cashback is $500 per year not per month or quarter as is common with some of the top cashback credit cards.
Metal Checking is the highest tier checking account with OnJuno. It used to cost $9.99 per month. But in May 2021, OnJuno announced that it had eliminated the maintenance fee. However, you'll need to set up a monthly direct deposit of at least $500 to qualify for Metal.
It has the following features:
Those who fail to make a qualifying direct deposit during a given month will be switched back to the Basic Checking plan.
Note that OnJuno does not currently offer joint checking accounts on either of its plans. Also, the maximum amount that can earn the lower 0.25% interest rate on either plan is $100,000.
The OnJuno cashback program works differently from other banks. Rather than cashback on certain categories of spending, you receive cashback when spending at five partner retailers of our choosing.
There are 30+ brands to choose from for the bonus cash back. These include Amazon, Walmart, Netflix, DoorDash, Netflix, Target, Dunkin Donuts, and many more household names.
With OnJuno, you can receive part of your paycheck in crypto. You can choose BTC, ETH, USDC, or a basket of currencies. For example, you could tell OnJuno that you want to be paid 50% in Bitcoin, 25% in Ethereum, and 25% in cash.
OnJuno offers a competitive international money transfer service that's powered by Wise. It supports near-instant transfers (about 5 minutes) to 30+ different countries. And OnJuno says that its fees are significantly lower than what you'll pay with most standard banks or PayPal.
OnJuno's mobile app is available on both iOS and Android. It makes it easy to manage your account and can connect to over 3,800 third-party financial apps. Prominent app integrations include: Apple Pay, Google Pay & Samsung Pay, Venmo, Cash App, Robinhood, Acorns, and Coinbase.
Customer service is available by phone at 415-969-5775 from 9 AM to 6 PM PST, by chat, or by submitting an email request to email@example.com, which can take a few hours for a response.
Are There Any Fees?
Basic Checking has never had any monthly fees. Metal Checking no longer has one either; however it does require a qualifying monthly direct deposit of at least $500.
The following transaction-related fees will apply to both accounts:
OnJuno is currently running an early access promotion for its crypto paycheck product. Through December 31st, it isn't charging any fees for buying and selling cryptos. This limited-time fee waiver is capped at $250,000 of transaction volume. After that, you'll pay 0.95% per order.
OnJuno also doesn't charge any extra fees for depositing or withdrawing cryptos to and from external wallets. However, Bitcoin and Ethereum network fees will still be charged.
How Does OnJuno Compare?
OnJuno offers some of the best interest and cash back rates that you can find right now. But when we first reviewed OnJuno, we were disappointed to find that both of those earnings opportunities have fairly strict limits on the Basic Checking plan.
Basic customers only earn the 1.20% APY on up to $5,000 of deposits. And they'll earn the 5% cash back on just their first $500 of annual spending at their five chosen merchants.
However, the Metal Plan has much higher limits ($50,000 for interest; $3,000 for cash back). And now that it's eliminated the monthly fee and replaced it with a direct deposit requirement, OnJuno is truly able to compete with the online banking heavyweights. Here's a quick look at how it compares.
Up to 1.20%
Up to 1.00%
85,000+ Free ATMs
38,000+ Free ATMs
91,000+ Free ATMs
How Do I Open An Account?
You can visit the OnJuno website to open an account. You'll be asked to provide the following during your application:
- Mobile number
- Home address
- Social security number
- Documents to verify your identity (driver license, passport, or legal Identification)
Once OnJuno has verified your information, you can make your initial deposit and will have immediate access to your virtual card.
Is My Money Safe?
Yes - OnJuno uses encryption on their website, and cash deposits are FDIC insured up to $250,000 through their partner bank Evolve Bank and Trust. The debit card includes Mastercard's Zero Liability policy, protecting you from unauthorized transactions.
How Do I Contact OnJuno?
OnJuno offers both phone and live chat support. You can call their support team at 1-415-969-5775. Their phone lines are open Monday through Friday, 9 AM to 6 PM (PST).
You can start a chat with an OnJuno team member from their website. Chat support is available every day from 5 AM to 6 PM (PST).
OnJuno's Trustpilot rating is "Excellent," at 4.4/5 from 129 customer reviews. However, the company isn't accredited with the Better Business Bureau (BBB) and, as of writing, has failed to respond to the three complaints that have been filed there.
Is It Worth It?
With no minimums to open or maintain an account, starting off with the OnJuno Metal Checking for six months free is well worth it. The 1.20% rate is not likely to last indefinitely, so taking advantage of it before it goes away is probably a good move.
You'll automatically switch to the free Basic Checking after six months, which means there's no worry of incurring fees. But if you want to keep using a physical debit card, you'll need to bump back up to the $9.99/month Metal Checking plan.
If you can get by with using a virtual card long-term, OnJuno could be a real slam dunk. But if not, you'll want to compare your Metal Checking earnings against the plan's $120/year cost. If the cost/rewards ratio is underwhelming, you may want to move to a lower-cost online bank after your Metal Checking trial period ends.
Let's answer a few of the most common questions that people ask about OnJuno:
Is OnJuno a real bank?
OnJuno itself is a fintech. However, it runs its banking service through Evolve Bank & Trust which provides FDIC insurance on cash deposits.
Are cryptocurrencies held with OnJuno insured by the FDIC?
No, the FDIC only insures cash deposits of U.S. legal tender (i.e. dollars and cents).
Do you get a physical debit card with OnJuno?
When you sign up for an account, you'll immediately be issued a virtual card that can be added to digital wallets like Apple Pay, Google Pay, and Samsung Pay. However, if you want a physical card as well, you can contact OnJuno customer support to request a plastic card (for Basic customers) or metal card (for Metal customers) to be shipped to you.
Does OnJuno have a signup bonus?
Yes, you can receive a $15 bonus on your first direct deposit of at least $500. To receive the bonus, you'll need to make the qualifying deposit within 30 days of opening your account and you'll need to a keep minimum account balance of at least $200 for 30 days after the deposit.
Up to 1.20%
None (online-only bank)
85,000+ fee-free ATMs nationwide within the Allpoint and MoneyPass ATM networks
Out-Of-Network ATM Reimbursements
Customer Service Number
Customer Service Hours
9 AM to 6 PM (PST)
Mobile App Availability
iOS and Android
$15 bonus with first direct deposit of at least $500
Rates and Fees
Products and Services
OnJuno’s digital checking accounts come with interest and cash back rates that rival even the best savings accounts.
- Up 1.20% APY on deposit
- Up to 5% cash back on card spending
- Large fee-free ATM network
- Get your paycheck in crypto
- Metal plan requires monthly direct deposit of at least $500
- No branch locations
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.