OnJuno is one of the up-and-coming neobanks that launched in 2017. The company’s headquarters is in Singapore, with offices in the US and India.
Overall, OnJuno aims to provide a high-earning financial platform for immigrants, ex-pats, and anyone else who wants to reach their financial goals faster.
With a lean, tech-forward approach to banking, OnJuno is an interesting player in the increasingly crowded digital banking space.
In this post, you’ll find out what sets OnJuno apart and what you can expect as a customer.
OnJuno’s lone financial product is an interest-bearing checking account that comes in two tiers — Basic and Metal.
The OnJuno account is an entirely digital, all-in-one bank account that aims to serve all of your day-to-day financial needs.
OnJuno Basic is a free account that has no monthly fees. There are no minimum balance requirements or other hidden fees.
The account aims to fill the role of both checking and savings, so you won’t have to worry about maximum withdrawal limits. You can always take out cash for free at Allpoint or MoneyPass ATMs, and Basic comes with one reimbursement for out-of-network ATM use each month.
With both OnJuno account types, the biggest perks are the APY and cashback rewards.
Currently, you can earn a bonus rate of 1.20% on all deposits up to $5,000 with a Basic account. Anything over $5,000 earns at a rate of 0.25%.
The Basic banking platform also comes with some impressive cashback rewards of up to $500 spent yearly with select merchants.
This includes popular retailers like Netflix, Amazon, Dunkin’, Walmart, Doordash, Uber, and Airbnb.
OnJuno Metal is a premium account tier that comes with a monthly fee of $9.99. However, there is a current promotion that comes with your first six months for free.
When the six-month intro period ends, your account will automatically convert to the Basic option, so there’s no need to worry about getting hit with an unexpected fee. You can also maintain a monthly direct deposit of at least $500 to get it waived.
Metal comes with all of the same perks as Basic but expands on its earning potential. The same high-interest rate is available, but the 1.20% rate is applicable on balances up to $50,000.
To put this in context, even if you only use Metal for your free 6-month trial period, you’ll earn as much in interest as you would in an entire year with a 1.00% APY high-yield savings account.
Metal comes with more to earn on cash back, too. All of the same brands will earn rewards, and you’ll get the same 5% back on up to $3,000 in spending.
You’ll also have a little more flexibility on ATM use, with three out-of-network fees reimbursed per month. Metal checking also comes with an exclusive black metal debit card.
Here are some of the features that you can expect to see with an OnJuno account:
From the app, you can send and receive money, make transfers, and take care of any bill payments.
OnJuno is very much a growing platform, so reviews on its app are somewhat limited.
So far, the app has a rating of 3.6 stars (out of 5) in the App Store and 4.3 stars (out of 5) in the Google Play Store.
85,000 Free ATMs
Onjuno partners with both Allpoint and MoneyPass, giving its customers fee-free access to more than 85,000 ATMs in the US.
There’s no fee if you can’t find an Allpoint or MoneyPass ATM, and depending on your account, you’ll get reimbursed for some ATM fees every month.
OnJuno is compatible with Apple Pay, Google Pay, and Samsung Pay. It also allows you to create instant virtual cards, which function in the same way as a debit card without carrying around a physical card.
As an entirely online bank, OnJuno follows suit with a platform that almost entirely steers clear of traditional banking fees.
This is partially due to low overhead but is also a result of OnJuno’s somewhat limited platform.
For example, most banks charge fees for wire transfers. OnJuno doesn’t, but only because it doesn’t support wire transfers (incoming or outgoing) at all.
Similarly, you won’t get hit with overdraft fees because your OnJuno account won’t allow you to overdraft on purchases in the first place.
If your account does go into the red with an ACH transfer, there’s still no fee, but OnJuno provides the disclaimer that your account will be eventually closed if you don’t correct your balance.
With that in mind, let’s take a look at the few fees that could pop up and how to navigate them.
Monthly Maintenance Fee
Onjuno Basic is free, but Metal comes with a fee of $9.99 per month. The fee is waived for your first six months, but after that, there’s no way around it if you want the premium account.
In general, monthly account fees are usually something you want to avoid at all costs, but the bottom line is that this one could be worth it.
If you’re able to max out the bonus offer with an account balance of $30,000, Onjuno’s high-interest rate more than makes up for it.
If you tend to keep a lower account balance, you’ll probably be fine with Basic after your Metal trial period ends.
You’ll get one reimbursement for ATM fees per month with Basic and three with Metal.
This is a nice perk, but if you tend to take out a lot of cash, the fees could start to add up if you don’t have an Allpoint or MoneyPass ATM nearby.
There are plenty of network ATMs available, but it’s still something to be aware of.
Applying for an OnJuno account is easy and can be done in as little as five minutes. Just head to the OnJuno website, click “Apply Now,” and you’ll be good to go.
All you need is some personal information, like a mobile phone number, Social Security Number, home address, and an ID.
Once you complete your application and OnJuno confirms your account, you’ll be all set to start using it right away with your virtual debit cards.
You can easily fund your new account with an ACH transfer and set up a direct deposit right away.
OnJuno doesn’t require a credit check of any kind for new accounts, so you don’t have to worry about dings to your credit score for filling out an application.
Here are some of the best OnJuno promotions going on right now:
1. Personal Checking - $50 bonus
Expires: Limited Time
OnJuno is offering a $50 welcome bonus when you open a new checking account and connect your direct deposit. This is up from their $15 signup bonus offered previously. What's even more? If you sign up for their premium "Metal Checking" account, they'll waive the first 6 months of fees (that's almost $60 in total!).
Still want more? Metal users can also earn up to $150 in cashback each year on spend with their card ($25 for basic users) and yearly bonuses determined by their balance amount.
How to earn the bonus
The Personal Checking sign up offer requires you to set up direct deposits in order to earn the $50 bonus. Full requirements to receive this bonus are:
- Open a new OnJuno account at the link below.
- Complete your first direct deposit of $250 or more.
- Bonus will be transferred to your OnJuno account after completing the requirements.
2. Personal Checking Referral - $50 bonus
Expires: Limited Time
OnJuno is offering a $50 referral bonus when you refer a friend to open a new checking account and set up direct deposit. What's even more? Your friend will also receive $50. You can do this up to 10 times to earn a total of $500.
How to earn the bonus
The Personal Checking Referral sign up offer requires you to set up direct deposits and use a referral link in order to earn the $50 bonus. Full requirements to receive this bonus are:
- Have an existing OnJuno account.
- Refer a friend or family member with your unique referral link.
- Ensure that the person your referred completes a direct deposit of $500 or more.
- Both bonuses will be received after the direct deposit is received.
All Onjuno accounts are FDIC-insured, and its debit cards are protected against unauthorized use by a Zero Liability protection policy.
For online and account security, OnJuno utilizes biometric authentication and requires the use of a PIN anytime you want to make a transfer.
If you need some assistance with your OnJuno account, its online Help Center is full of FAQs and helpful tips that should serve most basic needs.
If you need to talk to someone, customer service reps are available over the phone (415-969-5775) from 9 am to 6 pm Pacific Time.
You can also chat with someone online, where representatives are available from 5 am to 6 pm Pacific Time.
As a newer banking option, OnJuno seems to be off to a great start when it comes to supporting its customers — early reviews of its service have rewarded OnJuno with an impressive 4.5-star (out of 5) rating on TrustPilot.
Pros & Cons
Just as with anything in life, OnJuno has some great pros but it also has some cons, lets cover those now:
- High-yield accounts
- Cashback rewards
- Very few fees
- Solid customer service
- No physical locations
- Limited account options
- No wire transfers
- Still-developing platform
Alternatives to OnJuno
If you like the idea of banking with a fintech company like OnJuno but want to know what else is out there, you have plenty of options.
These online banks all have a long history of providing high-performing online accounts.
Is OnJuno legit?
Yes. OnJuno is a newer banking option, but this doesn’t mean that its bank accounts aren’t legitimate. It’s one of a whole host of companies that have recently entered the online banking space.
Neobanks like OnJuno might feel risky to those who are used to traditional banks but rest assured that these modern platforms are safe.
What bank is OnJuno with?
OnJuno partners with Evolve Bank and Trust, which is a member-FDIC financial institution based out of Arkansas.
Is OnJuno safe?
Yes. Between FDIC insurance and bank-level online security, OnJuno is a safe banking option.
If you have specific concerns, you can always reference OnJuno’s online help center or reach out to customer support. But on the surface, OnJuno has its bases covered to provide a secure platform for its customers.
Is OnJuno Right For You?
If you’re looking for an easy-to-use digital banking solution, OnJuno is an attractive option.
Where OnJuno sets itself apart is with its earning potential. The online banking industry as a whole has become synonymous with high-yield accounts, and yet OnJuno still manages to stand out with a bonus rate that comes in at more than 20x the national average.
Couple this with cashback rewards that rival plenty of credit cards, and you have an account that can net you some nice long-term benefits.
OnJuno’s drawbacks mostly stem from its relative newness and limitations of the platform. Traditional banking customers might feel like there isn’t quite enough here.
With some features still in development, those who aren’t comfortable trying a still-developing platform might want to look elsewhere or wait until the bank becomes more established.
OnJuno is an interesting newcomer to watch. Now that you know what you stand to gain, you should have a better idea of whether or not an OnJuno account is the best fit for you and your financial goals.