Review

OnJuno High-Yield Checking Review: Earn More Money With Your Cash

OnJuno High-Yield Checking Review Earn Better Returns On Your Cash
OnJuno High-Yield Checking Review: Earn More Money With Your Cash.

With the FED pushing rates to close zero, it’s difficult for banks to supply a way higher rate of interest . This leaves consumers wondering how 0.25% translates into a high-yield interest account.

Everyone once during a while, a replacement bank pops with a rate that blows away the competition. OnJuno is one such bank.

OnJuno is offering a whopping 2.15% rate of interest on checking accounts and 5% cash back at select merchants.

those quite interest and cash back rates, OnJuno even offers better returns than many savings accounts. Let’s take a better check out what OnJuno has got to offer.

Who Is OnJuno?

OnJuno (legal name CapitalJ Inc.) is an online-only bank offering a high-yield bank account . Its co-founders are Varun Deshpande, Ratnesh Ray, and Siddharth Verma. it’s based in Bengaluru, Karnataka, India, with offices in San Francisco , CA, and Singapore. OnJuno was founded in 2019 and has raised $3 million during a seed round.

What Do They Offer?

OnJuno isn’t actually a bank. it is a fintech and provides banking services through its partner bank Evolve Bank and Trust. OnJuno offers two different high-yield bank account options. Both checking products are currently paying a 2.15% rate of interest bonus up to certain amounts.

It also offers a 5% cashback bonus on certain open-end credit purchases. Coupled together, these features can make OnJuno a really attractive checking product.

OnJuno uses Allpoint or a MoneyPass for its ATM network (85,000+ locations). While ATMs should charge you, OnJuno reimburses those fees if in-network. The OnJuno card is compatible with contactless mobile payments like Apple Pay, Google Pay, and Samsung Pay.

Basic Checking

The lower tier checking product is that the Basic. it’s the subsequent features:

Pays 2.15% interest up to $5,000. Thereafter, the rate of interest goes right down to 0.25%
Up to five cash back on spends up to $500
Does not include a physical open-end credit
$0 ACH transfer fee
$1 for same-day ACH transfers (outgoing)
Unlimited free in-network ATM withdrawals (at over 85,000 ATMs)
1 free ATM out-of-network withdrawal
$0 foreign transaction fee
$2 remote deposit capture fee
As noted above, the 2.15% bonus rate only applies to the primary $5,000 of deposits. then , the speed drops to 0.25%.

Metal Checking

Metal Checking is that the highest tier bank account with OnJuno. It normally comes with a $9.99 maintenance fee but OnJuno is offering it free for six months to customers who found out a monthly Direct Deposit of a minimum of $500. it’s the subsequent features:

Pays 2.15% interest up to $30,000. then , the rate of interest goes right down to 0.25%
Up to five cash back on spends up to $3,000
Black metal physical open-end credit included
$0 ACH transfer fee
$1 for same-day ACH transfers (outgoing)
Unlimited free in-network ATM withdrawals (at over 85,000 ATMs)
3 free ATM out-of-network withdrawal
$0 foreign transaction fee
$0 remote deposit capture fee
$9.99/month, but free for the primary six months
Those who check in for the free 6 months of Metal Checking are going to be switched to the essential Checking plan unless they opt into Metal Checking.

Note: that OnJuno doesn’t currently offer joint checking accounts on either of its plans. Also, the utmost amount which will earn the lower 0.25% rate of interest on either plan is $100,000.

Cashback

The OnJuno cashback program works differently from other banks. instead of cashback on certain categories of paying , you receive cashback when spending at five partner retailers of our choosing.

There are 30+ brands to settle on from for the bonus cash back. These include Amazon, Walmart, Netflix, DoorDash, Netflix, Target, Dunkin Donuts, and lots of more household names.

Mobile App

OnJuno’s mobile app is out there on both iOS and Android. It makes it easy to manage your account and may hook up with 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

Customer service is out there by phone at 415-969-5775 from 9 AM to six PM PST, by chat, or by submitting an email request to hello@onjuno.com, which may take a couple of hours for a response.

Are There Any Fees?

Basic Checking doesn’t have any regular fees. Metal Checking features a $9.99/month fee. the subsequent transaction-related fees will apply to both accounts:

1.5% fee on remote open-end credit deposits
3% fee on mastercard deposits
1.80% fee on prepaid card deposits
3% on prepaid non-US card deposits
$5 return charges on ACH, wire, RDC


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