If you want to enjoy both a high annual percentage rate and cashback rewards in one digital banking platform, then, you should check out this OnJuno High-Yield Checking review.
A high annual percentage yield (APY) is one of the most important things that a lot of depositors look at in a bank account. While it is important to consider APY especially when choosing a high-yield account, it is important to also be reminded that the rate you signed up for is not guaranteed forever, according to an article published by CNBC.
The article further states that “APYs are subject to change without notice, as they often fluctuate in accordance with the Fed rate.”
It explains that for instance, “when the economy is facing a downturn, the Fed will sometimes lower interest rates to make it cheaper for consumers to borrow or invest their money.” Lowering the interest will result in more consumers who are willing to spend, and eventually, will help cash to flow back into the economy.
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So, again, while the thought of signing up for a bank account because it offers high APY is right, you should not always expect it to be that way. Things change in an instant, and you should be up for that.
But, to clarify, this should not discourage. Instead, you should be more interested in putting your money in a high-yield bank account to enjoy more possibility of earning big.
Now, usually, the bank offers high APY on savings accounts. It is very rare to find banks that offer high-yield checking accounts, and OnJuno is one of them.
In the next few sections, we are going to discuss further what OnJuno is and more importantly, how competitive the OnJuno High-Yield Checking account is.
For your reference, the next few sections of this OnJuno High-Yield Checking review will focus on providing answers to these very significant lists of questions:
- What is OnJuno?
- Who is OnJuno best for?
- What are the products offered by OnJuno ?
- What is the OnJuno High-Yield Checking Account?
- Who is OnJuno High-Yield Checking Account best for?
- How to open an OnJuno High-Yield Checking Account?
- What to like about the OnJuno High-Yield Checking Account?
- What not to like about the OnJuno High-Yield Checking Account?
- Is OnJuno safe?
WHAT IS ONJUNO?
Before we even discuss the more technical stuff specifically about OnJuno High-Yield Checking account, let’s start this review by knowing what OnJuno is all about first.
Legally named CapitalJ Inc., OnJuno is an online-only bank that was “designed to help people grow their savings and reach their financial goals faster.”
The online banking platform, which was established only in 2019 (making it very new to the market) offers a high-yield checking account. OnJuno was co-founded by Varun Deshpande, Ratnesh Ray, and Siddharth Verma.
While the neobank is based in Karnataka, India, it has offices located in other parts of the world including one in San Francisco, California, and another in Singapore.
Although very new to the online banking industry, OnJuno has raised $3 million in a seed round.
This online banking platform is supported by highly regarded investors who’ve previously backed some of the world’s most successful companies — Apple, Paypal, and Youtube.
As stated on its website, “The OnJuno Checking Account and Debit Card are part of an offering of CAPITALJ Inc. (“OnJuno”) and Evolve Bank and Trust, member FDIC.”
If you want to know more about OnJuno, here’s a quick intro from the bank itself:
WHO IS ONJUNO BEST FOR?
OnJuno is an online-only banking platform, which makes it very appealing to individuals who prefer managing their accounts online, and do not mind the fact that the bank does not come with physical branches.
Furthermore, OnJuno is best for depositors who are looking for a checking account that offers a high annual percentage yield, at the same time, cashback rewards.
In addition, OnJuno is ideal for people who want to enjoy the following features:
- No ACH transfer fee
- Unlimited free in-network ATM withdrawals (at over 85,000 ATMs)
- No foreign transaction fee
- No remote deposit capture fee (for Metal Checking account)
WHAT ARE THE PRODUCTS OFFERED BY ONJUNO?
In the previous sections, we talked about what OnJuno is about, and who is it best for.
In this part of our OnJuno High-Yield Checking review, we are going to talk about the products offered by this online-only bank.
To be clear, as mentioned earlier, OnJuno is a neobank. It is not an actual bank, instead, it is a fintech that provides banking services through a partner bank, which is the Evolve Bank and Trust.
Unlike other neobanks, OnJuno offers very limited products. Currently, it offers only different high-yield checking accounts. Both of these accounts currently pay a 2.5% interest rate bonus up to particular amounts.
Moreover, these accounts also offer a 5% cashback bonus on specific debit card purchases. With both a high APY and cashback rewards, these make OnJuno very appealing to the market.
In the next section, we are going to tell you more about what’s in store for you with OnJuno’s two checking accounts.
WHAT IS THE ONJUNO HIGH-YIELD CHECKING ACCOUNT?
As mentioned in the previous section, now, we are going to tell you more about the two different OnJuno checking accounts, which are the:
- Basic Checking Account, and the
- Metal Checking Account.
Basic Checking Account
The OnJuno Basic Checking Account is a solid high-interest checking account. Account-holders get to enjoy earning a 2.15% APY on balances up to $5,000, while 0.25% on balances up to $100,000.
As compared to other checking and even savings accounts in the market today, what OnJuno offers is higher.
Apart from the high APY, OnJuno also comes with a long list of companies where depositors can each cashback with. Choose five of them, and you will get to earn 5% cashback on up to $500 worth of money spent with those businesses/stores every year.
While these features are already appealing, OnJuno does not stop there. In fact, apart from high APY and cashback rewards, OnJuno Basic Checking Account holders will also enjoy the following features:
- No monthly maintenance fees
- No overdraft fees
- No 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
- No foreign transaction fee
- $2 remote deposit capture fee
- Virtual debit card
- Access to Apple Pay, Google Pay, Samsung Pay
Since OnJuno is an online-only bank, it’s understandable that the account does not include a physical debit card. This could be, however, a downside since other online-only checking accounts offer a free debit card.
In addition to the account features, OnJuno does not have a minimum opening deposit requirement, which means you can open an OnJuno High-Yield Basic Checking Account regardless of how much you have at the moment.
Metal Checking Account
The OnJuno Metal Checking Account is pretty much the same as the OnJuno Basic Checking Account. The only difference is that it comes with additional perks.
Unlike the Basic checking account, the OnJuno Metal Checking allows you to earn the higher interest rate on balances up to $30,000, and 0.25% APY for balances up to $100,000. It also allows you to enjoy cashback rewards on up to $3,000 worth of spending each year.
Additionally, all OnJuno Metal Checking Account holders receive more refunds for any out-of-network ATM fees.
Other features included in this account are as follows:
- No ACH transfer fee
- $1 for same-day ACH transfers (outgoing)
- Unlimited free in-network ATM withdrawals (at more than 85,000 ATMs nationwide)
- 3 free ATM out-of-network withdrawal
- No foreign transaction fee
- No remote deposit capture fee
- Free Black Metal Debit Card
- Virtual debit card
- Access to Apple Pay, Google Pay, Samsung Pay
The only downside about the OnJuno Metal Checking account is that while account holders get to enjoy it free of charges for the first six months, and then, your account will be automatically be downgraded to the free Basic Checking Account unless you are okay with paying the $9.99 monthly fee.
Also, it is important to note that for both Basic and Metal checking accounts, OnJuno does not offer joint accounts. So, if you are looking for that particular feature, you may have to look for another bank.
As mentioned, while the OnJuno Basic Checking account does not charge monthly fees, the OnJuno Metal Checking account does.
However, for both accounts, the following transaction-related fees apply:
- 1.5% fee on remote debit card deposits
- 3% fee on credit card deposits
- $5 return charges on ACH, wire, RDC
- 1.80% fee on prepaid card deposits
- 3% on prepaid non-US card deposits
WHO IS ONJUNO HIGH-YIELD CHECKING ACCOUNT BEST FOR?
Generally speaking, whether it be the Basic or the Metal checking account, they’re both ideal for people who want to enjoy the benefits of having an online-only checking account with a high APY and cashback rewards.
To be more specific, the OnJuno Basic Checking account would be most ideal for those who do not mind not having a physical debit card.
Meanwhile, the OnJuno Metal Checking account would be most appealing for depositors who want to enjoy the benefits of an online-only bank plus access to ATMs. It’s also best for those who can keep higher balances, and are okay with paying a $9.99 monthly fee.
HOW TO OPEN AN ONJUNO HIGH-YIELD CHECKING ACCOUNT?
So, now that you already know what products OnJuno offer, it’s time that we tackle how to actually open an OnJuno high-yield checking account.
This part of our OnJuno High-Yield Checking review will provide you a guide on how to open an account.
As mentioned, OnJuno is an online-only bank, which means it does not have a physical branch location. That said, opening an account is done entirely online.
To open a high-yield checking account, whether it be the Basic or the Metal account, all you have to do is visit the OnJuno website, and look for the “Apply Now” button to start the application process.
During the application, you will be asked to provide the following information:
- Name
- Mobile number
- Home address
- Social security number
- Valid government-issued identification (such as driver’s license or passport) to verify your identity
Once the online application process is done, you will have to wait for OnJuno to verify your information. Once you are verified, you can now make your initial deposit and will have automatic access to your virtual card.
Apart from the website, OnJuno is also accessible through its mobile app, which is available on both Android and iOS. This allows you to manage your account anytime, anywhere, and also allows you to connect to more than 3,800 third-party financial apps including Apple Pay, Google Pay & Samsung Pay, as well as Venmo, Robinhood, Acorns, Cash App, and Coinbase.
As mentioned, while the Basic Checking account does not have a physical card, the Metal Checking account comes with one. You can use your debit card to access cash in more than 85,000 Allpoint and MoneyPass ATMs nationwide for free. While OnJuno does not charge its customers for using out-of-network ATMs, other ATM providers might. In this case, though, the neobank refunds a $1 fee per month on Basic account holders and $3 per month for Metal account holders.
Meanwhile, OnJuno customer support is available Monday through Friday, 9:00 a.m. to 6:00 p.m. PT. You may also opt to chat online all throughout the week from 5:00 a.m. to 6:00 p.m. PT.
WHAT TO LIKE ABOUT THE ONJUNO HIGH-YIELD CHECKING ACCOUNT?
As a staple in all our reviews, this time around, we are going to provide you with a summary of things we particularly like about the OnJuno high-yield checking accounts, and this includes the following:
- High Annual Percentage Yield – For both Basic and Metal checking accounts, depositors can enjoy a 2.15% APY for balances of up to $10,000 and $30,000, respectively.
- Cashback Rewards – Depositors can enjoy 5% cashback on up to $500 a year in debit card purchases ($25 max) for Basic accounts, and up to $3,000 a year in debit card purchases ($150 max) for Metal checking accounts.
- No Monthly Maintenance Fees (for Basic Checking Account) – While Metal account holders pay $9.99 a month from the seventh month onwards, Basic checking account holders enjoy no monthly fees from the beginning until forever.
- No ATM Fees – OnJuno does not charge its customers for using out-of-network ATMs. In case other ATM provider does, OnJuno refunds $1 fee per month on Basic account holders and $3 per month for Metal account holders.
- No Minimum Initial Deposit and Balance Requirement – For both checking accounts, the online-only bank does not have a minimum initial deposit and balance requirements.
- Free ATM Debit Card (for Metal Checking Accounts) – All Metal checking account holders get a free ATM debit card for easier cash access.
- Accessibility – Since OnJuno is an online-only bank, it is accessible through the mobile app and the website 24/7.
- FDIC-Insured – Through its partner bank, Evolve Bank and Trust, all accounts are FDIC-insured up to $250,000.
WHAT NOT TO LIKE ABOUT THE ONJUNO HIGH-YIELD CHECKING ACCOUNT?
In the previous section of our OnJuno high-yield checking review, we provided you with a list of things to like about these products. This time, to balance it out, we are also giving you’re the things to not like about or to improve on.
This includes the following:
- No Physical Branch Locations – OnJuno is an online-only banking platform, thus, it does not come with a physical branch-like what typical banks have.
- No Physical Debit Cards for Basic Checking Account – Unfortunately, a physical debit card is not available for Basic checking account holders. Only Metal checking account holders get to enjoy this feature.
- Monthly Fee of $9.99 for Metal Checking Account – Although Metal checking accounts are free for the first six months, it will automatically downgrade to the Basic account unless you opt to continue on and pay the $9.99 monthly account fee.
IS ONJUNO SAFE?
To complete our OnJuno High-Yield Checking review, we are going to look into the safety and security of all accounts, which is one of the most important things customers need to look at when looking for an online bank.
Similar to most online banks, OnJuno follows all standard safety and security measures to ensure that all data are safe from possible fraud or identity theft threats.
Meanwhile, as mentioned, all deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor through its partner bank, Evolve Bank and Trust.
Furthermore, the Better Business Bureau gives OnJuno’s partner bank, Evolve Bank & Trust, an A+ in trustworthiness, which is definitely a plus and helps build customers’ trust and confidence. By the way, according to Business Insider, “BBB measures trustworthiness by assessing a company’s responses to customer complaints, honesty in advertising, and transparency about business practices.”
As with the debit card, it comes with Mastercard’s Zero Liability policy, protecting it from unauthorized transactions.
FINAL THOUGHTS ON ONJUNO HIGH-YIELD CHECKING REVIEW
Overall, OnJuno High-Yield Checking accounts are worth it. While they do have their share of advantages and disadvantages, we believe the good sides of both accounts outweigh the not-so-good ones.
To be fair, it is very rare to have high-yield checking accounts. In fact, most checking accounts do not earn at all. So, this one is definitely worth a try especially if you are really looking forward to having a checking account from an online bank.
Given all the information we provided, do you plan to open an OnJuno checking account soon?
