OnJuno is an interesting product that stands out from the rest by blending digital checking with crypto and cashback. The result is a compact but capable solution suitable for many use cases. However, in our assessment, OnJuno is still too new a product with too risky a market placement for us to feel comfortable recommending it as a primary banking solution at this point.
In a nutshell, OnJuno’s product is powered by its web app (its mobile app is still in beta as of December 2021) and centers around three major selling points: a checking account, debit card, and a cashback program. We go through each of them below:
1 — OnJuno Checking Account
OnJuno’s checking account comes in two types: ‘Basic Checking’ and ‘Metal Checking’. Both are free of monthly fees, and both are fully-fledged checking accounts held in deposit by Evolve Bank & Trust. This means that the accounts are functionally the same as checking accounts at traditional banks but for a fraction of the price.
Regardless of whether you choose ‘Basic Checking’ or ‘Metal Checking,’ your OnJuno account will offer you the following:
- Deposit processing: Top-up money into your bank account.
- Withdrawals: Withdraw cash at ATMs.
- Direct debits: Set up recurring ACH transfers where money is automatically deducted from (or deposited into) your account.
- Debit card: Use a virtual or physical debit card to make cashless payments and withdraw money (more on this later).
- Bank wires: Send and receive domestic wires and receive international wires. (Wise powers outward international payments.)
- Yearly bonuses: A 1.20% annual bonus rate*.
- Crypto wallet: Optionally trade BTC, ETH, and USDC separately from your checking account using funds from your balance.
When using OnJuno, this means you’ll be able to take advantage of all the core features of a standard bank account, making it an excellent banking alternative. However, one major drawback of OnJuno’s checking account is that it can also be restrictive for those looking for more extensive banking services such as mortgages, personal loans, overdraft, or joint accounts.
The ‘Basic Checking’ and ‘Metal Checking’ accounts differ not so much in their core structure but rather in the commitment requirement and benefits. For example, ‘Metal Checking’ allows you to get a black metal debit card (as opposed to only virtual cards), higher maximum cashback limits, and more free out-of-network ATM withdrawals in exchange for setting up $500 in monthly direct debit deposits.
2 — OnJuno Debit Cards
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Just as OnJuno’s checking accounts come in the ‘Basic Checking’ and ‘Metal Checking’ tiers, its debit cards either come in virtual or physical metal versions depending on which of the two tiers you choose. Both are Mastercard debit cards that support online payments and contactless point-of-sale payments and cash withdrawals through Google Pay, Apple Pay, and Samsung Pay.
Similarly, all of OnJuno’s cards use Mastercard’s exchange rate surcharge for all foreign currency transactions and charge no currency conversion fees of their own (a major perk — especially if you’re frequently abroad or spending online in a currency other than the dollar).
In short, OnJuno’s virtual debit cards are just as capable as physical metal ones for all intents and purposes. However, you may naturally prefer to use a physical card for point-of-sale payments and ATM withdrawals or you simply prefer the feeling of a sturdy metal card in your pocket!
3 — OnJuno Cashback
Although its fee-free account and card are indeed interesting, OnJuno’s cashback is arguably the offering that stands out the most. The standard cashback on purchases is 5% up to $500 per year on the ‘Basic Checking’ plan and up to a significantly higher $3,000 per year on ‘Metal Checking’.
However, because this is equivalent to a maximum reward value of $25 per year on the former plan and $150 on the latter, the material cashback is decent, but not great, and better deals can be found elsewhere. Furthermore, the cashback program only applies to purchases made at five individual brands of your choosing (including most major names such as Amazon, Walmart, Netflix, Target, Starbucks, Uber, Spotify, and many others). Depending on your personal spending habits, you may not find this much of a restriction, but it could certainly be quite limiting for some.
* On balances up to $5,000 for ‘Basic Checking’ and $50,000 for ‘Metal Checking’