Update May 2024: Juno just sent out the following e-mail today, which may be the best of example of public relations double-speak that I’ve seen in a while. Look at all those meaningless words! 😳 Juno paid out a lot of above-average valuable perks for a while, even before their crypto pivot, and I’m still not sure where the money came from. Unfortunately, the music has finally stopped and the party looks to be over. 🎉 🙅 They are reporting banking interruptions (ACH transfers + debit cards) and are terminating their 5% APY interest and 5% cashback program with only 48 hours notice (5/15/24). If you still have money there, I would recommend starting the withdrawal process but also having some patience. I have no reason to expect any principal losses but these types of disruptions do occur with fintech apps at times, unfortunately. This tweet says they are looking to switch banking providers in the next 4 weeks (!), but when you allow something like this to happen, that may be too little too late.
Dear Jonathan,
Juno stands at the intersection of banking and cryptocurrency, providing the quickest and easiest access to over 20 blockchains in the United States through ACH, Wire, Cash App, and more. We pride ourselves on promoting self-custody by eliminating mandatory holding periods for crypto withdrawals, distinguishing us from many U.S. crypto exchanges.The past 18 months have witnessed remarkable growth in crypto and stablecoin sectors. These innovations are essential for creating fair and transparent financial services. At Juno, we are committed to a future where financial control rests with the users, not the banks.
In the past few days, banking services on Juno have been temporarily disrupted. Our team is hard at work collaborating with our banking services provider, Evolve Bank & Trust, and brokerage partner, Synapse Brokerage LLC., to resolve the disruptions as quickly as possible. This disruption, however, further strengthens our commitment to build a future where you are in control of your money at all times, not the banks.
Introducing Juno 2.0 – Reimagining Banking for Tomorrow
In 2024, Juno will focus intensively on developing financial services centered around crypto and stablecoins to ensure that you are always in control of your money. Our goal is to seamlessly integrate banking and crypto infrastructures to foster innovative experiences in savings, payments, and investments, making crypto and stablecoins practical for everyday use.
As part of this strategic realignment, starting May 15, 2024:
Cash held in Juno accounts will no longer accrue the 5.00% bonus, regardless of the account balance.
Additionally, purchases made with the Juno card will no longer receive a 5% cashback.We recognize that these changes might be disappointing. However, please be assured that this decision was made with careful consideration of our long-term vision to give Juno members financial freedom by placing crypto and stablecoins at the heart of banking and financial services.
Thank you for your understanding and continued support. Should you have any questions or need more information, our customer support team is always here to assist you.
Update January 2024: Juno is now paying a 5.00% annualized bonus on balances from $20,000 up to $250,000 and 3.00% annualized on balances below $20,000.
Original post below, now outdated, last updated circa 2023:
Juno.finance (formerly OnJuno) is a fintech that combines an FDIC-insured bank account and a crypto custodian. Details:
- New: Earn 5.00% annualized bonus on all cash deposits up to $250,000 and 3.00% annualized on balances below $20,000. This applies to traditional cash deposits (USD), which are FDIC-insured through Evolve Bank & Trust. Applies to both the Basic and Metal tiers. No transaction or direct deposit requirements.
- New: JCOIN Loyalty Program. Earn loyalty tokens “JCOIN” when you complete certain actions with Juno. Existing users should check their accounts as Juno may have given you a bunch for free that you must claim. These loyalty tokens are redeemable inside the app for various perks including gift cards.
OnJuno partners with Evolve Bank and Trust for FDIC insurance. A reminder that cryptocurrencies, including USDC stablecoins, are not covered by FDIC insurance even though the creators claim they are backed 1:1 by US dollars. Juno has added support for crypto and external wallets. Don’t confuse your FDIC-insured USD deposits with stablecoins.
Traditional Bank-to-bank transfers. OnJuno uses the Plaid service to link with external bank accounts for funding and free ACH transfers (both deposits and withdrawals). They also provide you with the full account number and routing number, which you can use to connect with other banks like Ally, Marcus, CapOne 360, etc. The routing number is 084106768 which is confirmed as that of Evolve Bank & Trust. I was able to make a deposit and withdrawal initiated at Ally without issue (subject to transfer limits of $20,000 daily/$500,000 monthly). As with some other fintechs, their in-house limits are lower.
Bonus rate, not APY? You may notice that they don’t use “APY” and instead say “bonus rate”. Here’s their reason:
The Bonus Rate is offered entirely by OnJuno and is not interest provided by Evolve Bank and Trust. The bonus rate You earn will be credited to Your account at the beginning of each month. Your funds begin generating a bonus rate once they are available on Your OnJuno Checking Account. Please note that OnJuno reserves the right to cancel, remove, and change this bonus at any time. OnJuno also reserves the rights, in sole discretion, to refuse this bonus without cause, reason, and notice.
I’ve been getting my bonus rate every month without issue at the proper annualized rate, so this just seems to be a legal thing. Your interest is still shown on a 1099-INT at the end of the year.
Additional details.
- Customer service. You can contact them via phone at 415-969-5775 (9am to 6pm Pacific) or online message (they replied to me within a few hours).
- No minimum balance requirement.
- Fee-free access to both Allpoint and Moneypass ATM networks (85,000+ locations).
- Free debit Mastercard.
- No mobile check deposit yet.
Bottom line. Juno is a fintech banking app with a high-interest checking account with no direct deposit or debit card usage requirements. FDIC-insurance from Evolve Bank and Trust. It does have ties with crypto, which may be either a plus or minus for you.
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I’ve signed up with OnJuno for the 6 month trial. It’s okay-ish so far. The biggest disappointment is their nonsense ACH policies.
* You cannot link non-Plaid accounts at all. You’ll have to initiate ACH transfers from the other institution for any account not in Plaid.
* There is a $15k ACH limit per day and they will reject and return ACH payments giving you an unnecessary headache with your other institutions
Consider yourself lucky in that when I signed up for this two years ago the transfer limit was like 2k and I got burned on an ACH rejection. 15k seems at least enough for maxing the 5%. Still annoying though completely agree.
I opened an account with OnJuno after being on the wait list and getting the 6-month Metal tier for free. I, too, had difficulty getting a good pic of my driver’s license. In fact, they finally accepted it when I applied online but they delayed opening the account because of it. They sent me an email asking that I submit a new picture of both the front and back of my DL. I thought it odd that they would not accept a scanned pic of the DL, according to the directions.
After opening the account, I realized that I did not see anything about the possibility for adding a POD (payable on death) beneficiary to the account. I wrote and asked about this; the CSR replied, “We currently do not offer an option for beneficiaries, but it is something we are looking into.”
To qualify for the OnJuno Metal Tier to get the higher interest rate of 2.15% on funds up to $30K without paying $9.99/month, one needs to set up a direct deposit. Over $30K, the rate drops to 0.25%. This tier also gives you 5% cash back on up to $3,000 a year in debit card purchases. There is no mobile app, no check writing, and no possibility of depositing a check online or via a mobile app.
An alternative to OnJuno is Presidential Bank’s Advantage Checking which also requires a direct deposit (minimum of $500/month). This account, however, pays 2.25% on funds up to $25K and 0.65% over $25K. There is no 5% cash back feature using a debit card, but this account does permit check writing and mobile banking, including mobile check deposits. They also offer POD (payable on death) beneficiary accounts which OnJuno does not do.
https://www.depositaccounts.com/banks/presidential-bank-md/offers/
https://www.presidential.com/deposit-rules-regulations/account-portfolio
https://www.presidential.com/about-presidential/faq
Bill, this requires direct deposit of $500/month EVERY month as well a 7 withdrawals per month EVERY month
Thanks, Jared, I’m well aware of that. Those requirements don’t seem excessive for what you get in return.
Not anymore:
“We’re writing to let you know that the bonus rate for your OnJuno Checking Account is changing from 2.15% to 1.20% on all balance tiers.
Don’t worry! You will still have time to enjoy our higher bonus rate of 2.15%, in line with our commitment to provide an open and transparent banking product. This 1.20% bonus rate is effective from 1st November 2021 for all existing users and from 20th May 2021 for all new users.
We will be updating our website with these new rates very soon.”
Glad I abandoned it when I got burned on a large rejected inbound ACH transfer in December.
That’s actually much better than what was originally promised. The 2.15% bonus rate was initially only valid until 7/31/21, now we get an extra 3 months, not sure how you can complain about that.
Another very important detail is that there is no longer the $9.99 monthly fee for Metal tier as well. I would much rather have 1.20% on $50k and zero monthly fee than 2.10% on $30k with a $10/month fee.
Meanwhile, Ally, Marcus, CapOne 360, etc are all still around 0.50% APY.
I complain because the transfer limits are so absurdly low that I got hit with a $15 rejected ACH from my bank for attempting to transfer the underwhelming sum of 10k out when it was clear this wasn’t the deal for me. The lack of liquidity makes it a very very hard sell. I like my cash assets liquid.
Post is a little misleading. I checked with them. This doesn’t kick-in until Oct 31.
– Eligible balance for the Bonus Rate is increased to $50,000 (formerly $30,000)
What will count as Direct Deposit? Will ACH transfers from Ally satisfy?
It’s November and I’m still showing an interest rate of 2.15%
Yes, I am as well. I don’t know why. I guess I should email their support or chat with them and ask why.
The bonus now is $100 once you deposit $250
https://onjuno.onelink.me/TkoI/referral?code=SERGBZUN
If it’s all the same to you which referral to use please consider using mine. I have many friends and relatives in war-ravaged Ukraine and try to help them financially directly. They need every bit of our help right now. Please also consider donating. Thanks!
Few useful OnJuno tidbits:
– Always ACH push/pull from outside as limits are much higher (the limit is $70k right now, it used to be lower)
– Always verify the limits as they change: https://help.onjuno.com/en/articles/4543197-transfer-and-spend-limits
I am also seeing American Airlines and United Airlines in
5% categories
I can’t send out my btc to my other btc wallet address is this a joke or something…… I saw lots of comments about this platform and still decided to trade with you guys and now I am regretting my actions
Any experience on what counts as “direct deposit” if you don’t have access to an easily changed payroll? How soon after depositing did the bonus show up? I’d like to try a couple options and see what sticks
https://help.onjuno.com/en/articles/4693527-what-is-a-direct-deposit
Amount coming from a Payroll or Employer qualifies as a Direct Deposit.
If you are uncertain about what qualifies, reach out to our support team and we will be happy to help you.
I mean what can you “fake” as a direct deposit. Different bank bonuses seem to have different work arounds. Was wondering what has worked for people
It would be WISE to transfer some money to an app that helps you avoid international money transfer fees. God speed!
Answering my own question: wise.com worked. Was not straightforward and ate some credit card fees by accident, but it did work in the end. If anyone wants a referral to that: https://wise.com/invite/u/sajendran
I used that and it did not work. Am wondering is there anything special you had to do? How long did it take to get the bonus? Thank you
Works if you push from wise.com to OnJuno. Need to put ‘payroll’ in the Reference for field as well.
I just got an email that they are offering a 5% annual bonus on cash deposits up to $10,000 , FDIC insured. That is not bad and beats current CD rates? Was low on details on how that bonus is calculated
Buyer beware, I just discovered Juno doesn’t support VPNs. You must disconnect from your VPN before they will let you create or login to an account. Not cool. For security reasons, many corporate environments do not allow users to logout of the VPN.
Update: They are now supporting VPNs. ?
After previously creating my account, I was able to log in just fine while using NordVPN. No problems
Jeremy, thanks for the comment. I just tried it again, and it now looks like they are accommodating VPNs; which is great to see. A week or two ago, I got a pop-up messaging saying VPNs were not supported.
If you rage close your account like I did 24 months ago, it won’t let you signup again with the same email; Says account already exists. Trying to login yields “account closed”. For taking money out, we’re still at:
ACH Withdrawal via Linked Bank Account: 1k daily, or 10k monthly
Sending money to external accounts via Account and Routing number: 1k daily, or 10k monthly
So it’s probably best that I closed my account anyway. 10 days to get all your cash out is ridiculous.
The withdrawal limits are much higher on the Metal tier. https://help.juno.finance/en/articles/6430068-metal-transfer-and-spend-limits
I believe they had been using Wyre as their crypto custodian who is said to be liquidating. https://www.axios.com/2023/01/03/wyre-shutdown-crypto-winter
I didn’t receive a email. Does this apply to everyone”
“5% interest rate was raised from $10,000 to $25,000 ”
Is there a public link that shows the increase?
https://help.juno.finance/en/articles/3738095-what-is-the-current-bonus-rate-and-how-juno-pays-the-bonus-rate
Why even bother? I’d build a state tax free 4 week T-Bill ladder at 4% and give up on the extra $150 some odd dollars you would otherwise get from Juno (assuming they don’t change the rate once some deposits roll in. Find a great tutorial here!: https://www.mymoneyblog.com/how-to-build-a-treasury-bill-ladder-a-visual-guide.html
Exactly. That’s what I’m doing. After my previous experience with Juno a few years ago, I decided not to hop back into this for a few hundred some pre-tax dollars.
Check your account to see the latest update under “home”.
anyone else just get a late 1099-misc from Juno this week? Would really prefer not to have to file an amendment but prob have to.
Beware – Worst Nightmare and Banking experience in my Lifetime:
My wife and I have been retired for 10 years and joined JUNO in 2020. Last week we received notice when login it says Banking Regulations requires periodic review and hence put each our accounts on HOLD – NO IN or OUT money.
It’s been a week and still on HOLD with no explanation. Worst support team as PHONE call never worked and chat has very short hours and response meaningless.
NOT sure if JUNO is in any type of trouble.
We are ordinary citizens with lifetime savings on HOLD. Please advise which banking agency we can seek for help.
You could try the CFBP: https://www.consumerfinance.gov/complaint/ and your state’s consumer protection bureau or attorney general’s office.
Thanks and will contact CFBP.
Anyone with JUNO has had similar issues?
Maybe it’s just me, JUNO phone listed +1 (628)-200-4108 never worked/connected. Have you tried?
We will close our account when it’s “review” is complete – not sure when and why still.
Need your advice for quick escalation or resolution
JUNO support:
Get on a call with our support team. Available between Mon- Fri, 10:30 AM EST – 4:30 PM EST.
Customer Support Number
+1 (628)-200-4108
Never had success!
BEWARE JUNO – 8 days my account is still “in Review” and cannot move money in or out.
JUNO support team is not helpful at all. Standard useless message from JUNO (see below)
“…thank you for bringing this to our attention. I have escalated this issue to the compliance team and they’ve put it on the highest priority. I will make sure to keep you updated on any further progress. ”
I Will move money out once it is resolved (don’t know when)
Appreciate very much anyone who can help or advice. THANK
Sorry to hear that. Sounds quite horrible. I will stop writing about Juno in my monthly rate updates.
I think that’s foolish to stop writing about them because of one customer’s bad experience. If I tell you my nightmare saga with BofA will you stop writing about them too?
I’ve been with Juno (previously OnJuno) since they first launched in early 2020. They have made a number of product adjustments over the years, some good, some not so good, but at the end of the day they have a great product and reliably high interest rates, now 5% on up to $50k (previously $25k). A shame that they had to remove Walmart from the 5% category, but since they switched from 10% to 5% cash back, it’s not really a standout anyways.
I wonder if playc was doing something sketchy, like lots of international transfers.
We are retired couple from computer industries. Simple accounts at Chase, BOA, Fidelity.
NO international transfers.
JUNo message says banking requires periodical account reviews. It’s going to 9th day and as shown in the post here the CS response offers no help.
Try Juno support yourself and even better maybe you can ask for me why reviews take so long. Try call the support line and chat and share your trial experience here. Maybe you get some answers and can enlighten us.
Our accounts been open since 2020 all good till now. Still not sure why the review process takes so long with no clarifications.
Hope you or anyone give Juno support line a call or chat and share experience here.
It’s not just playc’s experience, although that is an important data point. This site has to add a bit of judgment as to whether something is worth the hassle or not. Juno has offered a lot of rewards, and honestly I have no idea who is paying for it all. I am a customer myself and I have gotten a lot of rewards from Juno in a variety of ways, netting hundreds if not over a thousand dollars overall. At the same time, I do get the feeling that Juno keeps having to juice up the rewards to keep up the customer deposits and activity, but at some point the music will stop. I am personally not participating in the 5% APY at Juno. I don’t know how their business model can continue much longer (or even how it has lasted this long). You can get 5% APY with less worry about a disruption in service elsewhere. Some people don’t like SaveBetter because it is a fintech, but at least their business model makes sense as they are simply a middleman getting paid for customer acquisition. The banks and credit unions themselves are paying the interest.
thanks Jonathan, I have learned a lot from your blog. Wish you all the best/
Ths situation is much more than terrible. My spouse and I each have individual account as JUNO does not support Joint. We are senior citizens retired with most of our savings at JUNO since 2020. Both our accounts are under Review and locked for in and out now it’s 8 days. Can anyone imagine the account is used daily expenses? We are considering contact local NEWS for help as JUNO has put our Financial life in worst nighmare.
JUNO to date has not provide any reason or status. Hard to believe the reivew will take so long. I learned the entire Customer Service is based in INDIA,. And the support I received is far below the basic American Standard.
Any advice how and what we can do to escalate will be highly appreciated. And can only hope our terrible experience won’t happen to any of you
More on JUNO –
We have filed a complaint to CFBP: https://www.consumerfinance.gov/complaint/ (thanks to Jason Boxman advice).
As Jay R says, “I wonder if playc was doing something sketchy, like lots of international transfers.” It is absolutely NOT THE CASE. My spouse and I retired (over 70) from computer industry almost 9 years ago. We have NO INTERNATION TRAnsfers of any kind. Only transfer monthly interest via ACH to linked US bank accounts.
JUNO has provided worst banking experience in our lifetime and put financial hardship as we could not access our retirement funds. All was ok until you need Support and JUNO is the worst. Sharing our terrible experiences here (as we love Jonathan blog – been reader since it first started)) we can only hope the readers here wont experience the same.
Update on Juno – after 12 days of account locked with no access to fund, and numerous email and chat inquiries, finally received call to upload a bank statements. And accounts were unlocked in minutes. Why it took 12 days???
CS emailed apologies citing they are not perfect and credit account with $10 each. Our stress in the past 12 days are beyond your imagination. We will move all funds out and leave $1 to keep accounts open solely reason so we can access 1099 in !/2024.
FYI – Received an email from Juno.com today. They are discontinuing the 5% interest program effectively in 2 days (May 15, 2024). I was only interested in the 5% and not any of their other crypto and Jcoin features. My spidey sense is tingling. I set up an ACH withdrawal for the rest of my funds today.
The email reads:
“Juno stands at the intersection of banking and cryptocurrency, providing the quickest and easiest access to over 20 blockchains in the United States through ACH, Wire, Cash App, and more. We pride ourselves on promoting self-custody by eliminating mandatory holding periods for crypto withdrawals, distinguishing us from many U.S. crypto exchanges.
The past 18 months have witnessed remarkable growth in crypto and stablecoin sectors. These innovations are essential for creating fair and transparent financial services. At Juno, we are committed to a future where financial control rests with the users, not the banks.
In the past few days, banking services on Juno have been temporarily disrupted. Our team is hard at work collaborating with our banking services provider, Evolve Bank & Trust, and brokerage partner, Synapse Brokerage LLC., to resolve the disruptions as quickly as possible. This disruption, however, further strengthens our commitment to build a future where you are in control of your money at all times, not the banks.
Introducing Juno 2.0 – Reimagining Banking for Tomorrow
In 2024, Juno will focus intensively on developing financial services centered around crypto and stablecoins to ensure that you are always in control of your money. Our goal is to seamlessly integrate banking and crypto infrastructures to foster innovative experiences in savings, payments, and investments, making crypto and stablecoins practical for everyday use.
As part of this strategic realignment, starting May 15, 2024:
Cash held in Juno accounts will no longer accrue the 5.00% bonus, regardless of the account balance.
Additionally, purchases made with the Juno card will no longer receive a 5% cashback.
We recognize that these changes might be disappointing. However, please be assured that this decision was made with careful consideration of our long-term vision to give Juno members financial freedom by placing crypto and stablecoins at the heart of banking and financial services.
Thank you for your understanding and continued support. Should you have any questions or need more information, our customer support team is always here to assist you.”
Smart move. I’ve seen others recommending to pull funds out of Juno and stop using as well.
I got the same e-mail. I agree, party is over.
I am expecting a very large direct deposit tomorrow and am wondering two things: (1) given the issues with Evolve, will my direct deposit actually populate to my account?; (2) Have people been able to successfully withdraw funds via ACH as of today?
A commenter above alluded to scheduling an ACH withdrawal, but I am unsure whether the transaction settled.
Unless something changes quickly, I would prepare for that direct deposit to “bounce” and be rejected. The link between Evolve bank and fintechs (done via Synapse) appears to have been severed at some point and they are currently battling it out in the court system.
This person seems to be in the courtroom, or at least on the Zoom? https://twitter.com/mikulaja
I had scheduled an ACH withdrawal from Juno yesterday (5/13). It hasn’t completed yet. Ally’s estimate for it to arrive is 5/16 (or it may end up not completing at all due to the issues noted above). Note that I couldn’t initiate it from Juno’s website. I had to schedule the ACH withdrawal from my Ally account to pull from Juno via Evolve.
Luckily, I didn’t have that much left at Juno. I had pulled most of my funds out when they capped the 5%. Hopefully, folks don’t end up having too much of their funds stuck in limbo for too long.
Smart move scheduling the ACH withdrawal. I usually receive my direct deposits a day before the payment date, which was today. So I assume the ACH transfer was rejected. This makes sense to me. From what I gleaned from Twitter and yesterday’s court proceeding (I attended via Zoom – I’m a lawyer so I was genuinely interested in the facts since I have had no issues with Juno over the last two years), Evolve has severed ties with Synapse, the party responsible for managing customer deposit accounts. Synapse had an FBO (For the Benefit Of) account with Synapse. This account held all customer deposits. We did not have individual accounts with Evolve. I believe the FBO account has been placed in a walled garden – Evolve is not letting anything in and not letting anything out until Synapse agrees to restore Evolve’s access to the account. Apparently, with FBO accounts, the issuing banks have limited access to certain details but Synapse had been sharing these details with Evolve through some dashboard that Evolve is claiming it no longer has access to. Juno really has no control over what happens here. It will be interesting to see how this all plays out. I currently don’t have any money in my Juno account. I make it practice to convert to crypto and practice self-custody. But for those who have money locked in, stay patient and remain resilient. The bankruptcy judge presiding over the matter seems to be pretty passionate about making consumers whole.
FYI- My ACH didn’t go through. So, it looks like my remaining funds are in limbo for the time being.
Your summary of what was going on was interesting and I went and read about Synapse and Entrust online. I don’t know what the whole truth is, but Synapse and Entrust do not like each other.
There are disagreements regarding cash transactions between them and a former customer of Synapse (Mercury). Synapse alleges that Entrust and Mercury moved more money than they should have when Mercury ended their relationship with Synapse and became a direct customer of Entrust. Incidentally, Mercury is also filing a claim against Synapse saying that Synapse improperly withheld some of their revenue.
Synapse cut off Entrust’s access to part of their dashboard. Entrust in turn cut off access to cash. Entrust alleges it cut off access bc that part of the dashboard helps them with compliance with security requirements on banking (i.e. helps them verify it isn’t with prohibited entities (e.g. terrorist organizations).
Another company (TabaPay) was going to buy Synapse but TabaPay called off the deal because it didn’t believe some of the purchase agreement terms could be satisfied. Namely, that the FBO accounts would be funded. There is some he said/she said related to this on whether Entrust is complying or not.
It’s not stated explicitly but I think the catalyst is the Mercury and Synapse disagreement on what cash should have been allocated from Synapse to Mercury at Entrust. There’s a disagreement in the ownership of millions of dollars that has soured Synapse and Entrust’s relationship. And unfortunately, Synapse’s customers are now locked out from their funds at Entrust. A troubling thought I had is what if there isn’t enough money left in Synapse’s accounts to satisfy all the individual customer deposits? Theoretically, it shouldn’t happen, but I think all the customers accounts are just tracked notionally.
Love how they stopped the 5% when they knew their customers had no way to move their money for who knows how long. They just sent out a timeline about the situation that proves this. I’ve asked them about this and they refuse to address it. I’m only grateful that their shenanigans prompted me to withdraw most of my $$ just before this happened.
I had terrible experience year ago and reported here.